Connections and networking have always been at the core of any real estate transaction. Earlier, these connections were made by having regular meets with people; today, internet has eased it with its powerful global omnipresence. This technology has enabled people to search, buy, sell, or rent property anywhere anytime through simple scrolls and clicks. Right from the creation of real estate websites to the incorporation of blockchain technology in real estate transactions, the Indian real estate sector has certainly evolved with the evolution of technology. And this tech-effect is only growing stronger with each passing day. With that thought in mind, here is a look at the top tech trends impacting Indian real estate in 2019.
AI Taking The Front Foot
Artificial Intelligence and Machine Learning would certainly take the front foot in the real estate market of India. These AI and ML tools would not just be limited to answering property-related questions for property seekers. These technologies would go beyond that and perform analysis of the market status, the price fluctuation, demand-supply graph etc., to predict the real estate India market trends. Apart from that, AI and ML, powered with rich data, would also assist them in property valuation, comparing property price, and assessing the locality or zone, etc. All in all, Artificial Intelligence would be the ruling technology that will influence the buying and selling decision in the Indian real estate.
Smart Homes On The Rise
With everything getting smarter and connected through the Internet of Things or IoT, the real estate of India is also experiencing a shift towards this smart connected world. The expectations of the next generation property buyers are not just limited to world-class interiors, modern amenities, and plush décor. They want a smart home that is connected with the mobile in their pocket. Controlled electrical gadgets and appliances, touch-enabled interface, and security systems with mobile apps, are just some of the basic smart amenities they demand. The new projects and houses in India would become connected and smart to fulfill this demand.
Big Data To Fuel Marketing
The marketing and sales operations in the real estate sector would be fueled by the big data that real estate agents have been collecting through their website. Not only would this data help in expanding their sales and improving marketing strategies but it would also enable them to understand what things can drive action from the property seekers. It would help in generating insights for future marketing campaigns and offer better assistance to the buyers regarding their queries. Even the chatbots used by dealers can assist them in getting structured data for streamlining their further operations.
VR For Real Estate Tours
How cool would it be if property seekers could just take a tour of the house without disturbing the people living there currently? While Virtual Reality aka VR has already made heads turn (literally) in the entertainment & gaming and various other sectors, 2019 would be the year when virtual reality would enter the realty sector. The mass adoption of VR tools by people would be the main tool, taking people around homes and other properties. Property seekers could get a complete real estate tour aka VR walkthrough of the property 24*7 without having to move even a single foot from the comfort of their homes. Moreover, the buyers could also use furniture, decorative items, etc., from VR catalog to visualize how the property would look.
Blockchain To Boost Transparency
Another tech trend that would be dominant in the real estate sector in the year ahead would be blockchain technology. Many industries like banking, finance, taxis, legal, etc., are already making use of this cryptocurrency-backed technology to avoid any frauds. Real estate India would also embrace the blockchain technology to boost transparency in its transactions, thus building the trust of buyers in this sector. Blockchain could securely store all property-related documents like land titles, property deeds, loan documents etc., and offer them instantly for any verification. This technology would also enable property sellers, buyers, and renters to transact using minimum paperwork. The various cryptocurrencies in blockchain technology like bitcoin, litcoin, ethereum etc., could also be used to conduct transaction in coming times.
While the real estate market has been largely dominated by offline deals and transactions, the past few years have seen it making a drastic inclination towards technological advancements. It could be the rise of real estate portals, real estate apps, or something as simple as location sensing through GPS, technology has seeped into the real estate sector. And 2019 would be the year when real estate in India would truly embrace the cutting edge technologies of the world and offer seamless support to the buyers, sellers, developers, and agents.