Real estate startups, portals, and developers are investing heavily in advanced technologies not only to stay relevant but also to enhance their customer experience.
NEW DELHI: Technological innovations are changing the online property buying and selling landscape in 2017. Real estate startups, portals, and developers are investing heavily in advanced technologies not only to stay relevant but also to enhance their customer experience.
“Adoption of technology will continue to increase across businesses in 2017. Pertinently, the ratio between the growth of a business and its real estate requirements will change, as technology is proving to be a disruptor across sectors. The technology sector is becoming less people-driven and more process-driven. Due to the increasing use of technology, a company witnessing a revenue growth of USD 1 billion could require only 20,000 employees in place of 35,000 it requires now,” says Anuj Puri, Chairman & Country Head, JLL India.
Real estate portal Magicbricks, developers such as Panache Developers and Anudan Properties have invested in Virtual Reality, in order to reduce dependency on physical visits. “Developers are using this unconventional approach to providing the experience of a sample flat to a customer without physically creating one,” says Sohel IS, CEO, HDFC RED.
HDFC RED itself has invested in Advance Machine Learning system which reduces the search time and dynamically updates the results based on users’ interaction with the platform. “Our proprietary Machine Learning based ‘Congruence Engine’ understands buyers’ unstated preferences and gives property options which have a better fit to a user’s needs, based on their web footprint,” says Sohel.
RedGirraffe, a real estate agency is using advanced BlockChain technology and algorithmic controls and backend operational functions to run one of its products RentPay. Manoj Nair, CEO & Founder of the company says technology like BlockChain will completely revolutionize the real estate industry in coming years. Such technologies have already been adopted by banks and now they are making way in the realty sector as well.”
Even the banks are not far behind. Axis Bank also announced the rollout of an Augmented Reality enabled the feature on its Mobile App. The feature enables users to search and locate nearby properties on the go, in a 360-degree mode, through their mobile camera.