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March 3, 2024
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How Transformative AI Is Revolutionalising Real Estate Sector

How Transformative AI Is Revolutionalising Real Estate Sector

How Transformative AI Is Revolutionalising Real Estate Sector. Image Source: Canva

Uttar Pradesh is embarking on an unprecedented venture led by UP Electronics Corporation Ltd to establish India’s first AI city in Lucknow. This groundbreaking initiative envisions a city that seamlessly integrates cutting-edge technology, research centres, educational institutions, and luxury and affordable housing, fostering a walk-to-work model for enhanced accessibility and convenience.

The scope of AI’s transformative potential extends across every facet of urban life, from infrastructure and resource management to public services and citizen engagement. Smart grids can optimize energy consumption, intelligent transportation systems can alleviate congestion, and AI-powered governance can enhance transparency and responsiveness.

According to Mohit Goel, MD, Omaxe Group, the real estate sector, encompassing residential and commercial domains, is at the forefront of this technological convergence, blending sustainability, finance, sales, design and construction.

Notably, artificial intelligence has emerged as a crucial asset within the construction industry, expediting complex tasks and significantly boosting efficiency. He said that AI is addressing the high probability of workplace fatalities in construction through the use of drones and cameras.

“The impact of AI on the real estate market is profound, offering unique property search tools, innovative purchasing options and alternative selling methods. These solutions provide convenient access to property reviews, seasonal visuals, infrastructure assessments and other advantages,” he said.

Goes added that AI algorithms analyse extensive datasets to discern patterns and trends in consumer choices, allowing developers to tailor designs that align seamlessly with the preferences of prospective homeowners, ensuring a personalised and satisfying experience. On the construction front, he said that AI is leveraged through hardware integration, utilizing drones and cameras to monitor construction progress. “This ensures a more efficient and error-free construction process, aligning with the city’s commitment to cutting-edge technology,” he said.

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