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Technology happens to be the prime determinant of the future of any industry. Coming to the context of real estate in India, AI, AR, data analytics, and big data have already been around for a while. All the key players in the industry, right from the developers & builders to real estate agents and buyers benefit from such technologies at different stages of the buying lifecycle. With online property sales accounting for around half the overall transactions, fresh technology would be further shaping the industry.
Here are some of these technologies that will leave a lasting impact on real estate in India.
Although 3D or virtual tours in real estate were there even before the pandemic, the two years of isolation and social distancing explained the relevance of this technology. Established developers can remotely showcase their new projects to potential buyers. The customers benefit from the realistic views through the virtual walkthroughs and 3D renders.
Real estate marketers consider metaverse to be the next hit for shaping their strategies. Currently, several sectors are carrying out experiments with this technology. The metaverse segment of real estate has witnessed a global spike, which drew a lot of interest from developers and customers. Besides, customers have the opportunity to purchase properties through the metaverse via different channels and make digital payments.
Analytics and big data
Thanks to big data and analytics, it’s now possible to compile huge volumes of data in the real estate sector and evaluate the same. In the process, real estate developers and marketers can feel the pulse of the buyers. Accordingly, they can come up with necessary strategies to evaluate their behaviour and market the properties. Even in future, new innovations are likely to evolve from big data. This will leave a lasting impact in the way properties are developed, marketed, and sold.
With blockchain technology in real estate, marketers, agents, and developers can ditch huge amounts of paperwork. Using a digital ledger, they can streamline their operations. Whether it comes to the transfer of titles or obtaining necessary approvals from tax and government bodies, the process becomes easy.
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