| |August 201919he term `Real Estate' in simple term refers to `Property consisting of Land or Buildings'. Hence the Real Estate business in layman terms refers to "Selling or Buying of Prop-erty". It is one of the most sought after in-vestments after Gold. In countries like India, it is still a dream for many peoples to own a Home. Though like other businesses, Real Estate too has its ups and downs, but viewing in long term it has tremendous growth potential.As in other fields, the Technology is slowly but steadily penetrating into Real Estate business too. And as per current trend, the two major technological domains that are propel-ling the growth of Real Estate sector are, Big Data and Inter-net of Things (IoT).Big Data ­ Impact on Real Estate Sector"Big Data" is gaining lots of popularity in recent years. It has its impact on each and every industry across the globe, like Healthcare, Education, etc.; and Real Estate is no different. So let's investigate further on how Big Data is impacting on the Real Estate sector."Big Data" is simply defined as a huge amount of data, both structured and unstructured, which can be analysed to get deep insight of a business.Today Real Estate is one of the most unorganized sectors. Further augment it with large amount of data that is being generated from this sector. Now the conventional database technologies used are not sufficed to handle and analyse such huge amount of data in effective manner. Here Big Data comes to great help which when analyzed computationally reveal actionable trends, patterns and associations. With the help of Big Data, Real Estate business can grow in leaps and bounds in coming years.Here are some of the important aspects of Real Estate business that will greatly benefit from the implementation of Big Data. Accurate Property AppraisalsAppraisals are one of the most important aspects of Real Estate business. Real Estate agents use it to determine the property price; home buyers and investors depend on them for good offers, and Lenders and Banks need them to deter-mine the actual Market Price of a Property. Now, the Market Price of a Property varies greatly depending on parameters like building condition, location, area and so on. With the traditional database technologies, it often gets difficult to ac-curately appraise a Property. Hence, here use of `Big Data' comes for big rescue. With the use of Big Data technology and related analytical tools, the Real Estate agents are able to accurately appraise a Property and set a realistic monetary value for the same. Big Data will provide users with realistic information on the basis of the actual condition of the Prop-erty, age of the Property, neighborhood locality, total area of the Property, amenities provided and so on. Thus, both agents and consumers get the most realistic price of the Prop-erty, and both get benefitted. Targeted MarketingThe most common problem faced by Real Estate Agents is the unclear and unpredictable customer behavior. Hence, it CIO INSIGHTSTBy Amit Bhatia, Group-CIO, Jaquar GroupBIG DATA AND IOT ­ THE TWO PILLARS OF REAL ESTATE TECHNOLOGY TRENDSAmit Bhatia is Chief Information Officer for Jaquar Group, which is a market leader in complete bathing and lighting solutions with presence in more than 44 countries. He has more than 2 decades of experience in developing and executing IT Strategy, Service and Security models across multiple business domains.
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