Technology has crept into even the most trivial aspect of our lives. Digitization of every sector of the economy is the new norm in this day and age. The start-up culture is beginning to spread its roots into the Indian real estate sphere on the back of heavy digitization. Indian people are opening up to the idea of utilizing modern technology in every area of service including innovative start-ups in real estate. The real estate trends constantly indicate the adoption of Artificial Intelligence (AI), Drone. Technology, Virtual Reality (VR) and Internet of Things (IoT) among other modern-day tech for a better overall experience for the sellers as well as buyers of real estate. Here are some examples of how and where these technologies could be brought in to enhance the overall experience of buying, selling or renting real estate in India.
The most advantageous proposition to incorporate modern technology in the Indian real estate start-ups is bound to be the fact that the concept of brokerage will essentially cease to exist. Now, without a doubt, every single person trying to get a new property struggles with dealing with the brokers and their fees. It is high time that these brokerage firms stop making crazy amounts of money for just showing us the property and introducing us to the owners. According to media reports, the Indian people pop out a whopping $4 billion annually to the brokerage firms alone for their basic services which could easily be replaced by AI and Automation. The need for human intervention could be eliminated altogether.
Remember how you have to take a holiday from work just be visit a property with the fear that it might not go away if it is located at a prime spot in the city. Dealing with appointments with the brokers and owners could be a thing of the past. With Virtual Reality and communication of the potential buyers with the owners online, one can see the property from the comfort of their homes. The need to wait for keys, hoping for a sunny day, visiting the property only during the day, restrict a person in so many ways. To utilize the time meticulously, virtual reality, AI, drone technology, digital communication through WhatsApp, Email, etc will play a significant role.
A vast majority of the younger population in India, use Facebook, Instagram, Twitter, Whatsapp to communicate and watch out for updates in terms of what’s happening around them. With so much traffic online, real estate ads on such social media platforms have the potential to reach anyone and everyone irrespective of the location of the buyer and seller. This is clearly where the entire businesses are heading. One could easily see photos, videos online and communicate directly to the owners to ask for specific details. The digitization will also help eliminate fraud brokers, time dependence and other factors. Over 650 million Indian people have access to the internet and the number is rising rapidly. These platforms are virtual public spaces where people meet, interact and do business.
This modern approach makes it feasible and attractive for the investors to pump in their cash in the real estate start-ups considering how future-proof this trend is. In India, the trend and necessity of the rural population moving to the big cities will not see an end for at least a few decades. The rural population of India is currently about 65%. They will keep migrating to big cities in search of better employment opportunities. The basic requirement for everyone is a house. Hence, the opportunity for exponential and almost assured growth is immense. The real estate sector is also a traditional investment ground and the investors are not needed to be persuaded to put their bucks here. If the real estate start-up culture starts to take off, the investors won’t blink before putting their capital to enable a boost in growth. Their investment will work as fuel to the fire, and we might see the Indian real estate reach around $500 billion from the current $140 billion quite soon. Following are the salient features of investing in Indian real estate start-ups.
Evergreen Asset – India is one of the most rapidly developing economies on earth. With the middle-class rising and urban, semi-urban population migrating in a large number to India’s metropolitan cities, the need for real estate (whether it is buying, selling or renting) will only rise up. Buying a property in the suburbs of large cities will naturally pay dividends in the long term. Entrepreneurship and private small and medium scale businesses are on the minds of Indian people at the moment. This momentum will give rise to a large requirement for commercial as well as private real estate.
Builders adopting the aforementioned modern technology will attract a ton of young customers which will see a boost as more Indian people start getting access to high-speed internet and require to move to big cities for economic prosperity. Investing in such projects of builders will fetch large returns for the investors.
Transparency – The investors will be able to monitor the growth and operations of real estate in real-time courtesy of the use of technology. They will be patterns monitored for applying new strategies in the market and develop a cordial relationship with the customers. AI will play a huge role in this and the elimination of human intervention on the physical level will boost transparency.🔥26
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