How is technology empowering homebuyers?

 How is technology empowering homebuyers? 

From improving convenience to encouraging healthy living and more, here’s how the real estate sector is embracing technology to benefit end-users 

The real estate industry is witnessing a great era of evolution, with many technological advancements pushing forward its growth.  Through the season of auspicious purchases and at a time when the property market is more dynamic than ever before new developments in technology are ensuring that the sector stays in tune with the changing times.  The benefits are trickling down to homebuyers, who now enjoy added ease during their buying journey, among several other perks.  With that said, we review how technology is transforming the property sector and adding buyers.

A seamless buying experience 

The industry has experienced a transformation in recent years driven by the emergence of property technology or proptech.  Ram Naik, director of a real estate advisory, explains, “Proptech has redefined how properties are bought and sold and enhanced convenience for buyers.  Through online platforms and mobile applications, buyers can easily search for properties, access virtual tours, analyse property data, and even conduct virtual transactions.  These advancements streamline processes, reduce paperwork, and facilitate faster and more transparent transactions, ultimately saving buyers valuable time and effort.”

    However, the impact extends beyond convenience.  “It addresses long-standing challenges related to paperwork and digitalising documents to ensure error-free real estate transactions.  This expedites property deals and minimises the potential for miscommunication,” comments Naik.  Proptech is empowering buyers with a seamless experience, comprehensive property information, and immersive virtual tours, enabling the sector to make significant strides in delivering a user-friendly and efficient property-buying journey.

    One way proptech platforms are facilitating this is by offering a fully interactive environment that mimics the real world.  Tanuj Shori, founder and CEO of a growing proptech platform, mentions, “Interactive digital twins of the cities will transform the way consumers interact and transact for their real estate needs.”  This allows users to explore properties on the digital twin of an entire city, visualise the neighborhoods in a 3D built environment and walk in as an avatar interacting within a collaborative metaverse-like marketplace.

Green innovations  

Technology is also emerging as a powerful catalyst for environmental transformation and enabling developers to incorporate green building practices.  Latest innovations allow developers to design eco-friendly structures by simulating energy performance and enabling informed decisions on climate-resilient structures, energy-efficient materials, and renewable energy integration.

         Rajjath Goel, managing director of a real estate development company, adds, “Devising strategies to build green real estate and eco-friendly projects is the concretisation of the commitment made by the real estate sector to cut down its carbon foot-print, check pollution quantification, and adapt to the changing times.  Green construction technology, pollution-free raw materials, and use of solar energy are some of the resourceful measures the real estate sector takes to assure holistic development without undermining environmental well-being.

         Furthermore, the adoption of Internet of Things (IoT) sensors and data analytics will help monitor and optimise energy usage, water consumption, and waste management in real time, leading to significant resource savings.  These advancements not only contribute to environmental preservation but also enhance the quality of life for occupants by fostering healthier residential communities.

The rise of blockchain 

Streamlining information through technology is central to the advancement of the property sector.  Dr Yashpal Yadav, director of a leading real estate development company, shares, “Technology has given homebuyers access to a cornucopia of information.  This has not only helped spread consumer awareness but also empowered them to make informed decisions about the plethora of real estate products and services available in the market.”  Taking this progress to its next level, blockchain has offered new possibilities for simplifying property transactions.

        Maharashtra began using blockchain technology last year to help record e-registration data for new properties which can be accessed by developers, buyers, government, financial institutions, and other relevant stakeholders.  Essentially, blockchain promises a tamper-proof and permanent record of property ownership and transaction history.  This enhanced transparency mitigates disputes, simplifies title searches, and expedites the due diligence process for buyers, instilling greater trust in the real estate market.  However, the variations in rules and regulations and the large number of government authorities involved in real estate transactions may pose a challenge for blockchain to operate without hindrance in India.

      While technology is enabling vast advancements in the property sector, buyers must ensure that they’re protecting their data online, verifying the legitimacy of digital information and conducting physical inspections of their shortlisted properties.