Chief Minister of Maharashtra Devendra Fadnavis announced the Mumbai Development Plan 2034 (Mumbai DP2034) on 25 April 2017. Higher FSI and increasing population will need to be properly managed, and focusing on this in sync with the aspect of infrastructure and real estate – which are the highlights of DP2034 – an exclusive CII Conference on Infrastructure Project Management , with the theme, “Internet of Things and Real Estate: Leveraging the Disrupter”organized by Confederation of Indian Industry (CII) in association with CBRE, In Mumbai.
Tata Housing & Tata Realty Infrastructure MD & CEO, Sanjay Dutt, in his address, spoke about the Internet of Things (IOT), and how managing people as also infrastructure and real estate could be done better by leveraging the IOT.
“There is the obvious advantage in terms of money saved during the planning and design stages as also the actual construction, but the real advantage of IOT comes in the stage when the building is occupied. Not just in terms of aspects like savings in form of smart utilization of energy as also the safety and security of occupants, it goes beyond – to the community of occupants, who benefit from the IOT,” he pointed out.
Stressing on the community as the focal point of ensuring advantages from the IOT, the Tata Housing & Tata Realty MD & CEO said the new regulatory environment (post-RERA) as also need to go vertical – with policies supporting the same, like the Mumbai Development Plan 2034, which enhanced FSI for Mumbai, will create a situation where the IOT will need to be integrated with all four phases – planning, designing, constructing and occupying such structures as would soar high to the skies, and help support and manage the large number of occupants.
He gave an example of the on-going Tata Housing project in Thane, where voice-activated solutions would power a better quality of life for residents. Similarly, he gave the example of a residential tower in South Mumbai where the taxation and maintenance worked out to Rs 80,000. In such an instance, IOT when leveraged properly, could help save on the monthly expense. “It is about exploring new applications of technology and linkages using internet as a platform, which will enhance the quality of life of the community, which is being integrated in infrastructure and real estate,” he added.
The rising cost of labor over the recent past has ensured better acceptance of IOT, given that the difference between cost of manual work and IOT-powered work was reducing, to the point where IOT makes business sense in terms of infrastructure and real estate, he added.
Earlier, Gurjot Bhatia, Managing Director, Project Management Group, CBRE South Asia Ltd set the context for the Conference by first defining IOT and then explaining the advantages of integrating the same in infrastructure and real estate. Elucidating on the aspects of disruption and leveraging, he said IOT was a mix of both – it disrupted the old systems, and if leveraged properly, the data analysis and conclusions from the same would work wonders across infrastructure and real estate. He described IOT as passive and active – passive being what happened behind the scenes and was not visible, while active was the aspect of IOT that impacted individuals. Bringing in the aspect of statistical data, he explained that leveraging IOT’s potential economic impact in homes would be $ 200 to 300 billion; in work spaces and offices, it would be $ 150 billion while at construction sites and industrial production sites, the potential was $ 830 billion by 2025. The advantages of IOT in construction and infrastructure, he pointed out, was something that was ‘here’ and ‘now’.
It was pointed out during the conference that while the internet connects people, network connects things. The IOT connects people and things. Internet connectivity in Asia was growing at a faster rate than the global figure, and bulk of this was being accessed on handheld devices. India being a market with high mobile telecom penetration was poised to take advantage by leveraging the IOT.
Information from a survey conducted by CBRE showed that location was no longer ‘everything’; mobility is re-writing office demand; technology was placing people at the centre of things and how property owners/ landlords were the drivers of change. A short film on the CBRE Experience Center in Los Angeles, USA, explained how IOT was ensuring smart usage and optimum utilization of work spaces, while also being eco-friendly and protecting the environment. Energy management, space utilization, security-safety and controlled access, location-based services and operational management were aspects, where leveraging IOT was proving to be an advantage.
Sunil Khanna, Past Chairman, CII Maharashtra State Council, President & Managing Director, Vertiv Energy Pvt Ltd termed IOT as ‘the fourth industrial revolution’, and said there were high expectations of advantages accruing from the same.