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Residential
Introduction:
In the post-COVID age, technology is playing a crucial role in persuading millennials to buy homes.
In India, the demographic of homebuyers has shifted dramatically in recent years. Millennials between the ages of 30 and 40 are increasingly investing in real estate, reshaping India's housing market. Due to the COVID-19 pandemic's social distancing customs and work-from-home models, it appears that the epidemic has made everyone conscious of the importance of owning a home.
As a result, Indian millennials are looking to buy homes in more cheap and spacious suburban areas. Furthermore, millennials' attitudes toward real estate have shifted as a result of simple house financing options and increased disposable money.
PropTech is transforming the real estate industry.
In the post-COVID age, technology is playing a crucial role in persuading millennials to buy homes. Due to government-imposed social distance norms, several real estate enterprises in India shifted to virtual channels during the pandemic-induced lockdown. PropTech has been a lifeline for the real estate business in the aftermath of the epidemic, helping it stay afloat amid the global health crisis. PropTech, or property technology, refers to the application of information technology to the study, purchase, sale, and management of real estate transactions.
PropTech Attracts Millennial Homebuyers
Millennials are a tech-savvy generation that expects quick satisfaction in everything they do, from internet shopping to home purchases. Millennials can now enjoy instant gratification thanks to technological advancements. For the next generation of purchasers, the millennials, who want everything smart – from their phones to their flats – there is a great opportunity in real estate. As a result, to stay relevant and ahead of the curve, real estate companies are integrating cutting-edge smart technology to meet the needs of millennials. In India, real estate agents are replacing traditional methods with digitalized ones to collect results-driven data on their clients in real-time, which helps to improve the customer experience while also strengthening client relationships.
Artificial intelligence, augmented reality, virtual reality, and robotic process automation have all revolutionized the real estate sector in different ways. Virtual tours of real estate properties and online transactions are two examples of technological advancements in the real estate market that are altering the industry. Online contracts between builders and buyers are also becoming more common, easing the real estate transaction process. Furthermore, among millennials, the usage of property search portals has grown in popularity, making it simple for them to find their perfect home using their smartphones. Real estate companies that use PropTech are garnering a lot of attention from potential purchasers because all property-related information is available online.
Virtual and augmented reality is being used to connect buyers with homes.
Agents have been able to increase revenue, get new clients, and deliver excellent customer service by utilizing VR/AR technology in real estate. Because the majority of millennial homebuyers prefer to buy their houses online through mobile apps, incorporating Virtual Reality (VR) and Augmented Reality (AR) into one's website or app can be a useful addition. For example, when clients are near a possible property that matches their search criteria, an AR-enabled app gives them messages. A VR/AR system can also provide a customized 3D walkthrough for potential purchasers to visit a home online. Images and videos of a property are merged with VR/AR technology to create a virtual experience that closely resembles the real area.
Virtual reality solutions also help potential homebuyers save time by lowering the amount of time they spend looking at properties they aren't interested in. Finally, virtual reality can boost client engagement by allowing customers to offer their feedback or questions about the property they are contemplating via seamless online contact.
The Metaverse is Getting Into the Real Estate Business
Several real estate firms are now making investments in the metaverse. Metaverses are 3D virtual worlds that function as new-age social interaction platforms. A metaverse combines social media, virtual reality, and augmented reality to improve the user experience, making homebuying more desirable to Millennials. Even though it is a novel concept, it has the potential to open up a world of opportunities in the real estate market.
The future of real estate is AR and VR.
VR and AR have not only helped the country's real estate market recover from the COVID-19 pandemic, but they have also contributed value to the industry by attracting younger homebuyers and assisting agents in staying current. Real estate has been revolutionized by technological advancements, making it more user-friendly, convenient, and dependable. These technologies are proving advantageous to the real estate market as millennials increasingly use AR/VR to hunt for properties. Such breakthroughs and advances, in a technologically evolved culture, will make the Indian real estate market more competitive in the next years.
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