The co-founder of Apple, Steve Jobs once said, “Let’s go invent tomorrow rather than worrying about what happened yesterday”. Similarly, within the traditional field of the Real estate with time the old and new-age firms have now realized the need to adapt to the ever-changing technological landscape to stay relevant and gain an edge on their competitiveness. The real estate industry at large has undergone a tectonic shift in the last decade with the unique and fast-growing concept.
In today’s digital age the role of technology has transformed businesses from a backend enabler to a core division of business strategy in a variety of industries. With the pandemic hastening several organizations’ digital revolution strategies, the Indian real estate industry was no exception. In terms of agility and promptness to adopt the evolving tech-enabled market, the landscape has been exemplary. It has helped drive real estate resilience and safeguards their future growth by stabilizing their existing business.
Technology is progressively powering every aspect of human behavior and with its ongoing advancement, comes its growing role within the real estate sector. Tech has helped evolve various industries and sectors as many industries and technology go hand in hand. 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.
In the early 2000s, the Indian property market saw the first wave of widespread technology adoption (property + technology) space along with the beginning of online classifieds for home buying, selling, and renting. Ever since then, the prop-tech space in India has rather evolved slowly. Though there are incremental improvements, aside from a handful of new business models like co-living and co-working, there hasn’t been much innovation in the prop-tech field. This is often surprising because real estate is the largest asset class in India.
The real estate sector over the years has been performing in the traditional model, where real estate company employees and consumers have dealt face to face. Though the shift from ‘Real life’ to ‘Real-time has been phenomenal within the real estate sector in the last three years. And Covid-19 has given an enormous push to real estate technology. Consequently, the newest upcoming trend in the market, has been rapidly restructuring plenty of realty traditions. There have been lots of changes in consumer behavior due to Covid-19, the availability of real-estate data in a digitized format, and enhancements in AR/ VR (Augmented Reality, Virtual Reality) technology should accelerate the advancement in this space. The demand for digital transactions and virtual home tours is at an all-time high. 3D renders and virtual walk-throughs become a standard offering from most of the top real estate developers in India.
These days, almost every real estate activity is influenced by digital marketing, technology, and sales targets including drafting, financing, construction, and traditional marketing too. Both property sellers and buyers can cash in on a wide range of technological solutions available today. These solutions are cost-effective and offer both parties the prospect to connect on a previously impossible level.
To sum up, developers and real estate consultants must encourage the digital push in smaller cities too, which can help increase the demand and supply of housing in smaller towns. Furthermore, the government has been pushing reforms in the real estate sector for the last three years to expedite the construction and completion of the projects. Still, there’s an urgent need for the Government to infuse funds to push digitization into the sector for the long-term impact and recovery of the sector.
To say that technological innovation has simplified the way we do things, would be an irony.
Views expressed above are the author’s own.
END OF ARTICLE