In the current digital era, technology has changed the role of businesses from a backend enabler to a core component of business strategy across a range of industries.
The pandemic accelerated many organisations’ strategies for the digital revolution, and the Indian real estate market was no exception. The landscape has been exceptional in its agility and speed in embracing the rapidly changing tech-enabled market.
It has boosted real estate resilience and secures their potential for future growth by preserving their current operations.
Every aspect of human behaviour is being increasingly driven by technology, and the real estate industry is playing an increasingly important role in this trend.
Since many industries and technology coexist, technology has aided in the evolution of numerous sectors and industries.
New technologies have always shaped how different industries evolve, and no industry is resistant to this change. The adoption of technology has helped create an impression on revenues in the longer run.
The first wave of widespread technology adoption (property + technology) and the emergence of online classifieds for home buying, selling, and renting occurred in the early 2000s in the Indian real estate market.
Since then, India’s prop-tech industry has slowly developed. Although there have been slight advancements, the prop-tech industry hasn’t seen much innovation outside of a few novel business models like co-living and co-working.
Given that real estate is India’s largest asset class, this is frequently unexpected.
Over the years, the real estate industry has operated using the conventional model, in which clients and employees of real estate companies have interacted in person.
Though the shift from ‘Real life’ to ‘Real-time has been phenomenal within the real estate sector in the last three years.
Additionally, Covid-19 has significantly advanced real estate technology. As a result, many real estate customs have been rapidly altered by the most recent emerging trend in the market.
The availability of real estate data in a digital format, changes in consumer behaviour brought on by Covid-19, and advancements in AR/ VR (Augmented Reality, Virtual Reality) technology should hasten this field’s development.
Digital transactions and virtual home tours are in high demand right now. Most of the top Indian real estate developers now offer 3D renders and virtual tours as standard services.
Nowadays, almost all real estate activities, including drafting, financing, construction, and traditional marketing, are influenced by digital marketing, technology, and sales targets.
Property buyers and sellers can profit from a variety of modern technological advancements.
These options are affordable and give both parties the chance to connect on a level that was previously impractical.
