The emerging era of Prop-tech: Trends that will define the future of real estate in India –

In today’s ever-evolving high-tech world, new technologies are transforming the way industries function across sectors. The particular impact of new technologies such as AI, AR, Big Data and Analytics has not only streamlined industries but also enabled a more satisfying customer experience.

Like any other industry, the particular Indian real estate sector is harnessing the potential of new technologies for better customer experience and more convenient services. There is no denying the fact that typically the prop-tech space in Indian has evolved drastically in the aftermath of this pandemic.

From digital transactions to virtual home tours to online catalogues, often the technology has proven to be a game changer for your real-estate industry. According to research, in 2019-20 alone around 50 per cent of the inventory in the housing segment was sold online.

This data showcases a huge move for the real estate property segment from offline to online and a behavioral change within customers’ overall experience.   As the segment ushers inside a new era of recent technologies, here are some of the exact trends that will define its growth in the coming future:

  • Era of Virtual/ 3D Tours: Ever since COVID 19, the radical shift in consumer behavior has forced several big property developers in order to strengthen their digital capabilities. Today, the particular demand with regard to digital dealings and digital home tours is at an all-time high. To offer typically the best online experience to be able to their customers most real estate developers are offering 3D renders and electronic walk-throughs along with easy payment solutions. Based on experts, this trend is expected for you to gain more traction in the coming years, where the rental area and home sale market too will adopt these technologies. Several companies are already using software tools like Matterport to provide 3D walkthroughs of their homes.
  • Metaverse set to become the next big thing: While metaverse is relatively a new trend and several sectors are still experimenting with this particular technology, regarding real property it can prove to be the next big thing. Experts believe that metaverse will unlock several exciting opportunities intended for the sector. Globally there has been a sudden spike throughout the real-estate metaverse segment where clients and developers are showing a lot of interest. Several platforms are providing opportunities to help buy properties through the metaverse and easy digital wallet payments. For real estate metaverse has allowed an opportunity for the consumers to buy property as non-fungible tokens making use of cryptocurrencies. Interested buyers simply need to choose the house and purchase it by linking their wallets to the platform.
  • Rise of Big Data plus Analytics: With the internet penetrating every nook in addition to corner associated with India, companies have access to unprecedented amounts regarding data. Typically the real house sector in particular complies large amounts of data ranging from home transactions in order to necessary legal documents and even geo-spatial information. Big Information and Analytics are enabling a more sleek way of compiling data to get real estate property developers that helps them analyze client behavior together with get a clear growth picture of their own quarterly info on construction status and additionally collection of projects. Big Data is expected to witness new innovations in this near long term which will ensure more value towards the existing and new players inside the real-estate ecosystem.
  • Era involving Instant Buying: iBuying or instant buying is a new emerging trend within the real-estate section that will be enabled by the power of Large Data not to mention Analytics. Today, companies use algorithms to analyze the cost of houses and directly buy this from often the owners. Artificial Intelligence is being widely adopted to determine the prices of homes available around the marketplace. The iBuying transactional model has a number of benefits including the availability connected with instant liquidity to the house sellers where houses can be offered within weeks rather than months.
  • Power with Blockchain: This incorporation for blockchain on the property sector may streamline large piles about paperwork to a digital ledger for all property purchases including title transfers, necessary approvals through various government bodies and also tax obligations. While your blockchain trend is still during the nascent stages in adoption in the real estate segment, its popularity is usually undeniable. For blockchain to be able to be a part of the larger real estate ecosystem will require initiatives from the government and if implemented it will eliminate name frauds, hassles of document storage as well as enable full transparency within the segment.

(The author will be Mr. Amar Sarin, managing director & CEO from TARC and the views expressed in this specific article are his own)