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How Technology will disrupt Real Estate economics? written by Samujjwal Ghosh, published in Expresscomputer.in. June 25, 2020

It&rsquos not that realty players in India were not familiar with technology in this space. However, post-COVID-19 and the following lockdown, things have pretty much changed. The on-going crisis has made proptech a new essential for realty players to continue their businesses and sail through the turbulent times.

 

Role of technology in the present times 

 

Now that the practice of physical site visits to shortlist and buy homes is unsafe, several realty players are leveraging technology to attract prospective occupiers and buyers. Digital solutions such as video walkthroughs, e-launches, digital inspection, and video call with builders, not only enable buyers to get a clear picture of the property and its surroundings but also enjoy next-level convenience in the process from the comforts of their home. 

 

Hosting live webinars is also a great alternative to physical site visits during these times. It brings and engages a large number of potential homebuyers on one platform, where they can gain deep insights about the property, clarify queries, discover price and deals, and eventually book projects online. If buyers find any property of their choice from the existing portfolio, they can pay the token amount and instantly book the property.

 

Easing buyers&rsquo decision-making journey

 

However, it isn&rsquot necessary that the buyer will always like the property. What if he wants to cancel the booking and check other options. Well, to address this, many builders and developers are ensuring 100% refund if the buyer opts for it within a stipulated period, which otherwise is non-refundable. In the wake of COVID-19, it is essential for realty players to help buyers throughout the decision-making journey, rather than pressurizing them to invest in a property that they don&rsquot like. In that case, one can easily lose buyers who can go and search for better options. 

 

Leveraging artificial intelligence (AI) and machine learning (ML)

 

Another way of guiding buyers to choose the best property is the right usage of AI and ML. With the help of these two technologies, realty players are able to equip their websites with intelligent chatbots that can instantly give an insight into what may best suit the customers&rsquo need. By leveraging these tools, many companies in this space are also able to address customer queries related to location and offer them an ideal solution that exactly fits what they are looking for.

 

Society Management Technologies

 

On the housing front too, society management technologies are increasingly being used, especially after COVID-19. These tools help society members and residents communicate well within the community and with the security seamlessly. Using these apps, residents can also place grocery orders and get them at their doorstep, thus ensure social distancing with the utmost ease. Moreover, the entry and exit of people and other management processes like bookkeeping and organizing meetings can be easily taken care of via society management apps.

 

The Future Roadmap

 

With these tech transitions in place, we can say that the realty sector is doing well and in fact trying its best to revive from the current crisis. These technology tools are certainly going to be the real necessities and enhance the way the sector used to operate earlier. As more and more players adopt these tech advances, we can envision that the realty space will emerge as a better and smarter version of itself in the post-COVID world.

 

(By Samujjwal Ghosh, Director &ndash Brand & Marketing, Xanadu Realty)