How Technology Advancement Is Bringing About A Change In The Real Estate Sector

How Technology Advancement Is Bringing About A Change In The Real Estate Sector

From virtual tours to easy online transactions, we are at the helm of redefining the real estate industry

Anuj PuriUpdated: Saturday, June 01, 2024, 09:15 PM IST
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A veteran in his or her field, an experienced author, a young founder of a start-up, a working professional, or a newly married couple; there are a few things common between them and one of them is buying their dream home – a home which they can call their own.

Some may want it as their immediate requirement, while some may look at it as an investment. What’s interesting to note is, over the last few years, and especially since the pandemic, home buying has become a huge priority especially for the younger generation or who we call the millennials and Gen-Z. The ideal age for buying a house which was earlier around 50+ years, has now turned to 25+ years.

There is almost a 30-40% increase in millennial and Gen-Z buyers. Though things are coming back to normal, there is still a population across sectors where WFH is still trending. Therefore, owning a home has become more and more imperative in today’s times.

This trend is being witnessed across all cities – metros as well as Tier 2. While you may think “wasn’t this a trend pretty much since a while?” Yes, it may have been in some way, but there’s a difference.

You must have heard a famous saying ‘Home is where the heart is.’ While it still holds true; with changing times and trends, there is a slight change to this saying. Now one can say, ‘Home is where the tech is.’

Let me tell you why I say that.

Today everyone’s leading a busy life where time and convenience is utmost priority. A few years ago, who would have imagined buying daily groceries or medicines online in a jiffy. Now envision following the same trend in real estate.

Over the last decade, we have become used to checking properties online through different portals. Now with new technology and with AR/VR (Augmented Reality/Virtual Reality), doing a site visit, interacting real time with your agent, making a transaction is also possible online at the click of a button – completely hassle-free!

We are talking to a SMART generation! From virtual tours to easy online transactions, we are at the helm of redefining the real estate industry. According to a recent ANAROCK poll, almost 80% of the participants, especially NRIs investing in India said they prefer virtual visits.

Tech does not end at renting or buying the house, but also extends once you are in the house. From checking who’s entering your home to paying maintenance charges – everything is just a click away.

All I would like to say is Proptech is here to stay, not to replace real estate agents/brokers, but to help make their jobs easier. Technology and innovation are to support the entire ecosystem – whether it’s the developer building the house, the agent selling the house or the customer buying the house. So, it’s time to acknowledge it, embrace it and empower ourselves to expand and scale.

(These views are from a blog post authored by the Chairman, ANAROCK Group)

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