Famous IT personality and Apple Inc co-founder Steve Jobs said, Lets go invent tomorrow rather than worrying about what happened yesterday.” To withstand competition, real estate companies, both old and new, should exploit the modern technology in tune with the shifting sands. In fact, realty sector, as part of its rapid development over a decade, is inching closer to make use of technology to the hilt. Technology has been playing a key role in many businesses in the age of digital India. In the wave of the pandemic situation shaking the whole world, the strategies to adopt digital revolution have been stepped up. However, the real estate sector is no exception to this. Technology is empowering every aspect of our behavior. But, its significance in realty sector is ever increasing with time.
Development of new technologies will always help industries to achieve growth is beyond anyone’s doubt. No industry could afford to say no to technological advances as it would have direct bearing on its revenue in the long run. In the early 2000, the Indian property market received an extensive technological boost with the launch of online classifieds for buying, selling and renting houses. The use of IT in realty development has grown gradually.
The application of IT in real estate sector is more or less stagnant barring the concepts of co-living and co-working. This is a piquant situation in the country’s realty sector. More or less the realty sector has been functioning in a traditional way with real estate employees interacting with the customers in the normal way. However, during the last three years the realty sector moved from real life to real time, which is phenomenal. The pandemic situation helped increasing IT application in real estate sector.
Therefore, the prevailing new trend in the market Proptech, i.e. the application of IT in realty sector, is redefining the traditional practices in the real estate sector. Covid-19 has brought about sea changes in people’s behavior. Availability of real estate data in digitalized format and up gradation of AR and VR technologies will fast track t he growth of realty sector. Digital transactions and virtual home tours have all-time high demand. 3-D rendering and virtual walkthroughs have become a standard practice from most of real estate developers. More or less each and every real estate activity nowadays has been influenced by digital marketing, technology, financing, construction and also the traditional marketing. Buyers as well as sellers will benefit from technological solutions currently that are on the offer.
The solutions are not only cost-effective but also make meeting of both parties easier. Developers and real estate consultants should promote digital approaches even in small cities to increase the demand and supply of houses in small towns. Also, government has been trying to reforms the real estate sector for the past three years to speed up the execution of projects. For t he sustainable development of t he realty sector without any hiccups the government is required to pump funds to help real estate sector to adopt digitalization.
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