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The Role of Tech in Indian Home Buying Trends 2022

The Role of Tech in Indian Home Buying Trends 2022

No doubt, Covid-19 Waves has shut down the success streak of real estate in India for the past few years. However, digitalization of real estate or the whole proptech scenario came in as the industry’s savior. Real estate has, for the larger part of the time, been a very traditional and elitist industry. It was very averse to change and especially bringing in technology for anything apart from its number games and strategy.

Technology has been the major factor in popularizing different industries or sectors in every era. However, real estate’s ticket sizes are what often place it far from the reach of the common man. And as mentioned before, tech in real estate for decades was just for ascertaining the price trends and paper pushing. But the internet and the rise of free information started to revolutionize the industry. The web has in fact changed a lot of major trends and even the lifestyles across the world from the early 90s to the present era.

Naturally, online real estate websites have eradicated a whole lot of false information running amock in realty. Now almost everyone refers online before getting a property; hence tech turned into an everyday affair. PropTech, just like FinTech and EduTech, is gaining more attention daily. During the Covid-19 lockdowns, the home buyers were holding back their investments in an uncertain future. Now that we’ve recovered hope, more buyers are returning to the market. And along with this, the tech trends further boost the buyer sentiment, and we will witness a huge return of the largest asset class in the world.

Real Estate Websites

Indians are not strangers to real estate websites or online realty listings. Our digital space has been full of them since the late 90s, and now many of the major realty portals have their own apps for the changing times. Now apps and websites are roping into the UI/UX strategies and getting rid of the redundant chaotic listings, making it easier for the users to find and fix the properties they have set their hearts at.

Though many pioneers are already in the field, making many leaps forward, one of the names that stand out is a Bangalore-based property portal, Homes247.in. By focusing on customers’ needs rather than anything else, the properties for sale or rent are showcased with every detail and are also given the options of buying/booking the same online. A few years back, this whole premise might have been totally unbelievable, but now it has become the norm. With more and more millennials turning into homebuyers, they opt for the simpler or the online way of buying homes; realty websites stay top of the real estate tech trends of 2022 – 2023.

Management Tools & CRMs

Real estate is more than the buyers and sellers alone. There are various elements at play here; after all, Real Estate is the largest asset class in the world, and it would be unwise to think otherwise. The realtors, buyers agents, sellers agents, and property managers are all involved within reality systems across the world. Earlier it was rather hard for independent agents and property managers to keep an eye on the inventory they had.

Now with specialized CRM systems, it is very easy to track even hundreds of them at a click and even allocate enough manpower or resources for them. The listings and leads that are digitalized made the day of a realtor real simple as well. Real estate websites have played a major role in this as well.

These days many buildings and spaces, especially after the covid has restructured themselves from corporate offices to flexible co-working spaces where only a few have to attend and that too for a few days in a week. The rise and simpler access to CRMs have made the lives of the realty proponents easier than ever before.

Metaverse

The metaverse is no longer a distant dream anymore. According to the latest reports, as 5G technology is being developed and ready to be popularised in India, the metaverse and the VR headsets will soon become a norm.

Metaverse is the immersive internet experience that can rival reality itself. Hence, ordinary site visits can turn into online site visits, and the buyers can check out the entire neighborhood, social infrastructure, and many more in VR without actually getting out of their homes.

Blockchain Tech

Blockchain will primarily be used in Smart Contracts; secured e-signatures ( that can pretty much work like NFTs) can safeguard the real estate investments much better than regular or traditional methods. Blockchain also brings up the process of tokenization, which can change the entire structure of activities in real estate. The exhausting paper works, document verification, etc., can be done within a short span with Blockchain technology’s amazing prowess. Not just the simplicity but also avoiding frauds or scams within the industry can be eradicated with the introduction of Blockchain technology into real estate.

Data Analysis and AI Mechanics

Data Analytics is now becoming a bigger presence across various industries, and data-based predictions are turning into the saviors of marketing and sales. This tech, along with data analysis, can bring a personal touch to the property search for new-age home buyers.

Conclusion

Though all these tech strides will reinvent one of the most traditional industries in the world, how much of it is practical? In a country like India, though the tech-savvy generation is taking over and many are turning into homebuyers, however, a plethora of homebuyers belongs to the older generations who are still tech-illiterate.

Thus it is very important to bring in the necessary awareness about the benefits of blending tech and real estate to the common folk and even make them understand the new avenues of real estate investing, including REITs. By Dan E K  Sub: About Homes247.

in Homes247.in, India’s Favourite Property Portal is one of the most loved real estate brands of the country. The organization aims to bind technology and real estate together to rope in more transparency and ease of access.

The firm acts as Property Portal, Lead Aggregator & Generator, Realty Marketing Solution Provider, Exclusive Mandate Sales Firm, etc. The organization has already made waves in South India’s premium markets such as Bangalore, Chennai, Hyderabad, Kochi, Amaravati & Mysore. Homes247.in was founded in 2017 by Priyatham Kumar, who has over two decades of industry experience and was a mentor figure to some of the top-ranking leaders of Bangalore real estate.

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