The year 2020 was a curious one. While the COVID-19 outbreak brought about unprecedented socioeconomic challenges for the world, it accelerated digital transformation at a massive scale across domains. The realty sector in India, an industry worth around $180 billion, also witnessed several major developments over the last 12 months. While technology was already becoming part of the realty fabric in the country, pandemic-related uncertainties fueled the adoption of all things digital.
This resulted in a particularly substantial change: for most real estate companies, technology became the catalyst of development and also an intrinsic element of their business model.
The proptech market had been quietly transforming the realty sector since much before the arrival of the COVID-19 pandemic.
From allowing online land discovery to supplying apartment management alternatives, technology has been used far and wide to make strong disruptions in conventional reality processes. Paradoxically, the pandemic has considerably siphoned this transformation. Since the start of the viral epidemic, most proptech businesses (such as NoBroker) proactively started working on innovative solutions to deal with hygiene, security and social bookmarking issues.
For example, society management programs (such as NoBrokerHood) have introduced features like touchless entry through facial recognition to eliminate the requirement for fingerprint-based biometric entrance systems in flat complexes.
This development has exacerbated the risk of disease whilst allowing the easy entry of staff, guests, and everyday workers into residential complexes. In the same way, leading culture management programs possess tied-up with grocery shops, payment, and banking solutions to permit users to dictate essentials in the protection of their houses.
The sector also saw the integration of electronic payments in all parts of the home buying and leasing procedure, such as paying rent, maintenance costs, and deposits.
Even though their adoption was originally propelled as a result of pandemic-related challenges, the transparency and advantage provided by electronic trades will guarantee increased adoption by more clients. Later on, the realty business could observe customers using only electronic payment approaches to finalize their house leasing and buying decisions.
Another significant tech-enabled disturbance has been the usage of augmented and virtual reality for virtual land visits. Our system reported at 200 prices wherein tenants finalized their houses without a genuine property trip during the lockdown.
The quick adoption of the approaches can be clarified by the many advantages it presents to the realty industry and its customers, as they relieve challenges of location, expenses, and sometimes even time. Together with proptech businesses working to further streamline the practice of digital real estate visits, the adoption of the approaches will merely quicken throughout 2021.
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The reality industry has been warming up to artificial intelligence, with online players using AI-powered tools to aid home seekers in their search for properties using filters and customizations. However, the extent of AI goes far beyond the management of online real estate search.
Take natural language processing (NLP)-powered robots, for example. New-age realty gamers like NoBroker.com are already using text and voice bots to participate with customers which show interest in leasing or buying properties on the internet.
These bots are trained in English, Hindi and vernacular languages to conduct client relationship management (CRM) surgeries which have brand new user registrations, support requests, and also obligations. When powered with large data, these robots are also used to target and engage with customers that show curiosity about purchasing or leasing a house across multiple stations.
Other use instances of AI and ML contain advertisements and lead generation, land value forecast, land investigation (according to amenities, location, along with other experts and cons of property, etc.) and detailed land management. The effective adoption of AI and ML will even lead the realty industry to leverage blockchain technologies to maximize its operations and operations.
Andhra Pradesh, as instance, has tied up with Swedish company ChromaWay to get a pilot project which uses blockchain to keep up a property registry and monitor the ownership of a house. Disruptions such as these supply realty players with the chance to automate the whole process of home purchasing or leasing. In the same way, the digitization of property records in Maharashtra–a country that accounts for a huge discussion in the Indian realty industry–introduces considerable opportunities for this automation utilizing AI, ML and blockchain.
For most new-age reality gamers, large analytics and data are playing a critical role in identifying business opportunities and mitigating threats. In 2020, as an instance, CRE firms banked on large information to traverse through an extremely unpredictable marketplace landscape and gain a competitive edge through greater conclusion.
The tendency will continue to have a profound effect on the business in 2021, contemplating property manufacturers rely on data-driven insights to streamline workflows and notify their advertising and sales plans.
For all these reasons, info literacy is also becoming a priority for several realty players. By ensuring company-wide abilities in data analysis and interpretation, realty gamers are going to have the ability to make sure that each and every decision, produced by each stakeholder, is driven by statistics and implemented with maximum efficiency.
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Digital marketing tools have proven to be extremely useful for the real estate industry, with customers spending greater time online and on their mobiles.
What’s more, millennials, that are increasingly shifting towards home purchasing, prefer to create a part of the purchasing and spending decisions on the internet, like the shortlisting procedure.
To achieve these new-age buyers, realty players may need engaging social networking initiatives on Facebook, Instagram and LinkedIn. Many realty players switched to these digital marketing tools to fight pandemic-related challenges in 2020; along with the advantages they lacked indicate the attention on everything digital will last in 2021.
With benefits such as transparency and the elimination of brokerage costs, online housing portals were steadily reducing the market share of offline realty players since much before 2020.
Data accumulated by that our platform within the last four years suggests a constant decrease from the reliance on agents by home-seekers. Within our ‘India Real Estate Report 2020’, that surveyed individuals from six towns –Bangalore, Mumbai, Pune, Chennai, Hyderabad, and Delhi-NCR–also found that 92 percent of customers no longer rely upon agents.
Pandemic-related challenges only hastened this tendency, which will only get an advantage in 2021. While safety and health issues have played a significant element in changing consumer behavior, the ubiquity and convenience of electronic procedures also have had a substantial influence in driving this change. This represents an increasing chance of brokerage-free portals like NoBroker.com to boost their market presence and enhance the actual estate value string.
Indian realty players are also starting to recognize the need to take a ‘brand-oriented effort’ while working on new developments.
A familiar and respectable brand could go a very long way in establishing client confidence, driving dreams, and directly affecting a client’s purchasing decision. To construct ‘branded realty’, programmers and property platforms need to take on a cohesive strategy that ties everything from nomenclature into the value proposition of a house with the greatest brand identity.
The procedure is likely to make way for property gamers to cater to numerous customer and market segments in an organized and efficient manner, control sustainable premiums, and make a brand that drives customer loyalty and referrals.
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The reality industry will also reap the benefits of significant policy changes triggered in response to the challenges presented by the COVID-19 pandemic.
Interventions such as the stamp duty and premium rate decrease in Maharashtra, albeit to its short-term, will affect property prices and earnings for the upcoming few months and provide a considerable boost to revenue to the business. Steep cuts in house loan rates, as well as the improved availability of credit funds for the residential and industrial clients, will even act as a driving force to the actual estate sector in 2021.
Regardless of the unprecedented conditions it introduced, 2020 was a year of considerable growth and transformation to the realty business in India.
This was made possible by increasing disruptions from proptech companies, technological interventions such as AI, ML, and blockchain, and a change in approach by agile realty players.
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