| | November 20189DIGITISATION ACROSS THE REAL ESTATE VALUE CHAIN IS PICKING-UP MOMENTUM IN INDIA; AS PER A CBRE RESEARCH REPORT, OVER 90 PERCENT OF OCCUPIERS AND DEVELOPERS HAVE DISPLAYED IMMEDIATE PLANS FOR INCORPORATING TECHNOLOGIESwill require developers to work with unprecedented agility to meet residential and commercial real estate needs. IoT can be buck-eted into smart energy manage-ment systems, space utilization tools, safety & security networks, locational services and operation-al smart. It takes a sharp under-standing of these systems, assess-ment of business requirements, execution feasibility and the knowledge of right platform to unite the relevant smart systems. The digitisation of real estate project management is therefore not only desirable, but inevitable. For a new degree of efficiency in the `concept to completion' jour-ney, the industry's stakeholders will need to identify and evaluate new data sources to expedite the development, construction and management of property assets. As demand rises, so will the scale of the portfolio - encompassing commercial buildings, corporate Greenfield campuses, built-to-suit facilities, residential devel-opments, retail developments, R&D facilities and more - and the turn-around time. And as both data and its evaluation become both easier to access and more mission-critical than ever before, it will be adopted by stakeholders to better understand a property or site, surroundings, residents and other factors.Smart Buildings, Smarter Occupants The intersection of the digital and the architectural is best repre-sented by `smart buildings'. Using state-of-the-art technologies, these buildings offer their occupants the highest operational and ener-gy efficiencies. Quantifying and measuring space usage through applications, smart sensors and dashboards, its usage is being op-timised via a Big Data approach. Especially, for corporate occu-pants, these actionable metrics are viable tools to maximise revenue by identifying opportunities like energy efficiency. In response, de-velopers are increasingly making their upcoming developments fu-ture-proof by incorporating sus-tainable design elements, which are also energy efficient.Asset Flexibility for the Millennial Workspace The rise of modern work practic-es like Activity-Based Working (ABW) is upending the traditional formats of office design. Individu-als use connectivity and accessibil-ity to decide how, when and where they work. These new space usage patterns have created demand for more digitally accessible work-spaces per square foot. The rise of automation as a business essential has also cre-ated space needs for on-site data centres. While AI and cloud com-puting are set to automate vast swathes of jobs, business in the Fourth Industrial Revolution will be anything but predictable, capa-ble of sudden exponential growth that may change workspace us-age overnight. As a result, the property blueprinted today will need to be future-proof to serve as an asset. Imminent changes in the sec-tor like capital inflows and trans-formation of work culture will create new complexities in prop-erty lifecycles. Mitigating risk and seamlessly managing delivera-bles in a post-RERA scenario will require developers to streamline processes and practices for trans-parency with the customer. This new real estate operating environ-ment will necessitate continuous monitoring of hundreds of minute details at a granular level, a feat only the intervention of technolo-gy will be able to accomplish. Gurjot Bhatia
< Page 8 | Page 10 >