Technology has made waves in all sectors of business around the globe and real estate is no different. Every year the real estate sector is seeing growth in PropTech which is the popular term for all things digital within the sector. From online platforms to the employment of Artificial Intelligence in real estate development, technology is proving to be beneficial in many ways. Instead of disrupting the sector, technology has made processes efficient and reshaped the future of real estate.
In India, many real estate developers, private investors and property managers are using Artificial Intelligence and Machine Learning to modify their approaches. Introduction of chatbots on the websites, performing risk assessment through robots, forecasting default loans, overlooking maintenance and matching buyers preferences through filters, technology is slowly being embraced in all processes of real estate.
Online platforms that connect consumers to real estate managers are a boon for the urban population. Apart from websites where one can search for available residential or commercial properties to rent or buy, platforms that cater to co-working and co-living spaces are also on the rise. These platforms reduce the need for intermediaries, expand the reach of real estate and reduce friction in the sector. Co-living and co-working spaces are making real estate affordable for many small to medium companies and reducing vacant spaces in large markets.
A new set of Proptech players are emerging providing full service helping buyers make better decisions. These players employ technology-driven data to assess risk-reward associated with properties, highlighting hot zones for any type of property in a city, shortlisting recommendations based on preferences and also evaluating loan eligibility. Apart from these interactive online tools, these players are also making processes like managing site visits, seamlessly collaborating with property managers, financial proposals, unit availability and final closure seamless for the buyers and sellers.
As more buyers go online for searching properties, Virtual and augmented reality is also slowly making its way in the sector enabling virtual tours and artificial staging of the property to save time and effort for the end buyers. Even drones are expected to be used in the near future to provide a view of the surroundings, aerial photography and status of building development taking use of technology to another level.