Technology has come a long way in the 21st century. Now, it is an integral part of our daily routine. Everything we do, from the morning alarm to the oven that cooks our dinner, has been influenced by technology and it is gradually revolutionising the entire real estate market too. Staying on top of technological advancements is key to sustaining any business. The same applies to the real estate market. Stakeholders need to make the most of technologies such as Artificial Intelligence (AI) and Virtual Reality (VR) to be a game-changers in the Indian real estate market.
In the 2000s, the real estate market began its first foray into the use of technology. The Indian prop-tech (property + technology) space was characterised by the implementation of online buying and selling. Since then, prop-tech has not advanced a significant amount. However, with the current upwards trend in the use of AI, VR, AR, and Big Data, the Indian real estate market is headed toward some big changes.
Key technology trends shaping the Indian real estate market1.
Augmented Reality (AR)/ Virtual Reality (VR):AR and VR have made it easier for real estate agents to show off properties and ensure that potential homeowners situated in another city or country can view the property with ease. The technology could potentially speed up sales and increase transparency in the buying process. 360-degree photographs and home tours via VR allows buyers to look at all aspects of a property before investing. It saves time; buyers can now tour around 50 properties virtually in the time that it would take to view a single one physically. AR provides useful insights for homeowners when it comes to home improvements such as decor and additional construction. Buyers can now set up all their furniture in the property’s space using AR and make decisions about the property accordingly.
Artificial Intelligence (AI):Artificial Intelligence has an impact–whether big or small–on every industry. Real estate is no exception. With AI, buyers can track the progress of the construction of a property. This reduces the time spent on communication and increases transparency between everyone involved in the project. AI can be used to reduce the time it takes to complete a sale. Combined with online buying, AI can also reduce the cost and time spent in securing mortgages.
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Online Buying:Various catalogues are available for buyers to peruse freely and look at properties. The expansion of retailers in the online space has encouraged the buying process to become more streamlined. Websites like Zillow and Google Maps Real Estate allow users to filter their wants and find properties that closely match their expectations. Listings are freely available with virtual tours for buyers to take a cursory or in-depth look at properties that interest them. It also permits potential homeowners to view the area and everything that it has to offer.
Laser scanning devices:An interesting technology in the real estate industry is the use of laser technology. Through laser technology, quick scans of rooms and buildings can be achieved to create more detailed floor plans. 2D and 3D plans can easily be created, enabling both sellers and buyers to have ready access to the details of a plan. The method also reduces the use of paper and printing, making it an eco-friendly endeavour. Where creating floor plans manually can take up time and cause disturbances to other people living on the property, laser technology collates data quickly and quietly. The implementation of laser technology is slowly easing the process of planning, selling, and buying properties over the internet.
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Online calculators:With a shift to the virtual world, there are many tools available online to ease the process of buying a property. This includes sophisticated calculators that help simplify the process of calculating home loans, mortgages and taxes for the layman. Instead of third-party interference, potential homeowners can gauge rates and amounts by themselves using free or paid tools on the internet. If you’d like a glimpse into how an online calculator works, try your hand at the easy-to-use calculator on the Adani Realty website.
Smart Homes:One of the biggest trends in technology in the real estate industry is the introduction of smart homes. A mix of the Internet of Things (IoT) and AI are used to fully automate a property. From turning off music to shutting the blinds, smart homes can ease the homeowner's life by a huge stretch. It is slowly being incorporated into the list of standard amenities that a property has to offer. Not only is the technology a huge convenience for homeowners but it has the potential to maximize home security, increase energy efficiency, have remote control of the entire house, detect problem areas in appliances, and provide home management insights.
Fractional Ownership:A relatively new concept in the market, fractional ownership is slowly garnering the interest of real estate businesses. Similar to Real Estate Investment Trusts (REITs), fractional ownership has one key difference. Instead of listed entities holding ownership of the income-producing real estate, fractional ownership allows multiple investors to pool their funds together and jointly purchase the property. This kind of ownership has two-fold benefits – Investors are not only able to make money by renting it out, but they also have a convenient office space for ‘limited purposes. This implies that the office space is not necessarily meant for daily use but offers a readily available space when required.
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From smart homes to smart cities, technology is making its way into every crevice of the real estate market. While the advantages are immense, it has to be kept in mind that breakthrough technology such as VR, AI, Big Data, and BIM are still in a developmental phase. They must be tested and explored further to identify many hidden opportunities in the real estate market, simplify the process, and improve customer experience. Adani Realty's residential and commercial properties have proven time and again that the implementation of various technologies curates the best experience for their customers.
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