How is Artificial Intelligence Changing Indian Real Estate?
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- 3rd Jan 2023
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AI in Indian Real Estate
There is no question that internet marketing, promotion, and distribution of information for the Indian real estate business is at an all-time high and poised for expansion.
After a prolonged period of oscillations due to the outbreak and subsequent lockdown, the trend of the Indian real estate market started to settle in the fourth quarter of 2022. There was a swell of new homebuyers as a consequence of the reinforcement of the idea of homeownership brought on by the aforementioned contextual variables.
The lockdown had already forced, in a way, many real estate developers, brokers and other property professionals to come with myriad ONLINE ways to reach out to potential real estate buyers.
As a result of the above factors, the Indian real estate market has expanded rapidly on the ground as well as digitally.
So in essence the demand for real estate in India is increasing everyday. The way the information and also action with regards to the same has paved the way for many Indian prop-tech firms to integrate technology and real estate spawning a new sector of the real estate market in India.
This new wave of Indian property technology firms has improved the industry by making it more open, more efficient, and more user-friendly.
'As a consequence of this expansion, the prop-tech industry has received almost USD 3.2 billion in investment via 255 separate agreements between 2009 and 2021."
As prop-tech continues to redefine and disrupt the real estate industry, brokerages are moving beyond the confines of four walls and physical duties to give the end user with a comprehensive 360-degree experience from the convenience of their own homes. People, especially the tech-savvy diaspora in major cities and developed nations, place a premium on convenience. Tech-based, AI-driven brokerage is booming in locations like Mumbai, where long house-hunting hours and expensive brokerage costs have been a huge disincentive to potential consumers.
The AI advantage to the Indian real estate ecosytem
AI-based recommendation property search engines collect users' interests in properties and propose comparable properties, making property search and property presentations more accessible to the local buyers as well as NRIs which is definitely a big boon to both the real estate sellers (owners, brokers, developers) and the real estate buyers (end users, property investors).
Real estate decisions based on actual data
Real estate deals have been facilitated and accelerated thanks to rent projections derived from the integration and analysis of historical pricing trends and real-time data on market demand, consumer interest, and the current monthly rental range in the region.
Virtual reality (VR) and augmented reality (AR) enabled software for property tours and walkthroughs have matured from gimmick to practical answer. Integration of AI has changed data management practises in numerous sectors, including brokerage. Data analytics have been boosted in terms of speed and accuracy by artificial intelligence, allowing for better discovery and analysis of transactions. As a consequence of the various aspects of real estate that AI has made easier, the number of comprehensive AI-based prop-tech solutions available on the market is growing.
AI helps real estate players design suitable real estate offerings
Many Artificial intelligence (AI) real estate tools help to analyse user behaviour and set real estate prices appropriately.
Property management is simplified and streamlined as a result of big data's ability to reveal subtle but significant differences across locations.
Through the use of AI, real estate companies may better understand the vast amounts of customer data at their disposal, leading to improved project conception, planning, sales, and marketing.
AI - an important COG in Indian real estate marketing
With the advent of artificial intelligence (AI), India's real estate marketing business will be able to explore new territory, bringing with it improved productivity, competitive advantage, and financial reward. Artificial intelligence is already revolutionising the Indian real estate market, streamlining a previously disjointed and unstructured industry and making it simpler to acquire and sell property.
With the use of AI, Indian online real estate platforms are able to circumvent mutiple challenges including sharing of right information, virtual site visits, remote bookings, immediate interactions with potential buyers, etc.
The real estate industry in India is undergoing a revolutionary shift as a result of the advent of virtual reality (VR) and augmented reality (AR) technology.
Preleased properties, fractional ownership, fractional ownership of luxury and weekend houses, real estate investment trusts (REITs), property bidding, auction properties, customised home loans, etc. are all examples of novel real estate products available to Indians for the first time.
Artificial intelligence (AI) is facilitating this shift by making it more approachable, comprehensible, and implementable for the common Indian real estate investor.
Tokenizing property assets as fractional shares has already opened up substantial investment opportunities in the real estate market, allowing individual investors to effectively exchange their portion of a property as they would buy and sell stocks.
There is no doubt that Artificial intelligence (AI), machine learning (ML), augmented reality (AR), blockchain and the real estate metaverse will soon have a major impact on the methodical ways in which the Indian real estate market operates.
Ghar.tv is a modern Indian real estate site that integrates AI into its comprehensive real estate platform.
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