Buying a Real Estate holds a special place in the Indian Culture. There are a lot of emotions attached when you buy a Real Estate specifically a Home. The traditional Real Estate sector in the last few decades has undergone significant change majorly due to technological advancement. In India Real Estate buying & selling process is considered complex as well as daunting for many. The role of technology in Indian Real Estate has increased significantly over a last decade or so & has completely transformed the way we buy, sell & manage real estate properties. The technological advancement in the Indian Real Estate sector has increased efficiency, transparency & convenience for both buyers & sellers.
Now let’s see how technology is making a significant impact on the Indian Real Estate sector
1. Digital Platforms & online market places – In 2000s, the online property listing websites like Magicbricks, 99acres & Housing.com pave the way for technological emergence in Indian Real Estate. These websites provided comprehensive property listings which made it easier for buyers to search the properties and it also enabled the direct interaction between the buyer and the seller. As years progressed these websites have become more updated and advanced & due to smartphone penetration property buying & selling has become more convenient.
2. Augmented Reality (AR) – Augmented Reality elevates the real-world environment by overlaying digital information & virtual objects into it. AR enables virtual property tours where buyers can visualize property remotely. It helps buyers envision how property can be transformed to match their personal style. By overlaying digital furniture, and décor onto real world spaces & by placing markers or QR codes in physical locations, potential buyers can access additional information, such as 3D models, videos, and floor plans, by scanning them with their mobile devices. This interactive approach enhances engagement and helps buyers understand the property’s unique features and amenities.
3. 3D Virtual Tour – In Real Estate, a 3D virtual tour is a digital model of a property that enables the potential buyer to explore the space virtually. It is a “reality capture” that can be viewed from anywhere on any device. Users can view properties as if they were physically present, exploring different rooms, layouts, and design options. This immersive experience saves time and enables a wider audience to engage with the property.
4. Blockchain technology – Another exciting advancement in the real estate industry is blockchain technology. In simple terms, it’s a type of database, a digital ledger that tracks the ownership and transfer of real estate assets. It provides transparency & security in real estate transactions as no single entity controls it and data is maintained and verified by multiple participants. By digitizing real estate assets into tokens as blockchains known as tokenization, it can make real estate investing more accessible. The blockchain ledger can also present a transparent and immutable record of a ownership. Blockchain can streamline and enhance operational efficiency in real estate. Blockchain-based real estate transactions can reduce the time and costs of traditional real estate transactions.
5. AI & Machine Learning – As technology is progressing at a rapid pace, the role of AI in the real estate sector is growing each day. Artificial Intelligence & machine learning have revamped various real estate processes from personalized customer experience to predictive analysis. AI apps help to amplify property search, predict rent rate fluctuations, and make use of chatbots to streamline interactions thereby enhancing real estate efficiency & user satisfaction. AI is also been used to develop more precise & reliable property valuation models. With the increasing use of AI & machine learning, real estate investors can make more informed decisions regarding various real estate transactions.
6. IoT (Internet of Things) – The rate of technological innovation is rapid & one technology that has become a part of this revolution is IoT. In simple words Internet of Things (IoT) is a network of physical objects, or “things”, that are fixed with sensors, software, and other technologies to connect and exchange data with other devices and systems over the internet. IOT in real estate can enhance efficiency by keeping track of property transactions & related data. Land surveyors, property managers & brokers can make use of IOT for a better understanding of the properties. IoT can also help to reduce energy consumption by using sensors and connected devices to find out when offices are not in use & turn off the lights and air conditioners accordingly. Overall IoT has the potential to transform the Real Estate industry by providing solutions to various issues like energy efficiency & operational efficiency.
7. Smart Homes – From smartphones to smart homes, technological advancement has impacted every industry & real estate is no exception. From remote light control to smart alarm systems, the possibilities provided by Smart Home devices are never-ending. Smart Homes are the perfect fusion of real estate & lifestyle. Buyers today are opting for houses that offer lifestyle benefits of the latest technological trends & as a reason are preferring smart homes. As per the report by Markets & Markets the Indian smart home market is estimated to grow at a CAGR of 18.4% from 2020 to 2025. Smart Homes are loaded with various technologies that allow residents to control security, environment & energy consumption through smartphones. These homes come with features like automated lighting and temperature control, advanced security systems, and also appliances that can be controlled remotely. Smart homes are often marketed as premium properties by real estate developers. . Smart home technology can also be used by developers to monitor energy consumption and optimise building performance which facilitates cost savings and a reduced environmental impact.
To Conclude
Technology is rapidly transforming the Indian real estate industry, and it is essential to embrace these innovations for increased efficiency, higher profitability, and a better customer experience. Various technological innovations like AR & 3D virtual tours, blockchain-based transactions, AI & machine learning, IoT & smart homes, technology is transforming the real estate industry in India. With the growing influence of technology on the Indian Real Estate the role of agent and broker will almost be eliminated in the near future but Real Estate consultant will play a major role in this technological advancements. Just like a doctor who guide his patients about the technological advancements in the medical field and it’s right way of use, in the same way Real Estate Consultant will educate his clients about the rapidly transforming technologies in the Real Estate industry and how to use this vast information for his goal of way to better life through Real Estate.