Technological advancements in recent years have had a major impact on nearly every industry, and real estate is no exception. As a matter of fact, the industry was one of the first few categories to embrace the digital way.
With everything on your fingertips now, the house hunting process has become a plain sailing for the buyers as compared to the quondam era. There are multifarious companies who are now providing virtual tours of the potential properties to extricate the buyers from investing a lot of time and money into it. Needless to say, the unfurling of technologies working synergistically together, has given rise to emergent processes in real estate.
Digitisation in Real Estate
Technological induction in real estate has transformed it in a way that we could never have envisaged. From construction to asset management, marketing to sales, personal as well as professional environments; the transformation in real estate is definitive and universal. As a matter of fact, the internet is being used increasingly in almost every sphere of real estate. The sensors used in smart housings to enable equipment’s to be ordered, the residents to be informed, or for making predictions in a building and even imposing security is an instance of technology been infused in this sphere.
Further, the building automation systems and the Internet of Things have tremendously helped to improve the everyday life of the residents through enhanced safety, cutting down on operational costs and facilitating customised solutions. Whether it is Virtual Reality (VR), to drones on site, or Building Information Modeling (BIMs), moisture meters, or marketing automation, technology has played a pivotal role. Not only this, digitisation in real estate has also in a way contributed to the transparency of the market.
Technology aids in buying and selling of property online
As already mentioned, the influx of digital technology has been shaping the present and future of the real estate market. Online marketing has now a major role to play in buying and selling of properties. Virtual inspections to enable the potential buyers to view the video walkthroughs have been quite popular lately. Myriads of digital tools are now being utilised to accelerate the process of buying and selling properties online. As a matter of fact, the online listings have made it accessible for anyone or everyone to see what is available along with a detailed description of the property. This, indubitably has made the sale and purchase of property a hassle-free process.
Some of the commonly used technologies that have over the years enhanced the buying quotient are mentioned as hereunder:
- 360-degree view – A 360-degree virtual tour of the property enables you to explore the property without stepping outside the confines of your home. As a familiar adage claims, a picture is worth a thousand words. And therefore, a live tour always helps you to make the right decision without browsing endless sites for it!
- Virtual Reality – Not only restricted to entertainment, the virtual reality is also used now in the realty sector to showcase immersive, three-dimensional walkthrough of properties.
- Online listing – Portals like 99acres.com have emerged as a one-stop destination for searching a property for purchasing or renting. Such portals have rendered the traditional search tools such as real estate agents and print advertisements as passé.
Advancements in the Construction Industry
Today, where speedy delivery of accommodation at an affordable price is the need of the hour, technological advancements in the construction realm has nailed it all. Modular construction, use of prefab technology that implies the use of factory-manufactured components in the buildings, the use of manufactured sand as a substitute to the scarce river sand, the use of Mivan shuttering to add to the strength and durability of a building by the use of aluminium formworks, and the green technology concept; these are all instances to show that technology in real estate has indeed come a long way than before.
Though the Indian real estate has progressed by leaps and bounds, it still needs to instil technologies in order to evolve to a further extent. “The new construction technology needs to be sourced from the global realty markets. Moreover, an on-going training for human resources is required to ensure that they are ready to handle such technologies”, says Mr Niranjan Hiranandani-CMD-Hiranandani Group.
The influx of technology is especially required in the segment of affordable housing where technology is still way beyond excellence. Leveraging the benefits of latest advancements is still imperative as far as the Indian real estate industry is concerned. This will not only have a great impact on lowering down the cost of the housing units but will also elevate the quality and safety of these units along with helping the developers to construct at a quicker pace.