Technology eases realty transactions
Hyderabad: The real estate sector has moved from being just a buyer-seller transaction-oriented segment to becoming digitally savvy over the years. Not just sellers but buyers also becoming abreast with the latest technologies it is making property transactions an easy affair, and the need to include technology in not just selling but also in construction […]
Hyderabad: The real estate sector has moved from being just a buyer-seller transaction-oriented segment to becoming digitally savvy over the years. Not just sellers but buyers also becoming abreast with the latest technologies it is making property transactions an easy affair, and the need to include technology in not just selling but also in construction is becoming the need of the hour.
From using technology to just search for properties on aggregator platforms, buyers are now visualising their homes through 3D technology and the newest addition to this is the use of metaverse to view land, plots, villas, and apartments among other things.
The hullabaloo around the use of technology has also led to the coining of the term PropTech (Property Technology) and companies of different sizes – from startups to large MNCs – are betting big on this segment. Many industry reports point to the fact that many real estate firms are realizing the importance of technology in business continuity and this is become even more important in the post-pandemic world – where everyone and everything is going digital.
“Proptech has grown exponentially in the last few years in India and is expected to reach $1 trillion by 2030 from $120 billion in 2017. Traditionally Real Estate has remained mostly “tech-free”. Proptech has improved the productivity of the segment which has streamlined these interactions and in return made it more process-driven than people-dependent. Automating these manual processes has significantly reduced the turnaround time and has helped them to offer better customer services while also ensuring the burden on internal resources is lowered,” says Naveen Mypala, founder of Urban Living.
Virtual tours
In the post-pandemic world, physically visiting properties was slowly losing steam and that is where technologies like virtual reality and 3D mapping played a crucial role. Many real estate firms and developers adopted these technologies to virtually showcase the property to prospective buyers. Through these technologies, one could have an almost near-to-life experience of visualizing a home. 3D printing technology is also helping enterprises to visualize their construction through a 3D model before actually starting the project. Even technology like artificial intelligence is helping enterprises calculate time and cost for a particular project.
Cost efficiency
Mypala explained that the integration of SaaS-based CRM tools using machine learning and artificial intelligence has enabled organizations to lower their marketing cost and cost per sale, and has improved sales velocity. “We use two of our proprietary Tools BuildTec Steel formwork solutions to expedite construction with high quality at a reduced cost. Our builder partners, real estate clients, channel partners use it to improve their sales collections, automating demands and use cash flow forecasting to identify highs and lows in the future,” he said.
End-to-end services
Whenever one talks about PropTech, it is companies like NoBroker, 99acres, Nestaway and others is what comes to mind. These are mainly aggregators of properties in a particular city and help buyers make the right choice in terms of renting or buying a property. A few other startups like Hyderabad-based WeHouse facilitates end-to-end construction services thus helping customers build their homes. The tech platform provides services like legal permissions, architectural structural design, and construction execution to interiors and monitoring services.
Smart Homes
While homes fitted with the latest smart switches and lights are passé, many residential property developers are looking at providing internet of things (IoT)-enabled homes. These homes come with pre-fixed smart fittings like temperature-controlled rooms, smart lighting – which switches on and off through use of sensors – and smart devices like geysers and ACs among other things. These smart fittings are integrated into an app and can be controlled through the owner’s mobile.
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