Tech-Explosion In Indian Real Estate
Contributor: Ravi Bhushan Kumar
The world is becoming increasingly reliant on technology for everyday life. What was once science fiction is now turning to reality in increments – sometimes through small but vital innovations and at other times through large pivotal discoveries and developments in technology. The real estate industry is no different. The last few years has seen IoT pervade the industry allowing the now global population to view, buy, sell, maintain or invest in real-estate internationally.
Progressive technological break-throughs revamping the realty industry.
The term real estate instantly brings to mind either buying or leasing of properties, but there are a vast number of niche aspects in real-estate that have spurred brilliant developments in the recent years.
The multiple facets of real estate in residential and commercial categories such as property-oriented financial assistance, crowd financing, realty investments, mortgaging, virtual reality for property viewing, maintenance aspects of interconnected machinery and equipment in property, real-estate construction, corporate shared housing, alternate corporate offices and many more have seen vast improvements in their business processes through advancements in technology.
High-tech solutions for realty issues have been wide and varied in recent times, not just in foreign shores but in India as well.
1. Category – Marketing and Visualization
With a global community relocating residences and offices often, having off-site viewing options is quite essential. Some successful startups in this sphere that offer 3D visualization for properties includes Makaan.com. Makaan.com uses immersive 3D media to showcase properties in precise detail. Although 360° panoramas, virtual tours, 360° photography and videos have been around for years, technology being used in some real estate online marketplaces go beyond that by offering fully-immersive high-resolution 4K HDR 3D environments with sharp perspectives and clear definitions.
Makaan.com brought in the three-view concept and called it the ‘3D Virtual Realty Tour’. ‘First Person View’ allows viewers to virtually walk through the home; ‘Floor Plan View’ provides a top view of the floor; and ‘Isometric View’ provides a bird’s eye view, allowing users to rotate, zoom out and see a complete 3D view of the home.
The technology makes it possible for Makaan.com to show prospective customers all they wish to see in their home even before the construction work begins. By combining the 3D quality with Interactive Customer Experience (ICE) solutions, this technology allows users to visualise, interact and experience an environment.
The visual media is interactive 3D and utilizes VR technology that is user-friendly. The sophistication of the platforms enable a walk-through experience that brings the property to life.
They do not, however, compromise on accuracy. The scales of the views are replicated in exacting detail and viewers get a meticulous sense of even the minutia. It leads to a 100% satisfying experience.
2. Category – Property rental and leasing
A prominent business in the same space is Housing.com. It has extensive reach with properties for rent or sale in both India and abroad. Housing currently covers over 260 cities and India alone and over 80 countries. The properties are all 100% verified and the listings provide authentic up-to-date images of the properties and comprehensive locality level information.
In the Indian scenario, Makaan.com, Housing.com and the like have been able to achieve a significant name within the rent-lease market. There is minimum hassle and assured maximum convenience which goes down well with both landlords and tenants in the marketplace.
3. Category – Tech-enabled realty brokerage
Startups in this category specialize in platforms that connect property sellers and buyers online and in some cases facilitate complete online transactions. Housing.com is one such player in this space. The portal assures that all its listings are cent per cent verified to prevent scams and misleading advertisements. They are backed with valuation and analytics information and as an added bonus their innovative “MakaanView” App offers users a very unique functionality. The augmented reality app launched by Elara Technologies enables the user to search for properties to rent or buy by simply pointing the mobile in the preferred direction. The App is configured to cover a 5Km radius and is highly intuitive, adding to the user experience.
While there are quite a few visionary start-ups listed above, this list is hardly exhaustive. As research and analytics from CB Insights indicate, technological developments in the realty sphere are just beginning. The environment for investments in this industry is currently very healthy and key players all around the world are leveraging developments in this sphere.
It is quite clear that the near future will see amazing growth in technology-backed realty that will revolutionize the way we perceive the industry and our investment strategies in it.