Dec 29, 2020 | 2 minutes read | 383 Likes
Real Estate in India is suffering and a bunch of factors including the passing of the RERA (Real Estate Regulatory Authority) Act of 2016 & routine slowdown of sales, the RERA has exponentially reduced the availability of funds to developers, which in turn has surprisingly minimized the number of projects they work on. On the other hand, we have manageable reasons such as weak rental contract implementation, low rental yields, ease of finding properties, and trust deficiency between owners and tenants are dominant issues present in the real estate industry.
Technological progress has adversely affected several industries with a few attending a stronger impact than the others. In real estate technology has involved in moving the buying process quite indubitably in India.
This even when a cluster of tech innovations is applicable to direct the ingrained problems affecting the industries in fields grouping from economics to construction.
Nonetheless, with the aggressive surge in the enactment of computer technology, user data, and new models of business, the traditional market is giving way to more user-friendly mobile-based schemes that are shifting the paradigm of financing and controlling the property.
The uprise of these technologies in the market has remarkably changed the real estate sector of India. Not only the construction part has become highly specialized, but the facilities attainable in the real estate sector have also undergone a major improvement. Also, it has positively changed the way in which contractors, middlemen, and buyers interact with one another. Meanwhile, the COVID-19 outbreak has only catalyzed the process of adopting digitalized solutions at an unparalleled pace.
Rising technologies like Machine Learning are very useful in identifying pricing algorithms and property progressions to further personalize the user experience. Moreover, client servicing, access to information, and enhancing user expectations are some other solutions curated with the help of Big Data and Artificial Intelligence.
With the implementation of Big Data, all the data collected from user devices, forms, inputs such as search, preferences, and filters are monitored and stored, further algorithms are applied to sort and extract the data, with the help of machine learning this data is then implemented to produce tailor-made results.
Emerging start-ups have created tools known are property tech that has redefined the browsing, investing, and buying experience.
The tech tools are able to digitalize the whole workflow, designs are drawn on paper which is then converted to 3d models, this saves all the time which was earlier wasted in trial and error on-site, eliminating these type of delays. Tasks can be scheduled and monitored, in case of dispute or delay responsibility can be easily pinpointed to individuals leading to an error-free and tight cost control process.
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