Advanced Technology to Impact Real Estate Sector in 2019
Various innovative technologies have made inroads into the real estate sector in India, right from property search to construction and signing of contracts. Leveraging of these technologies, is likely to reshape the future of the real estate industry in 2019. For a buyer, the changes are welcoming but for property developers and consultants, these changes could prove disruptive and challenging. Technologies that facilitate property discovery, map-based location services, amenities-based searches, dynamic pricing models, marketing, online credit score and EMI services, online agreements, 360-degree videos, online token payment facilities for property bookings, etc., are some of the developments that Advanced Technology to Impact Real Estate Sector in 2019.
Adoption of Tech and the Data Flow in Market
With the advent of new technology principles and its adoptions, it has increased the ﬂow of data in the market. The increased listing websites and mobile apps, as well as online linkage to ﬁnancing sources and e-signed documents, have streamlined the process of buying, selling and marketing properties. With technology can also provide quicker methods for investment companies, to decide if a deal is worth pursuing. This is how advancing technology to impact real estate sector in 2019. There will be a time when Blockchain-enabled transactions could allow itself to be a game changer in the near future.
Technology and its use to Real Estate Developers
In India, the use of newer construction technology is still at a larval stage but changes are underway. Builders of high-rise residential and commercial structures have already embraced advanced technologies in various areas of the construction process – maintaining ambient temperature in different climates, ensuring the vertical alignment of towers through GPS positioning etc. Developers have also moved beyond mere photographic representations of their projects to 3D virtual tours in order to woo more customers. The development of virtual reality will enable customers to get a real-time experience of living in their model homes.
Look for your Home With a Click of a Button
With the proliferation of the internet and the rise of property portals, today’s digitally-savvy customers can short-list multiple properties in a short period of time. This they are able to do as per their requirements.
The RERA makes it mandatory for projects to enable registration with the state’s regulatory authority and for information pertaining to the project to be uploaded on the authority’s website. Property buyers, hence, can cross-check and validate information from multiple sources online, before taking a call on site visits or final purchase.
Festival-centric campaigns conducted online, by real estate players, also ensure visibility to unique projects across India. Such initiatives assist the customers to stay abreast with the latest developments.
With technology, every phase of the home buying process has now become smoother. From searching, evaluating and shortlisting properties, to site visits, financing and signing the agreements, is easier. With companies now offering niche solutions will set to further strengthen in the years to come.