Digitization is the buzz word, as technology has touched and impacted every life and sector in a positive way, it has become even more important to stay abreast with the latest developments in the tech sector.
As we are in a lockdown era – it is technology which has helped in connecting people. Assignment and work connected to a digital platform has seen little to no impact due to the lockdown.
Real estate industry has been adapting to change and new technology which will be beneficial in achieving the government’s aim of building 100 new Smart Cities and thereby Smart Homes which will help shortage of housing due to rapid urbanization.
Digitization has emerged as the most preferred medium, helped provide a virtual tour of the property to prospective home buyers, which enables them to choose properties online, finalize it and undertake transactions. Such data-visualization technology and real-life footage enable investors to identify and find properties that meets their specific criteria. Digital medium is gaining traction and could become a part of the real estate industry’s transaction making process going forward. Furthermore, digital marketing has become a trend, social media – most preferred channel to reach out to stakeholders, whereas, virtual meetings through webinars are keeping all the stakeholders connected.
Post Covid19, the lesson learnt is ‘Home is the most secured place,’ hence going forward smart homes will take precedence over regular homes. Automation holds the key to a smart home which consists of devices that have digital connectivity to various electrical appliances that involves multiple touch points. IoT and other latest technologies will further help with voice control over these or even mobile phone as a control panel for all such electrical appliances which will reduce the number of touch points in a home.
Not only this, post-sale registration has gone digital, same for leave and license agreements, commercial banks are coming up with digital KYC and online loan processing to reduce human intervention. Earlier loan processing and disbursement use to take a lot of time, delaying the transaction and possession of property. Digitization of land records and online property registration processes are other landmark technology driven developments.
The digital route has helped in keeping the momentum of business even in the times of COVID19. The future belongs to digital and going forward players who are in better sync with technology will be in a position to deliver on the expectations of the new age homebuyer.