Imagine walking into an apartment ensconced on the 40th floor of a high-rise and enjoying the vista from the balcony, long before it is erected. Sounds like a fairy-tale, isn’t it? Well, such things are steadily becoming a reality, thanks to the emergence of Proptech.
Property Technology or proptech is set to rejig the foundations of real estate and bring a windfall in its fortunes. Just like fintech has upended the banking fraternity, proptech is walking the same path. Stuff like drones, virtual reality, 360-degree video, interactive 3D models are entering real estate and creating never-before-heard-of experiences. And mind you, this is just the tip of the iceberg.
The real estate industry was slow if not reluctant to enter the tech territory. However, changing expectations of consumers and unwavering influence of technology forced the real estate sector to give in to change.
With the help of Big Data, advanced analytics, and machine learning, developers are erecting smart buildings that function according to the movements of the occupants. Building managers are using big data to analyze building activity and make measured decisions, thus making buildings more efficient.
Drones are one of the biggest disrupters in the real estate sector. One of the main challenges faced by real estate developers today is exhibiting a project to the buyers even before a single brick has been laid. Today buyers want to get a real inside feel of the house before inking a deal.
And drones are making this a reality. They are used to update buyers on project progression and show them the exact view they will enjoy from their future homes.
Let’s take this a step further and 3D floor plans and animations come into play. Here buyers can take a virtual walk through their homes and change or enhance the interiors according to their tastes and preferences. Say Whaaat!!
Developers are vying for futuristic tech to have a leg up in the real estate market and help buyers visualize their future homes. VR technology is one such shot that developers have milked to create content like going up the elevator into your apartment, which allows buyers to wear VR goggles and have an immersive experience.
Though such tech bigshots are at a nascent stage in India, there are other trends that are creating noise. Artificial intelligence along with Big Data are automating daily work processes and helping brokerage companies manage and close leads better.
Blockchain is helping to cut costs and reduce fraud in rental transactions and land registrations.
Proptech will rise and scale new heights in the times to come. It will transform real estate right from the point of sales to the end product, adding a ring of value for both buyers and developers. As needs shift and new buyer expectations come to the fore, the real estate industry will have to ride this wave of change to paint a secure future for itself.