S&T Trends

Industry 4.0 Innovations for Indian SMEs in Real Estate Sector

Nomita Sharma

Abstract

The advancement in technology reshaped the basic nature of real estate sector in India. There is a shift from traditional real estate to smart-technology based real estate sector. Smart technological innovation has resulted in change in the real estate sector. It has added lot of innovations in the real estate that offers better value to the consumers. The use of computers and automation has resulted in the autonomous systems that can control itself. These innovations are fueled by data and machine learning. These smart technological innovations can be in the form of automatic door with sensor or security systems or even conveniently aligned walls of the house or even robotic mason, that can built a wall on its own with little support human intervention. In this paper, industry 4.0 innovations like big data, artificial intelligence, augmented and virtual reality and real estate building technology and real estate operations automation are correlated with effect on the small and medium enterprises (SMEs) in real estate sector. This paper is an attempt to understand the innovations in the fourth industrial revolution on the real estate sector. Some regional examples representing effect of industry 4.0 on real estate are presented to provide better perspectives of the study. The paper is supported by three company specific examples from real estate sector. It concludes that industry 4.0 has started its flight in Indian real estate sector and small and medium enterprises can increase value additions from industry 4.0 innovations.