📲
10 Innovations That Changed The Face Of The Real Estate Sector

10 Innovations That Changed The Face Of The Real Estate Sector

10 Innovations That Changed The Face Of The Real Estate Sector
(Dreamstime/Roman Motizov)

The real estate sector has seen a lot of changes over the recent years and much of that can be attributed to the rising use of technology in construction. MakaanIQ lists the top 10 innovations that have changed the face of the real estate industry.

 

Online marketplace

In the past few years, real estate in India has moved online, thanks to the growing number of tech-savvy consumers who like to search online, before making a purchase decision. Besides, these portals have made interactions between home buyers and developers easier and also significantly lowered the amount the buyer had to pay a broker or third-party agent.

These portals offer the user a centralised data and all the information necessary to buy a home. In fact, the users can use filters to zero-in on projects that would fit their bill. Taking a step ahead, the portals now also have free-to-download mobile applications that can search projects for you based on your Global Positioning System (GPS) location.

 

Real estate regulation

A certain amount of transparency has been brought to the real estate market through regulation, in many countries. These laws regulate the developers and secure the rights of home buyers. These laws are expected to organise the otherwise unorganised markets. The Real Estate (Regulation and Development) Act (RERA) is now helping India, to move in that direction.

 

3-D walkthroughs

One technology that has had a major impact on the real estate industry, is 3-D. This has become a critical technology being adopted by developers to design high-quality walkthroughs on online portals for home buyers. These walkthroughs enable buyers to look at all the topographical aspects of the property, on their hand-held or computer devices. The industry is alo increasingly using drone footage or computer graphic (CG) renderings, to present a clear picture of the project, as well as the apartment one plans to buy. Interestingly, this technology is being used for construction, as well.

 

Home automation

Home automation is being adopted at different levels in both, residential and commercial set-ups. With the Internet of Things (IoT) now set to become a reality, home automation is likely to proliferate further. Home automation allows home owners to regulate their home electricals and appliances with the click of a button, along with ensuring safety. Companies like Apple, Nest and Samsung, have demonstrated many prototypes and commercial devices that are poised to change the lifestyle of their customers.

 

Private equity in real estate

Private equity (PE) funds have triggered aggressive investments in the property market. Investing directly into the market could be a prolonged task that requires identification of a location and estimation of a project's future value. On the other hand, realty PE funds allow a buyer to invest in the market on the fund manager's expertise. PE funds also enable an investor to put money in foreign real estate projects.

 

Green designs

There is a growing concern for the environment. Developers have recognised that haphazard construction or use of harmful building products, can cause wastage of natural resources. To ensure that further degradation is not caused, developers are willing to invest in green building technologies and methods. Strict government guidelines have also been issued, to maintain the ecological balance of the society.

 

Referral programmes

The latest trend is that the developers who plan to further expand their market, are doing so through customers. These referral and loyalty programmes ensure that new customers already trust the developer. The existing customers being used as referral points, meanwhile, get benefits like complimentary furnishing or discounts.

 

Affordable housing

Low- and middle-income groups are usually constrained by high prices of real estate. To take housing to these classes, the concept of affordable housing has emerged. Many developers nowadays launch projects that offer apartments in smaller configurations, with basic facilities, making them livable and yet, affordable for the low- and middle-income groups. Around 90 per cent of the demand in the housing industry today, is for affordable housing.

 

Customised payment plans

Nowadays, home loan facilities allow customers to choose payment plans according to their financial status. These plans are flexible and some of them can be availed of at a minimal or zero down payment.

 

Faster construction techniques

Faster construction techniques, including pre-fabrication and 3-D printing, help developers to construct projects in less time. With these faster techniques, the developers can come up with more projects, thereby, meeting the ever-growing demand for real estate. Besides, several developers also adopt off-site prefabrication units, which facilitate faster and more precise construction.

 

Last Updated: Tue Aug 27 2019

Similar articles

@@Tue Feb 15 2022 16:49:29