Real Estate Sector Bets Big On Proptech Space To Drive Sales

For years, real estate companies and developers have used websites to attract potential customers. Whether it’s their own customers or a platform that advertises real estate But on-site visits are an important part of the sales process. This started to change a few years ago. Some developers offer online tours of their projects.

The pandemic has accelerated the adoption of this technology. and companies Other services are offered, from virtual tours to immersive, interactive virtual reality experiences. to augmented reality simulations They give inspired homeowners a sneak peek at what lives in the finished project. feel real

Rashmi Kohli, Director of Sparrow Interactive, said, “Technology dedicated to reverse integration has taken a front row seat in facilitating brands. Real estate brands around the world want to create memorable experiences for their potential customers. to make them stand out in the cloud of this offering.”

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Anarock, a consulting firm, said that around the world Conversion rates have increased by 40 percent, and most of this increase is due to the use of modern technology as a direct selling tool. Of course, this means a huge jump in sales and revenue.

Mandhir Vinaik, Anarock’s Vice President of Residential Sales, said, “Previously, it would take them six months to buy a property by understanding things. But with existing technology The duration of the buying cycle is reduced because you are very clear, and that is even happening at the local site.”

It also gives builders a long-term cost advantage. Although the technology is costly to start with,

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“Buyers can experience the entire model home without having to actually build it by the developer. This saves money, time and resources,” adds Vinaik.

It’s not just high-end luxury projects that are adopting the technology. Anarock said mid-range and affordable home projects accounted for 56 percent of new launches in the third quarter of 2022, and many buyers are millennials. Millennials using such technology But experts say the technology is constantly evolving…and it’s expensive. So the adoption was a bit slow.

Hemanth Velury, CEO of VirtSpaces, said: “What we see only in India is Real estate is a family business, 2nd or 3rd generation traveling abroad. And these are the people who drive performance everywhere. It’s not just a support system or financial performance. but also sales performance. So virtual reality really helps. I was surprised that Tier II cities were more acceptable in experimenting with technology than Tier I cities.”

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This new trend has opened up a new market for beginners in India.

Technology for real estate developers is no longer about hiring web developers. Now it’s about the immersive and holographic experience. This allows potential buyers to walk around miles away in homes still under construction. And try playing with interiors to get a real feel of the space.

This has created a new sector with high growth… And while the startup ecosystem in India grumbles about a fundraising winter. PropTech Entrepreneurs See Private Investment Grow 55 Percent Between 2009 and 2021

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