The Indian real estate industry is booming at a breakneck pace. With the implementation of game-changing policies like RERA and GST, the government of India is going the extra mile to ensure this sector keeps thriving and prospering for years to come. Additionally, there are a plethora of technological advancements that have played a vital role in enhancing customer relationships and guiding them through the journey of buying their dream home. Read on for the top real estate trends to watch out for in 2018.
Better Visualisation Of The Property
A few years back, visiting the site was the only way to get information about a property. While a site visit is still an important step in the home buying process, the Internet has now made it easy for home buyers to shortlist properties based on a series of technological advancements before they visit a project.
Virtual reality videos: Virtual reality is one of the top real estate trends used by developers to showcase their projects. Through a VR video, home buyers can experience a 360-degree walkthrough of the property to get a better perspective of the building and bring them one step closer to envisioning themselves living in them.
Building Information Modeling (BIM): Building Information Modeling is a cutting-edge technology used by developers to project a three dimensional model of the property. This helps in showcasing the skeletal structure of the development with emphasis on dimensions, site map, lighting design and construct. This technology is especially useful to portray projects that are under construction, so potential homeowners can get a better idea of the construction.
Drone Technology: In order to keep up with the fast-evolving nature of the Internet, real estate developers are in the constant lookout for technologies that help attract potential homeowners to their properties. Drone technology is one such invention that provides an aerial tour of the development. Through high-quality drone images and videos, home buyers get a bird’s eye view of their properties and the infrastructure of the locality.
Blockchain Technology For Transparent Transactions
Blockchain technology is the next break-through in the real estate sector that offers a wide-range of benefits to home buyers. One of the biggest advantages is the quicker disbursal of property loans. Through blockchain technology, investors and developers are provided with unique IDs with all their past transactions being recorded in the cloud. Due to this, banks and financial organisations can easily access the past transactions of the home buyers and accordingly grant them loans without the hassle of traditional paperwork and inspection.
Another benefit offered by blockchain is the security and speed of transactions due to the shared database. Since each transaction requires to be validated by each computer in the network, all the payments made through this technology are highly secure and completely transparent.
Chatbots have taken over the digital world by storm. For potential home owners looking to buy an apartment, chatbots act as a medium to quickly connect with the buyer without having to make a call or fill a form. This, in turn, decreases the time taken to address simple queries asked by potential home buyers and paves the way for higher customer satisfaction. Additionally, chatbots also cater to a global audience and by providing round-the-clock services to all the visitors of the website. Potential home buyers don’t have to wait to interact with call centre executives to get their queries answered anymore.
Social Media Platforms For Extensive Research
Gone are the days when social media was restricted to just staying in touch. With brands targeting educative, informative and entertaining content to their fan base, social media has become a go-to research source for consumers. Keeping this mind, real estate developers too have adapted this technique to showcase their projects, which is helping home buyers discover relevant homes within their requirements. With images, content and 360 walk-in videos, potential buyers have all they need to see before taking an informed decision.
Big Data For Predictive Analytics
Big data has created a huge impact on a wide range of industries, and the sector of real estate is no exception. This technology helps builders predict the demand in properties in a particular locality to help them strategise where they can develop their next project.
For example, the boom in the IT sector of a region will gradually lead to a boost in the property prices of the neighbourhood with a multitude of college grads, bachelors and nuclear families flocking to the locality in search of jobs. With the help of big data, real estate developers can predict this trend and target that neighbourhood for their next big development.
Investors too can make the most of this trend to understand the value of a property in the upcoming years and decide if the project is worth the investment or not.
Smart Homes For A Smarter Living
The concept of intelligent homes is picking up in urban cities. Homeowners are spoilt for choice with a plethora of smart home devices in the market today. These devices upgrade the look and feel of a home and help owners customise their spaces to keep up with their fast-paced lifestyles. Almost all devices in your home, from the lights and curtains to your kitchen appliances can be Wi-Fi enabled and automated as per your convenience. Surveillance cameras are one of the most sought-after automated devices in this sector that provide the advantage of securing your property and ensuring the safety of your family.
With so many upcoming and prevailing real estate trends to look out for, it is safe to say that the best time to invest in the thriving sector of real estate is now! Head out to Legacy today for top investment options in Bangalore packed with mind-blowing amenities and global facilities, exclusively designed keeping the enthusiastic urban soul in mind.