How PropTech is changing the way real estate works
Opinion article on use of technology in the real estate sector
In a nutshell
The pandemic impact and the lockdown have expedited the adoption and use of technology by developers and property buyers increased. 50%+ of the real estate buying decisions have taken place through online searches
In the modern era, Technology has become an indispensable part of our daily lives. There are several measures being taken up in the real estate sector to adopt technology in several ways which were un-expected previously. Efficiency and quality can be significantly improved through the smart use of technology, providing a better experience for developers and end-buyers
Tech adoption has taken major strides in areas of Building Automation, Artificial Intelligence (AI), Augmented Reality (AR) and Virtual Reality (VR). Companies are also adopting Big Data and Blockchain technologies, which are in various stages of execution and client servicing. So far, US$2.4 billion have been invested in India’s PropTech industry across 225 deals as on date.
Emerging technological advancements in the space have augmented the use of global best practices in construction and sales & marketing functions. The pandemic impact and the lockdown thereafter expedited this adoption and use of technology by developers and property buyers increased. 50%+ of the real estate buying decisions take place through online searches making it approachable for the retail investor, transparent, and more reliable for the end customer.
Further adoption of technology will benefit the real estate sector and improve the efficiencies and cost-control mechanisms, through better quality of construction and sound customer servicing.