Technologies reshaping India’s housing sector
Technological advancements have brought about remarkable changes in India's housing sector, addressing long-standing challenges.
India's housing sector has traditionally worked on a more ad hoc approach, with more flexible project structure, plan and timeline. Challenges and complexities arising from this are now being resolved through technology pervading all aspects of the project development. In this blog, we will explore key technological advancements reshaping India's housing sector through different stages of the project lifecycle.
1. Launch stage
During the launch stage of the project, the project’s basic details can be obtained beforehand on the website of RERA (Real Estate Regulatory Authority), with the exception of pricing. The emergence of online property marketplaces has been one of the most significant technology-driven interventions in India's housing sector. It has evolved from just listing properties to providing relevant content and analytics for buyers to make informed purchase decisions. However, online property portals must synchronise with RERA to provide transparent and authentic data. Besides, some portals offer useful information such as asset comparison, valuation, project benchmarking, as well as demand-supply and predictive analysis. These features make property search more convenient, empowering buyers with transparent information and reducing reliance on middlemen.
2. Pre-sales stage
In the pre-sales stage, technologies like digital property walk-throughs, Virtual Reality (VR) and Augmented Reality (AR) offer innovative solutions for developers to showcase and engage potential buyers. In this era, buyers are compelled to seek alternative ways of exploring properties without physically visiting them. Therefore, VR and AR technologies have become essential for developers to showcase their projects effectively. Through 3D renders and virtual walk-throughs, prospective buyers can now experience residential projects as if they were physically present, visualising the layout, design and overall ambience. Well-known developers like Mahindra Lifespaces Developers Limited (MLDL) have introduced home-buying on the Metaverse with Bastion at Mahindra Citadel in Pune, enabling innovative exploration and purchasing of homes.
3. Post-sales stage
During the post-sales stage, various technological advances can be utilised, such as the implementation of a dedicated customer portal that offers buyers access to essential information pertaining to their property. This includes details regarding payment schedules, project updates, documentation and customer support. This technology allows seamless communication between buyers and developers, enabling prompt issue resolution and transparency. A dedicated mobile app can be enabled to offer post-sales engagement and easy access to project information, such as maintenance services, site visits, and personal updates. Developers can use drones for construction monitoring and updates.
4. Property management
After post-sales, developers can manage properties efficiently and provide comprehensive solutions using property management software platforms. Besides, developers can provide online payment options specifically designed for property management. These platforms offer homebuyers secure and convenient options to make payments using various channels such as credit/debit cards, net banking and digital wallets. Thus, the need for cash transactions is eliminated, reducing the risk of errors and enhancing transparency in the process.
In conclusion, technology interventions have brought remarkable changes in India's housing sector, addressing long-standing challenges. Not only has it revolutionised the typical process of property search, but it has also excelled in delivering tailored solutions and ensuring seamless customer satisfaction. The Indian housing sector's adoption of technology promises to elevate the experience of users, marking an exciting time for the industry.
