Virtual reality and virtual tours provide a way for buyers to continue their property search from their homes. “Real estate agents and brokerages are chameleons
What is the current situation of Indian Real Estate?
Despite a muted global economic slowdown, the Indian economy is on a steady trajectory over the last few years. Underlining the current trend of the Indian real estate market, which has overcome the slowness from the previous year, the market is gradually expanding its horizons with new opportunities. The impact of GST, and demonetization, compounded by RERA has filtered the unaccounted flow of money into the . This will further lead to the growth of more sustainable and authentic players in the market.
Good Time for Buyers
From the customer’s perspective, this is a favorable period as the influx of liquidity in the system has lowered down the home loan rates. The banking and non-banking financial institutions are facing a fierce competition to stay ahead in terms of market occupancy. Developers and promoters on the other hands are offering attractive rates and flexible payment plans to draw potential buyers. Experts believe that once the market stabilizes in a few months, there would be a speedy recovery in both the primary and secondary residential market.
Innovations of New Business Models
The advent of new-age technologies like artificial intelligence, big data are also playing a pivotal role in transforming the regular business processes. Corporates and major players are embracing innovative technologies to automate the back-end activities. Furthermore, data analytics is a key attribute in defining how technology can be leveraged to improve existing commercial operations. Better transparency is expected in the market as developers are agiler in balancing the short and long-term corporate needs. Modern techniques and smart innovations like electronic garbage system, solar lighting facilities, smart parking options, and rainwater harvesting are alluring for the buyers. Virtual tours are becoming a reality as developers are assisting visitors and buyers to visually take a tour of the property. The internet has opened unprecedented doors as Smartphones are helping the market to grow by sharing data in quick time. Numerous real estate mobile applications have boomed into the market which makes it more exciting and engaging for the buyers and promoters.
The Changing Landscape
With the changing economic scenario and evolving environment, residential and commercial requirements are changing at a brisk pace. While the demands by the buyers are more discerning in terms of quality and services, the developers are innovating new ways to cater to the customers. Few of the mentionable changes in the real estate market are:
Virtual Communities: This is an online platform for buyers to get the best deals and stay abreast about the updates in the market. The developers are offering and encouraging such platforms as they are able to move a large inventory in one shot.