If You Think Indian Real Estate isn't advanced, you're wrong
Real estate is ever-evolving, and technology has transformed the industry across the world, including India. Advancements in technology have revolutionised the way we buy, sell, and interact - from the early days of traditional property listings to the modern era of virtual reality tours and advanced software solutions.
In this blog, we’ll be exploring the different technologies that have shaped the real estate landscape, and see what exciting developments lie ahead.
Early days
The Internet and Online Listings: With the introduction of the Internet, new possibilities opened up in the Indian real estate market. Property listing websites like Magicbricks, 99acres, and Housing.com gained popularity, providing comprehensive information and high-quality images to potential buyers. They are now an integral part of the entire home-buying process.
Computer-Aided Design (CAD): The architectural and property development processes in India significantly improved with the adoption of computer-aided design or CAD. Architects and engineers have been using CAD software to create precise and detailed floor plans, 3D models, and virtual walkthroughs. It has become an essential tool for architectural firms and real estate developers in India, improving design accuracy and project visualisation.
Status quo
Drones: Drones in real have various utilities for developers including aerial photography, site inspections, and marketing. Drones provide stunning aerial views of the project location, expanse, amenities & local infrastructure to give potential buyers a comprehensive understanding of the property and its surroundings.
Customer Relationship Management (CRM) Systems: Like all industries, CRM systems are playing a critical role in managing client relationships, tracking leads, and automating processes. As developers focus on enhancing customer experiences and streamlining operations, these systems are becoming increasingly important in the Indian real estate industry.
Digitization of Processes: The digitization of real estate processes has brought convenience and efficiency to buyers in India. With the availability of online portals and mobile applications, potential buyers can browse through property listings, compare options, and even book flats online. Digital payment platforms have streamlined the payment process as well, enabling secure and hassle-free transactions.
Additionally, the Indian government's initiatives such as the Digital India campaign and the promotion of digital payment systems have further facilitated the digitization of real estate processes.
Spatial Rendering Software: Spatial rendering software, such as Matterport, has gained popularity among real estate professionals in India. This technology allows for the creation of detailed 3D models of properties, enabling potential buyers to virtually explore the space. In India, real estate developers have embraced spatial rendering technology to showcase their projects to a wider audience, enhancing the marketing and sales process.
Virtual Reality (VR) Tours: Virtual reality along with 3D walkthroughs has gained traction in the Indian real estate market. Developers and agents in India are utilising this to provide immersive 360-degree tours to potential buyers. Due to demand for enhanced property viewing experiences the adoption of VR technology in the Indian real estate market is growing rapidly.
Future
The Metaverse: The concept of the Metaverse has gained attention in the global technology landscape, and its potential utility in real estate is noteworthy. The Metaverse refers to a virtual space where users can interact with a computer-generated environment and other users in real time.
The Indian real estate market can leverage the Metaverse's utility by embracing virtual reality, augmented reality, and 3D modelling technologies. By creating virtual property showrooms and immersive experiences, developers can reach a wider audience and enable buyers to visualise properties in a more engaging manner. The Metaverse has the potential to redefine the real estate industry, creating new avenues for marketing, sales, and customer engagement.
More: Along with Metaverse other breakthrough technologies such as Artificial Intelligence (AI) and Machine Learning for data crunching, analytics, chatbot services, and advanced spatial rendering are set to be the future of real estate. Beyond this, technologies at the early stages of use in real estate include Blockchain & Smart Contracts, 3D Printing of homes, etc. Although only in niche use now, their potential is huge.
Building the future
In India, the evolution of technology in real estate through time has brought about transformative changes, making the industry more accessible, efficient, and customer-centric. This is where Convrse Spaces has been the leader.
At Convrse Spaces, we are elevating the real estate marketing & sales experience by leveraging the capabilities of all the aforementioned technologies; including Advanced Space Design, Web 3.0, Metaverse, Artificial Intelligence (AI), and cross-industry Digital Transformations.
Find out more about how we are building the future of real estate marketing with our dedicated Visualisation Suite, Meta Real Estate Suite & Value Added Service Suite - reach out now at hi@convrse.ai.
