Hyderabad: The real estate sector has evolved from being just a buyer-seller transaction-oriented segment to a digitally savvy one in the last few years. Not just sellers but buyers are also getting exposed to the latest technologies, making property transactions easier, and there is a need to incorporate technology not just in sales but also in construction (…)
Published Date – 20 May 2022, 11:20 PM
Hyderabad: The real estate sector has evolved from being just a buyer-seller transaction-oriented sector to a digitally savvy one in the last few years. Not just sellers but buyers are also getting exposed to the latest technologies, making property transactions easier, and the need to incorporate technology not just in sales but also in construction is becoming the need of the hour.
From using technology to search for properties on aggregator platforms, buyers are now visualising their homes through 3D technology and the newest addition to this is the use of the metaverse to view lands, plots, villas, and apartments, among other things.
The hype around the use of technology has also given rise to the term PropTech (Property Technology) and companies of various sizes – from startups to large MNCs – are betting big on this segment. Several industry reports point to the fact that many real estate firms are realising the importance of technology in business continuity and this has become even more important in the post-pandemic world – where everyone and everything is going digital.
Naveen Maypala, Founder, Urban Living says, “Proptech in India has grown rapidly in the last few years and is expected to reach $1 trillion by 2030 from $120 billion in 2017. Traditionally, real estate has been mostly “tech-free”. Proptech has improved the productivity of this segment, which has streamlined these interactions and in turn made it more process-driven rather than people-dependent. Automating these manual processes has significantly reduced turnaround times and has helped them deliver better customer services, while reducing the burden on internal resources.”
Virtual Tours
In the post-pandemic world, physically visiting properties was slowly decreasing and this is where technologies like virtual reality and 3D mapping played a vital role. Many real estate firms and developers adopted these technologies to virtually showcase properties to potential buyers. Through these technologies, one can get an almost real-life experience of viewing a home. 3D printing technology is also helping enterprises to visualise their construction through 3D models before actually starting the project. Even technologies like artificial intelligence are helping enterprises to calculate the time and cost for a particular project.
cost efficiency
Maypala pointed out that the integration of SaaS-based CRM tools using machine learning and artificial intelligence has enabled organisations to reduce their marketing costs and cost per sale, and improve sales velocity. “We use our two proprietary tools BuildTech steel formwork solutions to accelerate construction with high quality at low cost. Our builder partners, real estate clients, channel partners use it to improve their sales collections, automate demands and use cash flow forecasting to identify future fluctuations,” he said.
End-to-end services
Whenever one talks about proptech, companies like NoBroker, 99acres, Nestaway and others come to mind. These are primarily aggregators of properties in a particular city and help buyers make the right choice in terms of renting or buying a property. Some other startups like Hyderabad-based WeHouse provide end-to-end construction services, helping customers build their own homes. This tech platform offers services ranging from legal permissions, architectural structural design and construction execution to interiors and monitoring services.
Smart Homes
While homes equipped with the latest smart switches and lights are outdated, many residential property developers are looking at providing Internet of Things (IoT)-enabled homes. These homes come with pre-installed smart fittings such as temperature-controlled rooms, smart lighting – which turns on and off using sensors – and smart devices such as geysers and ACs, among other things. These smart fittings are integrated into an app and can be controlled through the owner’s mobile.
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