Since last year an increasing number of real estate dealings are taking place remotely, online. In the current circumstances, consumers prefer digital and remote human engagement over in-person interactions—a sentiment that has progressively deepened even after the end of the lockdown
The second wave of coronavirus has accelerated the digital upgradation of India’s real estate sector, according to developers and property consultant.
The developers are trying different methods to attract customers as site visit is not possible due to COVID19 induced lockdown.
From VR/3D enabled site visits, chatbot-assisted inquiries and research, online bookings to digital transactions, tech-enabled solutions continue to dominate the trends shaping up in the evolving scenarios.
“Behavioural and technological developments have altered the industry from being a purely physical asset to a digitally acting one. Tech tools like virtual walkthroughs, 3-D mapping, drone surveys were deployed years ago, but only on select projects. The pandemic has altered that truth, and these specialised tools have now become de facto standard practices,” said Karan Kumar, CMO, DLF Limited
Since last year an increasing number of real estate dealings are taking place remotely, online. In the current circumstances, consumers prefer digital and remote human engagement over in-person interactions—a sentiment that has progressively deepened even after the end of the lockdown.
“Wellbeing and precaution is one reason, but over and above, the digital integration across the real estate value chain has also made it easier for consumers to seek information, experience spaces, make bookings digitally. We are also seeing a rising adoption of proptech, which has already sparked a technological movement and has the potential to bring an additional level of transparency in the market, much needed for the growth of the real estate industry in India,” said Karan Kumar
With movement restrictions and lockdowns in place, in-person property tours have come to an indefinite halt. This has led to a proliferation of virtual tours powered by AR & VR-based technologies, 3-dimensional renderings, etc.
This has lessened the number of site visits, making it mandatory only during the final hours.
“Digitisation is driving the next wave of growth in the Indian real estate sector. Developers have taken the virtual route for interaction with homebuyers and stakeholders for closing the sales loop,” said Ashok Kapur, Chairman, Krishna Group & Krisumi Corporation.
Krisumi has also launched a 360-degree immersive film for ‘Krisumi Waterfall Residences’ through a webinar during April 2021
“We have added the immersive film to our website, showcasing our premium residences. Homebuyers can see this film and get a virtual reality experience of our residences while making buying decisions without physical verification. Our value-added online buying experience for homebuyers is a trendsetter, and today developers are taking this route inspite of all the challenges due to the pandemic," Kapur said.
Amid the focus on customer-centricity, developers are increasingly relying on next-generation technologies such as Virtual Reality, Augmented Reality to boost operational efficiency and ensure a superior customer experience.
“Technology is also an enabler to ensure adherence to health and wellness amenities in the realty offerings. We foresee technology to continue disrupting real estate and usher the digital transformation in realty firms,” said Ravish Kapoor, Managing Director, Elan
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