The real estate market in India was stagnant for some time because of rising interest rates and the Covid-19 pandemic that hit the country. It has recovered significantly since then and is on track to becoming a booming market again.
The pandemic has also fastened the influx of new technologies into the real estate industry. As new technologies hit the market, experts access the areas of work they can use. The housing segment is one of the industries where the latest technology like Virtual Reality and Blockchain can be implemented efficiently and effectively.
According to the Indian real estate industry report, the sector is experiencing rapid changes due to the resources which are available to architects and property sellers. Innovative relators are using modern technologies to make things easier for them and their buyers. The processes which were going on in real estate are being done accurately because of the technological advancement of the sector. Digitalizing the process of acquisitions, property management, and communication also mean that the time required for the completion of processes becomes faster.
Investors in the industry are optimistic about using blockchain technology to support the legal components of a transaction and for the storage of critical information. These will focus on several areas like transferring titles and sharing important documents. Blockchain networks are also being used to create a non-erasable form of information that can curb the malpractices in the sector.
The real estate market in India is undergoing a massive change, and it will be visible in some time. Let us look at the aspects which are driving the change:
Virtual Reality for 3D Property Tours:
Imagine a virtual tour of your to-be home months before it is physically ready. It will be so convenient to get a look at the property which will help you decide whether to buy it or not. Going a step further, what if you are equipped to suggest changes like the location of the balcony or change the dimensions of the living room, and they are ready for viewing instantly? AI and VR are the technologies that enable smooth virtual property tours that are visually accurate. With 3-D walkthroughs and 360-degree pictures, property tours will allow buyers to tour homes without ever going.
Virtual reality applications are not just limited to being used for home tours infact; they might even aid renovators in making plans. For instance, some apps may eventually enable investors to observe staged rooms and renovations from their mobile phones. Property developers and investors interested in raw land investments can benefit from the use of virtual reality in real estate in the future. Investors in the industry are continually vouching for new technologies to improve real estate transactions for all parties.
Direct Buyer to Seller Transactions
One of the major discourses in real estate investing is the growing gap between homeowners and real estate agents. Many buyers take the route of listing a home on their own. On the one hand, some buyers prefer to interact with a human to explain their requirements and get the perfect fit accordingly. On a different spectrum are the technologically sound individuals who exactly know what they want. For example, most of the millennial homebuyers in the last two years didn’t feel the need to enlist a real estate agent’s service.
Property sellers today can rapidly assess the state of the market without the assistance of an agent by using free internet pricing tools, evaluating recently sold properties, and looking at properties that are for sale online. Sellers can also use a host of apps that let you customize their search for homes with location, price, amenities, and area filters. This allows the buyer to describe their needs in-depth, and the algorithm suggests the best properties for them. These apps charge no commission, which directly connects the buyer to the seller, easing the process for both. Industry experts speculate that personalized homes that club the preference of buyers with the specialities of property sellers are on the way. Eliminating intermediaries and agents will create a swift way for the industry to prosper.
Smart Homes- The New Normal
The pandemic-related purchases have increased consumer demand for smart devices and are likely to endure for the foreseeable future. There is a prevailing sentiment in the market that more smart devices will be introduced into homes, especially sustainable equipment, to reduce energy consumption. At the center of an interconnected device, a network is a hardware device that acts as the smart home system’s central point and can sense, process data, and communicate wirelessly. It is a device that combines all of the disparate apps into a single, smart home app that can be controlled remotely.
The demand for automated houses with interconnected devices has increased, and the trend is expected to continue with the developers including expansive automated systems within their packages to appeal to buyers. If current trends continue, smart homes may become a norm within the next few years rather than just being another real estate selling point. Automated real estate venues can draw a lot of potential investors and forward-thinking, enthusiastic buyers.
Sustainable Development
Real estate is important in global decarbonization efforts because of its contribution to overall emissions and other factors that are attractive for investors, tenants, and the administration. Real estate-related emissions can be significantly reduced with already-available technologies and a strong economic return.
Adding greater insulation and updating to more energy-efficient lighting provides economical as well as ecological benefits. Modern low-carbon heating and cooling systems, like heat pumps and energy-efficient air conditioning, are making their way into new-age homes. These modifications can decrease the ecological impact of energy consumption while also bringing about substantive change. Fundamental changes driven by sustainability can open competitive differentiation and value creation dimensions for real-estate players.
Conclusion:
The Real estate industry is a part of an ongoing change that is sure to change the dynamics of realtors and consumers. The introduction of VR into manifold real estate for property viewing and customizing changes the game for the buyers who want clear real estate market predictions. You can tour your to-be home and even suggest changes to save trouble later. Your dream house can be bought without the roadblock of middlemen through direct buyer-to-seller transactions. And with the combination of smart homes and sustainable architecture, a modern and environment-friendly housing community is largely forming the future of the real estate.
