Artificial Intelligence (AI) is set to reshape India’s real estate landscape significantly, particularly through advancements in Property Technology (PropTech). AI-driven innovations are revolutionising various aspects of the sector, including budgeting, property search, urban planning, design, and marketing strategies. According to projections by the National Real Estate Development Council (NAREDCO), the Indian real estate market is expected to reach a substantial $1 trillion in revenue by 2030, with AI-powered property management systems playing a pivotal role in this growth.
Generative AI (GenAI), a cutting-edge branch of AI, is further driving transformation within the industry. By enabling hyper-personalised marketing and sales strategies, GenAI is setting new standards for how properties are promoted and sold. This technology allows for more tailored and efficient approaches to engaging potential buyers and investors, enhancing the overall customer experience. A recent report by JLL underscores the profound impact of AI and GenAI on the real estate sector, noting these technologies as crucial to the industry’s evolution. The McKinsey Global Institute (MGI) highlights that GenAI alone could generate between $110 billion to $180 billion in value for the real estate market. This significant figure demonstrates AI’s transformative potential and its capacity to drive future advancements in PropTech.
The integration of AI into real estate is not merely a trend but a fundamental shift that promises to redefine industry norms. As AI technologies become more sophisticated, their applications in real estate are expected to become increasingly integral, offering enhanced efficiency, precision, and personalization in property management and marketing. With these advancements, the real estate sector is on the brink of a technological revolution that will likely lead to more innovative, data-driven solutions and improved outcomes for both businesses and consumers.
