Real Estate Industry Adapts Ever Evolving Technology with Digital Home Buying Experience

In the midst of the pandemic, developers and builders were initially finding it hard to adapt to the new normal of operating behind closed doors. In such a hi-tech era, making use of technology was the only option going forward. Rea estate developers began using technology to over come labour shortage, increase sales and project launches. The rise of Digital technology in the real estate industry has simplified customer experience to a great extent. 3D virtual tours, online sales have become the new norm of real estate sector.

In a bid to avoid physical touch and maintain social distancing, the whole realty sector stepped out of its traditional ways to adapt to the modern form of operating which was digitally. Project launches, selling properties online, rental agreements etc started to take place virtually to steer clear of physical contact during the pandemic. Initially the industry saw a huge fall in demand as no one knew how to tackle the covid-19 situation. 

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Since understanding the scope of digital technology, the industry saw a sharp recovery. A report states that, “Mumbai-based Godrej Properties Ltd sold homes on its mobile app, which allowed virtual walkthroughs of projects and transactions for buyers. Around 75% of the developer’s projects, across cities, was available on the app”

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Experts are saying that online home sales have been a revolution for the industry during the pandemic. Godrej Properties Ltd. sold close to INR 2,000 crore inventory in the lockdown phase through virtual site visit, information available online and online payments. The industry has adapted to the digital home buying experience so well that they expect a large chunk of sales to happen online simply because of convenience. Delivering information regarding a project launch can be easily done by conducting an online webinar.

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Every industry saw a shift in consumer behaviour as they started preferring the digital mediums. As figures suggest, “a rise in traffic by 75% in the last few months on the housing platform has been observed. There has also been a rise in enquiries in tier-2, tier-3 cities which earlier relied on brokers and others”. Moreover, a report says that “there was huge demand from consumers to see 3D walkthroughs before shortlisting a property, which has promoted 3D content products for online visualization of properties”. Builders are also using online platforms to market their developed, recently launched and under construction properties.

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The top players were also able to comprehend that digitization of the home buying experience has also resulted in shorted decision-making time when compared to previous scenarios. Developers are conducting video calls with clients to clear their doubts, advice the right way forward and more. Sale of premium homes are also being done virtually and without any hurdle. Commercial real estate too saw virtual management of office spaces at various locations.

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Keeping the developers and builders aside, proptech companies have also contribute heavily in order to make things work digitally. To search for your dream house, at your preferred location and the right price, visit InvestoXpert Advisors Pvt. Ltd.’s website.

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