How A Digital Wave Is Changing The Construction Sector

How A Digital Wave Is Changing The Construction Sector

The real estate industry, particularly the construction industry, has been transformed digitally as a result of technological improvements. There are many examples of how technology is currently transforming the building industry.

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The construction industry has been fueled by a wave of new technology over the past ten years or more. Three cutting-edge technologies—Artificial Intelligence (AI), Machine Learning (ML), and the Internet of Things (IoT)—are targeted at boosting productivity in the real estate sector, which currently relies significantly on labour. Senior Vice President of Hippo Stores Munir Suri offers his thoughts on technology in the building industry.

What do you appreciate most about working in the real estate sector?

Being involved in the real estate sector enables us to go closer to achieving our goal of being a part of every home that is being built or restored. We can start a revolution that will change how building is done in the nation as a real estate industry facilitator. Our multichannel strategy provides comprehensive building materials on a single platform, allowing

us to participate in the journey and narrative of homeowners. Knowing that we assisted families and people in building houses gives us a great deal of happiness.

What construction and real estate trends may we anticipate in the near future?

The emerging trend of combining disruptive technology in real estate and construction would alter the sector's operational practices. There are several opportunities for the involvement of technology, particularly in terms of digital advances in this industry, from building/property management systems to digital sales and marketing tools and property aggregation platforms.

Why is the traditional brick and mortar sector changing?

The only thing that is constant is change. Faced with the digital wave, the conventional brick-and-mortar industry is ready for a shift. It has made great progress. But for it to flourish, the wind of change must also blow. The real estate sector, which sustains our livelihood, is excited to see advancements like smart data systems for agents and changes to its current procedures for developers and purchasers.

We are disrupting the conventional building material distribution chain, which runs from brands/manufacturers to wholesalers to distributors to dealers to final consumers/contractors. Contractors and end users must shoulder the burden of aggregation in this highly fragmented industry! End users who frequently lack the skills, resources, or time needed to achieve this Forget about convenience; a buyer must make 70–80 trips to the market to choose the numerous construction materials needed for a typical house.

Is implementing cutting-edge technology and modern advances in the building sector making it better?

Yes, without a doubt! We adopted technology to hasten the optimization of value along the whole supply chain for building materials. With the use of digital technology, we are improving the nation's building scene. I think what we're doing now is just the beginning; we'll keep looking at all the possibilities that developing technology presents.

What we currently offer is just the ability to buy products, but we are working on platforms that will link end users with the various service providers in the market, including architects, designers, contractors, and simple applicators. This kind of connection can only be made possible by technology. Second, there is an enormous quantity of data and insight that we can produce for our brand partners (manufacturers) using machine learning (ML).

Because they are connected to a small number of wholesalers and dealers, manufacturers currently only have a high level understanding of the primary sales generated for a given region (let's say Delhi). They are unsure of what clients, and which ones in particular, have an affinity for each of their products. They may learn so much about customer buying trends and patterns by utilizing digital platforms, down to a city's road and pincode level.

Can you lend a hand with some construction materials that will transform the construction industry?

Ans: One of the first building materials that have the potential to transform the industry is bioplastic created from sustainable biomass for structural elements, cladding, and other architecture-strengthening structures. Another important building material is self-healing concrete, which can hide cracks and fractures, prevent repairs, save maintenance costs, and save on greenhouse gas emissions. Homeowners are also showing interest in various materials, such as laminated wood, bamboo that is built into modules, and wool brick. In comparison to conventional common materials that are prevalent on the market today, all of these are often more environmentally friendly and superior solutions in terms of functionality.

Sustainable housing is essential for raising healthy families. Comment away.

I'd like to think of sustainable living spaces as part of our obligations to the environment and our community, in addition to being a key to raising healthy families. Due to the changing nature of the workplace and the effects of climate change, it is essential that our place of residence be safe and sustainable. Sustainable practices must be incorporated into home designs, and real estate developers must set the example. India could undoubtedly benefit from a green building revolution that would result in wholesome housing while ultimately lowering operational expenses.

What are your thoughts on how to resuscitate it given the magnitude of the construction materials business before and after the pandemic?

Although the pandemic had a negative influence on people's lives and economies around the world, the Indian market quickly recovered. By 2025, the real estate market is anticipated to expand at a compound annual rate of 18 percent. The Indian real estate sector is anticipated to reach a USD 1 trillion market size by 2030. Only if the real estate sector keeps appealing to consumer interest and receives backing from a supportive market and government policies will this quick turnaround be feasible. Realtors need to try to concentrate on the shifting consumer needs and take into account the demands that have evolved in the post-pandemic world. They must construct houses that could, if necessary, function both as residences and offices. Furthermore, market liquidity would be quite important. Additional reforms like uniform postage rates and other tax breaks should be implemented by the government.

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