The domain of the Indian real estate industry has witnessed a seismic transformation in these pandemic-ridden times. All significant property transactions have rapidly been digitized and led to myriad new possibilities for business. The advancement in online technology has ensured that all real estate services today are available under one roof, thereby making the process even more seamless for property buyers and sellers.
Below are some pointers highlighting how the advancement of technology in the real estate sector has facilitated not only business continuity but also necessitated easier ways of generating business.
Virtual walkthroughs via online medium
With physical meetings to carry out a recce for your property not being a viable option today, more and more buyers are relying on realty portals to shortlist properties online. Virtual walkthroughs developed through state-of-the-art AR/VR tools are allowing consumers to “see” their desired property options online through their laptops or smartphones and enabling them to make informed decisions. This trend is convenient, safe, and here to stay and buyers, sellers and tenants have quickly adapted to this new approach.
The sector is benefitting hugely by the rapid development of online technological innovations like artificial intelligence (AI), data analytics and machine learning. Artificial Intelligence, in layman terms, allows machines to perform compound tasks. Machine Learning refers to computers scrutinizing and solving problems by making the computer intellectual enough and advanced to solve diverse issues. From property searching methods to providing potential buyers with the required information to investigating property rates – all phases of property procurement can be quickly started today by AI and Machine Learning.
Another technological evolution, namely property ranking algorithm, deployed by online realty platforms, is facilitating customers to prioritize their property expectations. Whether they are looking for a semi-furnished flat or a fully-furnished villa; this technology allows end-users to filter out based on what they are looking for from the comfort of their homes.
From registration to payments – everything is moving online, riding on the back of technological advancement. Token payments, registration agreements, deposit payments and even move-in documents – all paperwork is far more transparent and at your fingertips now.
Online real estate platforms today not only help buyers find a new home but also offer a comprehensive range of services like packers and movers, legal advisory, home cleaning, repairs, sanitization and so on. Even home loans can be availed using the same platform. This goes a long way in simplifying the property-buying experience of the end-consumer.
Changing the game for developers
Other innovative technologies that are helping real estate companies gain a competitive advantage include automation in construction, inventive designs, sustainability, use of prefabricated material and online marketing. Some of the technological revolutions like Augmented Reality (AR), Building Information Modelling (BIM) and Drones have already reinvented the wheel in this sector. Augmented Reality enables property developers to visualize what the building will look like upon completion. It allows them to make changes in the design phase before the commencement of construction. Building Information Modelling helps architects, engineers and contractors collaborate in real-time. This not only reduces costs but also leads to shorter timelines, thereby making the development process more efficient. Drones carry high-resolution thermal cameras that support a host of building-specific applications. They also aid in identifying energy efficiencies or temperature variations within the building.
Reputed developers like Arrjavv are adopting these new technologies to value-engineer their products and facilitate a more seamless buying process for all its customers.