10 Innovative Factors that have Influenced Changes in Real Estateby jessica sa Digital Marketing Expert
One of the most lucrative investment options available in the market, real estate has also had its fair share of changes over time. And much of these changes can be attributed to the technological advancements and the innovative use of the internet and other mediums of communication. The growing confidence in financial companies and other associated institutions can also be termed responsible for transformations witnessed by the realty sector.
Listed below are the top 10 innovations that have brought in tremendous changes in the real estate industry.
Realty sector in India has moved online according to the growing preferences of tech-savvy consumers who resort to browsing the internet to make a purchase decision. Real estate websites and property portals have also encouraged interactions between a home buyer and a developer even if they are miles apart from each other. This has also significantly reduced the involvement of a broker or a third-party agent which in turn has also reduced the amount paid to them by the buyer or the seller. Online real estate portals offer the user the advantage of a centralized data with all the necessary information that aids in a home purchase. The users will also be able to use filters to search for projects according to their preferences and requirements. Innovative application of online media has also brought in the use of free mobile applications which help search for properties according to the current location of the user with the help of Global Positioning System or GPS.
Regularisation of real estate
With the extended involvement of the government and the authorities in real estate, certain regularisations have been implemented to ensure transparency in the process. The laws put forth are intended to regulate the developers and builders and to safeguard the rights of the home buyer. These regulations are also designed to formulate the unorganized markets and to ensure a smooth process in real estate transactions.
3D has been hailed as a critical technology that has been greatly influential in designing high-quality mock-ups and walkthroughs of the projects for the benefit of online customers. These walkthroughs help the buyers to examine all the topographical aspects of the property on their mobiles or computers. Drone footage and Computer Graphics (CG) are utilized to render a complete and clear picture of the project. 3D has also been extensively employed in the construction industry for the preciseness it is equipped with.
Residential and commercial properties now employ home automation for the ease of convenience it offers for managing multiple things at home. The advent of this technology has equipped the homeowners with the convenience of regulating their appliances and home electrical system with just a click of the button. Tech giants like Apple, Nest, and Samsung are big players in home automation and have been
demonstrating prototypes and devices that are all set to cause a niche wave in using technology for the benefit of the easy living.
Private Equity or PE funds have been influential in triggering an aggressive investment activity in real estate. When compared to investing directly into the market which can be a time-consuming task which requires proper identification of location and estimates of the project's future appreciation, PE funds in realty sector enables the buyer to invest according to his fund manager’s expertise. Investing in foreign real estate projects is also possible with PE funds.
With the growing concern for the environment, everyone is recognizing the impact of unlawful construction or the extensive use of harmful building products or the misuse of natural resources. Being keen on reducing the further degradation of the environment, builders and developers are investing in green building technologies and adopting nature-friendly methods of construction. The implementation of strict
government guidelines has also helped in maintaining the ecological balance of the society.
Market expansion is now being designed around customers with the introduction of referral programmes and loyalty credits. These assure trust from the new customers while also cementing their loyalty for the developer. The existing customers who gain referral points are also showered with benefits like complimentary services, furnishing, discounts etc.
To make housing affordable for low and middle-income classes, the concept of affordable housing has been introduced. Builders have formulated projects and designs that offer a smaller configuration with basic facilities for the liking of low and middle-income groups. As around 90 percent of the demand in the housing sector, today is for affordable housing, the emergence of this concept has been in favor of the market too.
Customised payment plans
Banks and financial institutions have made the home loan process much more viable with the inception of payment plans according to one’s financial status. These customized plans offer the customer the flexibility to choose payment schemes according to their requirements. For example, some plans can even be availed at a zero to minimal down payment.
Faster construction techniques
On time delivery is an important factor with which the buyer assess the developer. And with the adoption of faster construction techniques like pre-fabrication and 3D printing, a developer is living up to the expectation of their customers as it ensures construction of projects in lesser time. These techniques also enable them to come up with more projects for meeting the ever-growing demand in real estate.
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Created on Aug 13th 2018 05:35. Viewed 537 times.
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