December 26, 2020 - Mr. Karnavat has a keen interest in finding innovative solutions to problems in the Housing and Real Estate Industry. As the industry is wide and has several different verticals, one can always expect Mr. Sandeep Karnavat hunting exhibitions and visiting Trade Shows globally to learn about implantable techniques in Construction, product offerings and asset type that caters the ever-changing home and work landscape.
Innovations can happen anywhere ranging from a start-up space, through various programs organized by Universities, and these innovations focus on technologies that impact the world in multiple ways. According to the surveys conducted by many organizations out there, more than $12.9 billion was invested in real estate related tech startups in the first part of 2019 alone. These tech startups span a wide range of categories in fields like residential or commercial real estate, and work with different innovative technologies, including virtual reality, designing using Project Management softwares like B1M, Revit Etc.
With ever-growing technological advancement in Real estate, Mr. Sandeep Karnavat discusses with us some of these advancements. According to Mr. Sandeep Karnavat, the Real Estate Industry in India has concentrated on three primary verticals, being:
Enhancing Residential Purchase Process.
Achieving Construction Efficiency
Collecting Big Data with respect to Consumer Behavior and Preferences
Real Estate Transactions have become Easier & Faster
Regular Real Estate Transactions were perceived to be a time-consuming, complex, laborious and dubious process with the buyer always worried about all the complicated paperwork with respect to loans, approvals, areas, laws, stamp-duty, etc. Previously real estate agents needed to constantly meet with the buyer and seller to finalise a deal or transaction. Today with the advent of technology local and global search, price comparison, virtual site visit, virtual meet, proper legal documentation, loan feasibility, loan clearance, etc is at the push of the button. Today with the implementation of RERA online, the buyer has guaranteed information about the project for a potential buyer today, therefore Real Estate Transactions have become faster and easier for members of the Industry.
Modern Workplace Environments
The commercial real estate industry has seen significant innovations and changes in the work environments. With the onset of the pandemic, a new concept of the ‘home office’ and ‘work from home’ ideas made several companies rethink their office space requirements and the need for all employees to attend office. Such offices have shifted their offices to the cloud, and data centers have become an essential commercial asset today. Large corporations have realized the possibility to minimizing rents and additional overhead office expenses by incorporating ‘work from home’ for its employees.
Start-ups and other innovative work environments have also given rise to people reconsidering the permanent office desk, and shifting to more transitionary and temporary places. Companies like We Work, Bombay Connect, Innov8, CoWrks to name a few have transformed the idea of a permanent office for an individual/ Startup, providing common facilities like Conference rooms, meeting rooms, desks, collaborative environments on a rental basis. These spaces also have many professional events that promote collaboration and learning about different diverse businesses. Therefore the work environments have become truly diverse and different and a far stretch from regular desk office.
3. Virtual Tour Innovation:
With the advent of Technology, previewing properties has become extremely accessible form your own laptop with the help of Virtual Tours and Virtual Technology Integration. One does not need to spend time to tour all buildings to make their choices. This helps in faster selection and shortlisting of real estate properties. With the help of these tours, one is able to understand views, measurements and get an idea of the entire house.
4. Impact of Digital Age on Construction:
Construction technology is an ever-growing industry with various new companies, introducing newer technologies at a rapid pace. Several applications, software’s etc. help developers check progress, learn about their site and review/ enhance sales information through their mobile phones themselves. Other than that there is major technological innovation in the development process with newer materials and modular technologies constantly being offered. Prefabrication of several walls, modules, etc in factories helps reduce construction time on site for developers today. Benefits like these are extremely helpful in promoting green, new designs and helps developer plan for weather delays, construction of waste and other site related delays.
5. Smart Homes, the Future of Real Estate Innovations:
In the last few decades, the Internet of Things has significantly changed how houses function. Few of the biggest giants in technology have invested wisely in such smart home technology like Google, Wipro to name a few. Ongoing innovations will completely change the ideas of what homes will look like.
These are few of the valuable insights , that were discussed by Mr Sandeep Karnavat in our discussions about Innovation in the Real Estate Industry. We all know that a lot more will be coming up in future to add onto the ongoing work. Let’s stay tuned to see what more changes will be coming up.
