Real estate may have been a late-starter in this regard but, technology has been playing a pivotal role in the growth of this segment in India. Lately, the stakeholders of the industry, namely developers, brokers, agents as well as end-users, are slowly warming up to newer technologies.
Technology is not only helping in low-cost construction as well as in reducing time, but it is also playing a pivotal role in making user experiences much friendlier, fulfilling customer expectations, and better client service. Technological innovations like automation in valuation, big data, and artificial intelligence are shifting the construction and real estate appraisal landscape.
Let us have a look at how some modern, emerging technologies can change the landscape of Indian real estate:
-
Blockchain:
India could potentially become a hub for blockchain technology in the real estate. Blockchain will upscale the transparency and overall efficiency of the sector, which comprises the involvement of several transactions amongst public and private parties. The technology can help in bettering the sector’s image and bankability as it enables safer and faster transactions with minimal manual intervention.
2. Virtual Reality:
The concept of augmented and virtual reality could be the next breakthrough in the real estate market where buyers can experience the property without actually visiting the site. Many real estate firms in India are taking giant leaps in this regard to lure the out-station as well as NRI buyers.
3. Smart Homes:
Developers are offering smart homes which is nothing but an amalgamation of technologies like home appliances, security cameras, center-level control via the internet or through wi-fi so that buyers can manage their homes remotely. The concept of smart homes appeals a lot to millennials and young working population and can be a deciding factor for them.
4. Social Media:
Real estate can no longer ignore the power of social media. To build and maintain a brand image which is of utmost importance for business, developers are using the help of digital content support through SEO, ORM, SEM and SMM. Content is more important than ever before and it goes beyond promotions and advertisements and is more about creating a positive image of the product.