A total of 60% of home buyers are willing to consider Proptech technology to buy homes. Although India’s real estate digitization is underrated, the consumer perspective is slowly changing.
Proptech or property technology is a concept formed as a small part of the vast digitization of the market. The use of technology in this strategy is innovative and helps real estate sectors ease buyers’ purchase process. Most importantly, the purchasing ratio for housing projects is going higher post-lockdown, and most of the properties are technology-approved.
Consumers are gradually adapting to the digital transformation. This is a movement steering a psychological change within consumers’ & buyers’ heads regarding AI technology, design in data assembly, and transaction.
Do Indian consumers approve of Proptech?
Looking at the global picture of Proptech generated real estate development, India still has a long way to go. However, there have been three stages of Proptech adaptation for the real estate sectors in India, and the post-Covid scenario has the best growth.
It is without a source, can be verified that the digital transformation of India’s varied markets put a huge dent in people’s sentiments. Although they are slowly adapting to the transition, it is still going to take time.
Nevertheless, getting results from the innumerable benefits of Proptech driven projects, such as digitization of land records, technology-moved architecture, easy buying/selling options, online home loan application, and several other things, made people consider Proptech in a different light.
Therefore, the traditional real estate property exchange concept that included physical visits to the site or contacting a broker through family or other acquaintances seems backdated. Most consumers are willing to try the new method where they can simply use their phones with an internet connection to buy a property in a few minutes. However, no matter how seamless the process appears, the consumer’s mind has been reluctant due to India’s unclear Proptech real estate industry. As property investment is a matter of enormous capital, many want to mitigate any risk related to it.
India’s property investment market still lacks transparency, matters including uncertain title appearances of projects online, defaulting creators, liquidity disaster of the recent market, and imprecise local laws and buying/selling procedures.
Nevertheless, all these matters are to disappear in a few months. And, hopefully, the issues blocking the consumers buying from buying proptech-driven real estate properties will be gone as well.
Consumers’ benefits from Proptech
The only matter that puts consumers’ minds at ease regarding online property purchase is its uncountable benefits. Starting from:
- Virtual site visits
Yes, the best thing about the entire system of technology-driven property assessment is the virtual site visit. People nowadays have entirely abandoned the traditional way of physically viewing a property. They rather prefer to do it sitting at home with a mobile and internet connection. All are a part of digital transformation.
- Use of IoT and AI
The combination of IoT or the Internet of Things and Artificial Intelligence toward developing information and gathering them at one place brought consumers closer to buying propriety. It is one of the most significant values of Proptech that buyers tend to ignore. But due to this, the online property market is what it is today.
- Blockchain implementation
The enforcement of blockchain in the real estate sector is the reason why buyers and sellers are seamlessly connecting instantly without any intervention from third parties. It further consists of building hard-and-fast digital records of lands, making transactions less dangerous.
- 3D Printing of property projects
The construction industry, including design and architecture, is gaining massive popularity for 3D printers. The technology uses mobile building-sized printers with robotic arms. It, therefore, uses varied elements such as cement to a marked framework and make it look more lively. These illusions are what put on several unfinished property images online to provide an idea of the project to its buyers—a great way to close the deal.
- The direct transaction, chatbox, and customized search
All things mixed up, the digitization of the real estate sector has accelerated the speed of purchase between consumers and buyers rapidly. Due to Proptech, there is almost no risk at transaction or applying for online home loans. Besides, there’s an immediate contact option for the buyer to contact the seller. Customized search adds to the benefit of the cycle.
Undoubtedly, consumers’ sentiment is changing positively towards Proptech-driven real estate properties. Although searching and selecting properties online has stabilized, the transaction & procedure seem to have a distance to cover. The report shows 60% of buyers use digital platforms to search for the property, but only 37% of them close the deal. Thus, it is a huge up-gradation from past decades, but the best growth in online property transactions is yet to come.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.