Proptech The new trend in Real estate.

Real Estate, a traditional industry, has been facing a lot of hurdles these days. Ever wondered why?

Rules and regulations have always been dynamic for this industry then what is it that is smothering the industry.

The answer is simple

The world is changing and so are the industries. However, the real estate industry has continued to follow the traditional approach towards its progress. The world around it has digitized. Technology has given a new outlook and ease of living to the people. But the real estate industry is still hesitant to adopt this technology.

A few years back when technology was merged with property buying and selling a new word ‘Proptech’ was coined. It was nothing but an amalgamation of traditional assets or property with the new age of technology. What exactly does proptech do and who needs it. Proptech simplifies your life and keeps the stress of searching through papers away.

For a Developer

Technology helps him to monitor real-time development. All the blueprints and property agreements are available with just one click.

Apart from this it also helps in marketing the product and reach a wider audience which would not have been possible in the case of traditional methods.

It helps them to create a demand to encourage the buyers to invest in their property if they do not want to lose out on the price.

In terms of Construction, many technologies like Mudd’s Drones. Which spray a concrete type substance called “shotcrete” onto the surfaces. It has reached great levels of ease in construction as this can reduce the needs of cranes till a particular story construction can be done by drones.

Safety Cameras are AI-Powered cameras that on-site are always monitoring and thinking of various possibilities while construction. This constantly keeps on analyzing and informing with an alarm system to the workers at the site. These AI-Powered Cameras can save a lot of lives and can make construction much safer than it is.

For the Buyer

It helps him to browse through a number of properties in the comfort of their home. Prior to the invention of technology, this was not possible.

It also helps them to compare the prices for the same property on different avenues.

At times it also gives them the opportunity to avail the property at a very low price due to the offers run by the developers online for a limited period of time.

Buyers can now watch all the documentation of a particular project on the RERA website along with the stage of project completion.

Proptech platforms have also helped buyers to see all the details, like Drone view, VR Video, Google Location, Nearby vicinity area, and connectivity of the project just at their fingertips.

These days gamification of property sales has also become a new trend. Companies like TATA capital, Kagaay have created flash sales for builders and developers to help them in increasing their sales.

With the help of proptech a buyer can have a 3D view of the property, 2D Plans, 3D Plans, VR Video, Drone Shoot, Connectivity, and Google location and decide to sit at the comfort of his home if he wants to visit the site or not.

Even if one decides to book a flat in a flash sale or any kind of online event he can do so without worrying about his money since after paying the EMD (Earnest Money Deposit) he has 1 entire month to visit the site and get the registration agreement done with the builder.

Buyers and sellers were hesitant to adopt proptech at first. Due to this recent lockdown, the industry has now slowly started changing its approach towards the technology and has slowly started accepting it. The pandemic has shown them the importance of technology which they were avoiding to date.

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