Anywhere, anytime and everywhere. This new mantra has swept the Indian real estate landscape by storm, as more consumers benefit from artificial intelligence (AI) and related technologies. The convenience of making virtual home tours, applying for home loans, and even decorating apartments is just a click away. The modern Indian consumer is also very discerning in ensuring their carbon footprint is minimized in the planet’s favour, thanks to technology.
Even as consumers prioritize connectivity, smart and sustainable homes, mental and physical health alongside topline security and other amenities, they are very conscious of their choices. Against this backdrop, traditional choices are fading fast and giving way to a brighter future for Indian real estate. A study by the IMARC Group points out that the Indian real estate market is projected to reach US$ 780.6 billion by 2028, exhibiting a growth rate (CAGR) of 9.2 per cent during 2023-2028.
With the smart integration of AI and IoT, the Indian real estate landscape has reaped benefits for both sides.
Here are some of the most defining changes that are making their presence felt in the real estate segment:
Real estate apps and home tours: The Indian real estate industry has witnessed a steady rise in the demand for aspirational homes both from domestic and foreign homebuyers and investors. With the use of AR & VR technology, buying or selling a home is a cakewalk, quite literally. In fact, it’s also giving an opportunity to potential clients and customers to introduce design changes, décor and other elements of their choice in residences. These apps are very efficient and are a boon for scaling back on physical travel, and time and beating long traffic snarls.
House hunting for every budget: While good connectivity and location remain top priorities for consumers, the diversity of choices is a positive factor. Homebuyers and investors can now zoom into locations and houses —from affordable apartments to luxury and plotted residences. This significantly narrows the gap with regard to house hunting, is a cost-efficient approach and also saves time.
Smart Homes: The modern Indian consumer is rapidly moving from traditional homes to investing in smart homes which are lighter on the pocket, save effort and energy and also spell good tidings for the planet. Many consumers are looking for homes which have been built with sustainable materials and incorporate sustainable practices.
A marketing marvel: With the use of technology, developers are now able to reach a wider audience across different geographic locations. Leveraging marketing collaterals like brochures, e-launches, and virtual walkthroughs via platforms like Skype, Google, and WhatsApp, developers can showcase properties from all angles, while data analytics provides insights into consumer behaviour and preferences. This shift towards digital methods not only saves on physical costs but also increases the likelihood of positive conversions for potential buyers, making it a smart and cost-effective approach.
Slick security: From installation of night vision cameras to decibel sensors, intruder detection, tracking of lone female residents on the road at night, and biometric and face recognition technology, all of these have redefined the way safety and security are crafted in modern apartments in the current time.
A recent study by JLL Research has forecasted that AI and Generative AI are among the top technologies that will have maximum impact on the real estate sector. For developers, AI has proved to be a huge blessing as it is able to detect property viewings, easily respond to queries because of chatbots and also manage administrative tasks, thereby cutting back on manual and human interventions.