While the world is changing over to giving users the experience and convenience of availing anything at the click a button – real estate is surely catching up in an exciting way. While Names like REALAR which is experimenting on Augmented Realty or others like Sage Spaces giving 360 perspectives of real estate. Many developers are combining Virtual Realty Imaging and Augmented Realty to give real-life experience to prospective customers.
Just a Few Years ago, it was difficult to imagine how people will buy clothes online without actually feeling them. Players like Jabong, Myntra and Flipkart disrupted the marketplace by giving users the convenience of a Consumer-Friendly Delivery and Return Policy. Now, its time for Real Estate to experience such disruption. Tech Startups are pulling together bits and pieces of AR, VR, AI, ML to create consumer experiences online for real estate. Real Estate biggies have realized the potentials and are investing in such ideas. While JLL has started a 100 MN$ fund named JLL Spark to look for tech startups and has invested in companies, CBRE recently has tied up with ASSOCHAM to identify prop-tech companies to invest. The NASSCOM-CBRE “Proptech Challenge” is aimed to support start-ups with the potential to transform the real estate market with creative, innovative and disruptive thinking. In India, where digitization is rapidly growing, it is imperative for the industry to transform the landscape of the real estate industry and make it tech ready.
Now listing platforms are graduating from non-curated unverified models to real-time experience models. Platforms like Commercial Real Estate AR of Australia are just readying to take over. Just scanning the building on the mobile App reveals the occupancy and listing statistics.
Space is just heating up, but where is the goal? Whether Augmented Reality, Virtual Reality, Artificial Intelligence, and Machine Learning will be able to solve the problems of experiencing Real Estate Online and enable users to take decisions online? The Answer lies in the way the technology matures enough to make the experience hassle-free. The wholesome solution to make the experience, AI enabled and hassle-free will create space for real disruption. Like other e-commerce platforms, set the stage to pioneer an excellent delivery and return policy to overcome the inhibition of the consumer in the clothing merchandise, the real estate consumer wants to shortlist properties online to the last detail, experience the Sun and Wind Around. The consumer is looking at being able to be equipped enough to understand through Artificial Intelligence what he really wants, tons of data on distances and conveniences, trends and statistics presented in a way that is easy to comprehend and finally being able to shortlist few properties that he wants and obviously at the comfort of his home or office.
Once the consumer has experienced Real Estate online and he is out to feel the wind and the sun, developers have started investing heavily into IOT (Internet of Things). Platforms use cloud-based algorithms and sensor-based technologies to monitor the internal environment and create user conveniences. Knight Frank recently has tied up with Delos to help enhance health outcomes in the home and reduce harmful indoor elements.
This completes the cycle of disruption in Proptech and hopefully, we are soon going to experience them.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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About the author
Ajit has a strong background in Business Operations, Business Development and Financial Advisory. He is a commercial real estate enthusiast which enticed him to start his own venture in the segment, Spaciya Advisors, The company deals in B2C commercial real estate lease consulting.
Ajit brings with him more than 18 years of rich experience of working with companies such as ICICI Bank, Angel Broking, Eastora Realty Avenues LLP and Placio. He has played various roles at these organizations from spearheading the Sales and financial teams to being a Director at Student Housing start-up, Placio.
At Spaciya, Ajit’s roles and responsibilities are to offer the best and customized commercial real estate properties to the businesses looking for huge office spaces. Ajit’s excellent local market knowledge, in-depth market intelligence, tech-savviness and professional TAT oriented services has been helping him to create an edge over other players in the segment since the inception of Spaciya (2016).