The Indian real estate has witnessed transformational advancement in modern amenities, architecture, designs and comfort. Alongside the home-buying experience has also adapted to the modern need. The overall process of purchasing a residential or a commercial property\land has also gone through a fundamental shift. The ease of business and support by the national government has transitioned the real estate market from time-consuming, exhaustive to hassle-free, and smooth process. Traditionally, the property sale and purchase along with its transaction details were solely taken care of by the brokers, agents or by a chain of middle-men. With the digitization of the real estate market, the builders have started to integrate the modern techniques in their respective business websites. Since the home-buyer is more intelligent and makes a research-based choice, the real estate developers have become more transparent.
The nation-wide movement of adopting technology interventions and the need for promoting digitization has enabled the real estate construction efficiencies. The initiatives like Smart City Mission, Digital India, and Affordable Housing has helped to reach the real estate to all segments of the consumers. The technology is redefining each stage of the real estate business life cycle from construction, operation, and management, finance, transaction, and marketing strategies.
The online and mobile-based real estate business platforms have transformed the property buying experience of the consumers and have shaped the industry into real estate as a service. The new-age technologies like Artificial Intelligence, Virtual and Augmented Reality have disrupted the real estate and significantly comforted the property purchasing experience. The builders have promoted their marketing strategies by using drones and 3D printing models. This gives home-buyers a visual interface of the surroundings and ever corner of the interiors of the property. This has helped first-time buyers to equip themselves with basic knowledge which further helps them to make better choices.
Today, the end-users can compare the property sites, their features, amenities, budget, and location. Along with this, customer feedback is readily available online due to which the builders have adopted the transparent route. The online also offers national announcements about various schemes, benefits, and exemptions related to the real estate market. The RERA registered projects have every detail updated on the official website which is mandatory for the builders to submit it on a quarterly basis. The builder’s reputation, project reviews, and previous project completion details can be validated by the home-buyers.
The innovation in the digital and technology has improved the speed of completing transactions and reinforced customer engagement. Another biggest factor that has been impacted the customer journey is automation in the finance and related key processes. This has helped to maximize the customer ease of access making them the efficient and effective expansion of the real estate sector.
The technology is helping the construction (ConTech) and the property (PropTech) aspects of the property industry. The builders are utilizing modern techniques like Building Information Modeling (BIM) and using innovative building materials and interiors. The smart buildings which are more environment-friendly are leading the real estate market. As a home-buyer, there are umpteen options to choose from. The first-time home buying checklist further helps to narrow down the search thus, making the home purchasing journey a comfortable decision.