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The innovation of fresh technologies has been fueling the growth of the real estate sector. Different players in the industry have benefitted from the inception of these technologies. Such tools not only help builders to showcase new properties and sell them, but the buyers can also get a transparent idea about the properties.
Currently, buyers can view real estate properties in the digitized format. Besides, there have been significant enhancements in virtual reality, augmented reality, and other technologies. These tools have pacified growth in the real estate industry.
Let’s check some of these tools that are benefitting the real estate sector.
Big data and analytics
In the digitized age, real estate players access a huge volume of data. This data can be related to transactions of property, legal documents, or even customer data. Deploying big data and analytics, the developers can assess the buyer sentiments. Accordingly, they come up with suitable marketing policies to cater to their needs.
Besides, RERA largely depends on quarterly data to know the construction status of different projects. Lenders also use this data to evaluate the risk profile of the buyers. Even in the commercial real estate sector, the developers use big data to assess the demand for properties and their respective features. This way, they craft a holistic ecosystem for real estate.
Instant buying is a relatively new feature that has come up as a result of deploying analytics and big data in the real estate sector. In the instant buying model, businesses deploy different algorithms to calculate the value of a property. They purchase these properties directly from the owners. The companies deploy AI models developed on historical transaction data. Also, they consider some local market conditions to estimate the property prices. As a result, the sellers benefit from instant liquidity.
Through fractional ownership, investors have the liberty to own a part or fraction of a property. Typically, this model works for commercial properties, where the rental income comes proportionate to the property ownership.
During the pandemic, when buyers mostly remained indoors, the developers deployed virtual walkthroughs and 3D renders to market their properties. Other technologies offering an immersive experience to the buyers have also been a part of the industry. Evidently, technology has significantly benefitted the real estate industry in India.
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