How real estate is shifting gears from offline to online
With work from home trending to be the new norm, residential real estate remains an appealing option from an investment perspective. As the sector gears up, digital expansions in real estate have already entered into a new phase, and it is an affirmative sign that the Indian real estate sector is now a globally recognized industry. It is condensing tech and innovation to enhance business operations and change the industry standard to transform the market. However, the growth of India’s escalating real estate sector was slightly flawed briefly by the global pandemic, but the challenge emphatically led the way and fast-paced the shift.
Certainly, the pandemic has changed business operations radically. Changes that couldn’t be imagined previously have now become a reality. A digital revolution in this segment not only keeps the inertia going, but further cracks the growth possibilities. New-age gears like Artificial Intelligence, AR/VR, chatbots, upbeat websites, greater usage of drones, and much more. Aspects like these are ensuring that makers and investors don’t face any communication halt. In addition, big data, machine learning, as well as the Internet of Things are also helping in carrying out the business in the marketplace. The tech adoption is playing a significant role for brokers to remain constantly in touch with their customers.
The real estate division is now a bargain hunter's market, and the customer-centric approach is fetching advancement. In the middle of such situations, sellers are searching for ways to connect and upholding their businesses. Here, online networking on social platforms are not only tying together the communication gap but also unlocking in enlightening the customers about their projects to catapult sales.
It is a common fact that the world is moving towards a tech-savvy era and in India, internet penetration has developed swiftly. Therefore, it is highly endorsed to include such mediums when planning your company’s communication strategies. To save time and effort, individuals begin their search for new properties online. Hence, the company needs to keep the benefits, requirements, and demands of the clients at priority while maneuvering their social media campaign. It is significant to note that many deals are settling on video conferencing tools in the pandemic, which shows the amplified reliance on the internet world. For developers, too, a data-driven outlook can cause better-quality predictability of the market value and improved risk management.
Internet-enabled solutions have shaped the scene, and dealers with a proven track record are moving forward to deliver state-of-the-art outcomes to discerning clients. Strong control systems along with next-gen management solutions are preventing developers from pointless cost invades with real-time understandings. Today, sellers have complete control over ideas, finance, implementation, monitoring, and delivery. High-performance cameras are helping in conducting site check-ups and quality checks.
Poised for growth
Amid a constructive economic position, the real estate sector is dignified to contribute to India's ladder of growth. Plentiful measures by the government, industry, and regulatory bodies have paved the way for real estate in the economy-boosting confidence in the ‘Self Reliant India’ drive. Owning a house is no longer just a dream; it has instead emerged as a basic necessity for reasons of safety and security — there is a new sense of urgency to own a house. The trend of millennials turning into first-time homebuyers, along with current homeowners upgrading to larger spaces as a matter of luxury or to accommodate new activities.
Tech transformation has sped up from being the talk of the hour to the need of the hour. Not only has it managed to rapidly change the business environment, but has also dislocated the traditional way in which real estate business use to work. The long-awaited digital acceptance is endowing the real estate sector and by opening doors for modernization. According to a report presented by Colliers Research, the real estate market in India is expected to reach USD 1 trillion by 2030 from USD 120 billion in 2017. The report also stated that the real estate sector would also contribute 13 percent of the country’s GDP by 2025. This will be possible only if the entire industry undertakes a new-age revolution so that the sector can emerge as an outstanding example of success powered by technology.
