Modern technology can provide a way to tackle these problems and the construction industry is looking at technology, robotics included, to provide the solutions. With the advances in AI, robotics and integration with IoT, commercial properties can be owned, leased, managed, and operated more effectively and efficiently in the future. Access to real-time data will increase efficiency and cut costs.

It is possible that smart buildings will lead to smart cities, making what was once science fiction a reality in the near future, though the full impact on the real estate market is still unknown.

Over centuries, construction process evolved but largely remained repetitive, inefficient, risky and extremely labour dependent. Skyrocketing raw material, labour and land costs are making it harder for construction business to provide affordable houses to the masses. Fortunately, the rapid developments in high performance controllers, software and high performance low cost hardware is paving ways for robotics into Construction. Robots are extremely good at performing repetitive and dangerous tasks like brick masonry, painting and material handling. These robots coupled with advanced vison and lidar technology can be used for remote site monitoring and to perform quality checks. Fusion of multiple technologies has huge potential to make construction cost effective and efficient. Automation will disrupt the constitution industry in the same way it disrupted automobile industry

— Siri V, CEO of Favo Construction Technologies on how Robotics can help Real Estate Businessess

Adoption of Robotics in Real Estate

Advancements in robotics are continually taking place in the fields of space exploration, health care, public safety, entertainment, defence, and more.

The automotive manufacturing industry is one of the earliest and largest adopters of industrial robotic technology, and that trend continues to this day. Robots are used in almost every part of automotive manufacturing in some way or another. Finance is rapidly being taken over by robots in a variety of ways, saving the industry millions of dollars and automating time-consuming tasks. In the medical field, robots are revolutionising surgery, streamlining supply delivery and disinfection, and freeing up time for doctors to spend with patients.

Relationships and gut instincts have always been important in the real estate industry. The majority of tasks are completed manually by industry experts who are resistant to change. When it comes to technology adoption, the real estate industry is lagging behind. The value of new AI technology is still being discovered by the industry. There are some applications in the real estate industry that are starting to use AI, as it is becoming increasingly clear that competitors will eventually adopt this technology and gain an advantage.

Despite the fact that real estate is the world's largest asset class, industry professionals have only recently begun to take advantage of new technology.

Some real estate companies that have adopted robotics:

Provident Housing, a subsidiary of real estate firm Puravankara, has introduced two robots, Mitra and Mitri, to its business. These robots are the first point of contact for all visitors, and they will collect information such as names, phone numbers, and photographs of them in under 30 seconds. Purvankara's Customer Relationship Management System and sales force receive this information. The company has partnered with Invento Markerspaces, a Bengaluru-based robotics firm that has previously developed an interactive humanoid robot for HDFC Bank. Puravankara's chief operating officer, Anand Narayanan, believes that adopting new technology is critical.

For faster construction and better cost and quality management, Mahindra Lifespace Developers (MLDL) has implemented a number of new technologies. These ground-breaking technologies herald a new era in construction, with new materials and techniques expected to be adopted quickly in Indian real estate.

NBCC has been the undisputed leader in the construction industry since 1960. With its headquarters in Delhi, the company is now classified as a Navratna CPSE. For many years, the company has been successfully utilising technologies such as AI and ML to keep up with the change brought on by innovation.

The Prestige Group has firmly established itself as one of India's leading and most successful real estate developers by imprinting its indelible mark across all asset classes.

Rustomjee developers have made residential living luxurious from the heart of South Mumbai to the western suburbs and beyond. Rustomjee is revolutionising the way it serves customers by creating smart homes that collect and analyse data using artificial intelligence (AI) and Internet of Things (IoT) devices such as connected sensors, lights, and metres.

Sunteck Realty Limited is a Mumbai-based real estate development company that uses artificial intelligence (AI), machine learning (ML), and other technologies to cater to the ultra-luxury and luxury residential segments. It is Mumbai's most prominent real estate firm.

Is PropTech an attractive investment opportunity?

Robots are becoming smarter, thanks to advances in artificial intelligence. As a result, a growing number of investors are interested in raising funds or investing in emerging robotics companies. So, despite the economic downturn and new technological challenges, the robotics industry is well positioned to weather the storm while maintaining significant financial backing from top investors.

Over the next decade, the global market for all types of robots is expected to increase by 1,180 percent, from $39 billion in 2017 to $499 billion by 2025. More than 40 venture capital firms, including Playground Global, FoundersX, of Y Combinator, and GV, are investing in robotics companies that design and manufacture everything from drones and warehouse carts to vitamin-sized cameras and surgical assistants.

Robotics is currently one of the largest markets in the technology space, with applications in a wide range of industries. Unsurprisingly, some have predicted that the global economy will be completely transformed by a "robot revolution" in the next 20 years. According to PwC, by 2030, up to 30% of jobs could be automated.

To summarise, the robotics industry isn't going away anytime soon, and it's set to receive a lot of funding in the coming years. For many years to come, it appears to be an appealing space for investors.