The Future of Real Estate in India

Home Real Estate Concepts The Future of Real Estate in India

Real estate in India is set to touch the $1 trillion mark by 2030 and is seeing tremendous growth in smaller cities in the country. Technology is unsurprisingly one of the key drivers of the same, with many types of innovative tech making a difference in the sector. They are employed in many aspects of real estate – from contractual signings to property searches as well.

There are changes which also pose challenges for consultants and developers as they will need to overhaul previous methods and protocol followed in dealing with real estate manners. Part of this extends to homeowners preferring to use buildings installed with “smart” technology and advanced technology. These challenges will also come with a price, so developers are still wary about taking a final call when they pre-plan a project.

Crowdsourcing is another interesting change which will take over the real estate sector. Websites allow anybody to invest in real estate once they collect the amount online. This way, they know exactly what they’re getting, and these websites provide high-quality homes with modern amenities based on demand. The real estate future will depend on technology in many ways:

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The wider role of technology:

There are different types of technology which are touted to be implemented in real estate, including:

  • Amenities-based online searches
  • Pricing models which are dynamic
  • Proximity-based marketing
  • 360-degree interactive videos
  • EMI services and credit score
  • Online agreement

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The impact of data on real estate:

The treasure of the 21st century, “data” will play a key role in real estate as well. Websites and mobile apps, which are beginning to play a key role in real estate, will grow their user base. Even e-signing documents make agreements convenient and online linking to financial sources will make payments easier.

Investment companies provide information regarding projects and whether they’re worth pursuing or not. Automated Valuation Models (AVM) will also help users to create a quick recce on projects – from a financial and historical perspective and allow them to make smarter decisions, faster. Analysis of information around the number of units sold, along with data on upcoming projects will also help close deals.

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Home buyers will have a realistic idea of the property they’re interested in as providers will have data which shows the deals which are recently transacted. Even blockchain-enabled transfer of money will make contracts simpler to navigate. This will bridge the gap between brokers and buyers and could change the real estate game.

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Technology in construction:

New construction technology is still in its initial days, but there are certain changes which are slowly creeping in here as well. Commercial and high-rise residential properties have utilized technology which involves vertical alignment and maintaining ambient temperature based on the external climate, GPS positioning and more.

Even photographic abstracts of the projects are scrapped for 3D tours in order to get a real “feel” of the house. This has been received positively in the market and will see plenty of enhancements with time.

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Finding homes on digital platforms:

The rise of websites for agents and builders and online property portals has allowed customers to search for multiple properties in a short period. RERA (The Regulation and Development Act) has made it mandatory for properties to register with the regulatory authority of the state, as well as for any information regarding any projects to be uploaded onto their websites.

Buyers will be able to cross-check and ensure the information is correct, as per government norms and plan their site visits and purchasing post the same. There are also campaigns which are centered around festivals to ensure unique projects get maximum visibility. They also help customers keep tabs on the latest developments.

Home automation

Diverse amenities and architecture aren’t the first priorities for luxury projects, as “intelligent” homes are more sought after. IoT (Internet of Things) and home automation will change the way people search for homes. Remote controlled ventilation systems, biometric locks, electronic appliances along with email and mobile apps integrated with security systems are just some of the applications for these systems.

India’s home automation market is segregated into four parts – A/V, security, lighting, and HVAC (Heating, Ventilation, and Air-Conditioning). Of these, the home automation market is expected to reach at least Rs. 9,000 Crores by 2019. The main benefactors of this change belong to cities with IT Hubs such as Pune and Hyderabad.

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Big data and analytics:

With big data dominating technology for the next few years, machine learning methodologies that smartly segregate buyers will also be in demand. They will help investors and customers understand prospective markets well in advance, by mapping trends based on real-time changes. Big data also plays a vital role in logistics, procurement and customer service among others, to make the process efficient.

Thus, real estate will see a big change in the Indian market with technology to be at the forefront of the same. By understanding how the market works well in advance, buyers and investors can make smarter decisions and ensure smooth progression of purchases.

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