Digital transformation in India has completely changed the market dynamics across industries. It has encouraged innovation in the real estate sector and transformed how we approach home buying. It’s great to see how new residential projects in Hyderabad are capitalizing on tech use. Likewise, Real estate developers in Bangalore are doing their best to keep up with disruptive technology trends and are constantly coming up with ideas to inculcate smart technologies to complement the traditional business methods. Real estate accounts for more than 5% of the GDP, and the impact of the COVID-19 lockdown has had a huge toll on the real estate market. However, the integration of technologies is helping close the gap caused by COVID-19 and uplifting the capital-intensive market of real estate. Since all the business operations are now widely run online and even homebuyers prefer technological solutions in real estate, digital transformation in real estate is crucial to help propel the industry to new heights.
Virtual RealityVR services allow home buyers to view the property from any location and get a 360-degree perspective of houses and commercial spaces. With VR, potential buyers can see what a property looks like and feel as though they’re walking through its rooms. In the past two years, VR has been adopted by more than 20% of realtors in India.
Remote BookingCustomers can book homes with just a click of a button without even visiting the project. They can access all details, including the floor plan, amenities, cost breakdown, and other documents, online. While there has been a decline in physical meetings between buyers and sellers, the overall volume of remote bookings has increased from 4.2% to 8%. Among these, the highest number of bookings were for 2 BHK and 3 BHK apartments.
Internet of Things (loT)In the past few months, there has been an overall increase of 20% in the use of IoT in the Indian real estate sector according to surveys. IoT allows homes to be connected over the internet to control temperature, ACs, and different types of equipment remotely. It is safe to say that IoT is the future of the world & real-estate.
Dynamic AdvertisingReal estate companies are now using technology tools that streamline their advertising strategy by automatically changing ads based on real-time changes in demand or supply. They have also started leveraging algorithms to help them find the best time to publish an advertisement on particular media platforms so that they’re visible when their audience is searching for properties online, which is usually during work hours & weekends.
Automation of LeadsAs customers have become increasingly digital savvy, they have begun researching available real estate options before deciding on buying one. This data helps realtors make better sales pitches as they already know what a customer is interested in before arriving at their office.