By Abhijith R Priyan
Technology is playing a vital role in shaping the real estate industry in India. Several tech trends are driving innovation and transforming the way we buy, sell, and manage properties from anywhere across the world. Infact, one of buildAhome’s recent houses was constructed while the client was sitting abroad and everything was managed for him digitally using our app. Now, let’s deep dive into what the space looks like and where real estate is headed with the ongoing rise of technology.
One such trend is PropTech, which refers to the use of technology to improve the real estate industry. In India, PropTech startups are offering services such as online property listings and virtual property tours. This trend is expected to continue to grow in the future, as more and more companies leverage technology to create innovative solutions for the industry. A growing number of startups today already use technology to connect property owners with potential tenants or buyers, eliminating the need for intermediaries like real estate agents. They also use artificial intelligence to match buyers with properties that meet their specific requirements.
Virtual and augmented reality are also transforming the real estate industry in India. These technologies are being used to create 3D models and immersive virtual property tours, allowing buyers to explore properties without physically visiting them. As these technologies continue to evolve, we can expect to see even more innovation in this area.
Artificial intelligence (AI) is another technology that is driving innovation in the real estate industry in India. AI can be used to analyze real estate data and provide insights into market trends and property values. This information can be used by real estate professionals to make more informed decisions. In the future, we can expect AI to play an even greater role in the industry.
The Internet of Things (IoT) is also transforming the real estate industry in India. IoT devices can be used to create smart homes and smart buildings that are more energy-efficient, secure, and convenient. This trend is expected to continue in the future, as more companies leverage IoT technology to create more efficient and convenient properties.
Fractional Property Investment
We all know that property prices are going over the roof, and many would-be-buyers want to buy their desired properties but can’t afford them at their full price. Fractional property investment solves this problem by enabling buyers to build a deposit on a full future purchase.Fractional ownership is percentage ownership in an asset that allows the individual to share benefits such as usage rights, income sharing, etc, with other individuals or investors. Fractional property investment is expected to flourish more in the coming years.
Finally, blockchain technology, although in nascent stages, is being used to streamline property transactions, reduce fraud, and improve transparency. Startups in India are using blockchain to create more efficient and secure property transactions, and this trend is expected to continue to grow in the future.
In conclusion, technology is driving innovation in the real estate industry in India. PropTech, virtual and augmented reality, artificial intelligence, the Internet of Things, and blockchain are just a few of the technologies that are transforming the industry. As these technologies continue to evolve, we can expect to see even more innovation in the real estate industry in India and around the world.
(The author is Abhijith R Priyan CEO buildAhome, and the views expressed in this article are his own)
