Gone are the days when the process of property buying from start to finish was highly carried out in person. All thanks to the advancement of technology and the digitally equipped real estate industry in India. When the entire world went haywire due to the pandemic in 2020, technology somehow bound us all together. With the support of digitisation and technology, students continued with their studies from home, elders managed their office work from home, and companies run their businesses digitally.
Take a look back at the outbreak of Covid-19 and the lockdown, and see how in one year the way of living and working changed drastically. Along with other sectors, the real estate sector was hit badly as its traditional way of doing business by meeting prospective buyers and taking them to property visits frequently was discontinued. However, the crisis led to other opportunities. It encouraged the real estate companies to take alternative paths.
The real estate industry in India has been digitally equipped for quite some time but it hadn't tapped the full potential of digital platforms before the pandemic. The traditional ways were smoothly carrying out the work but the crisis led the digital world to take the driver's seat.
The trend of virtual home tour
It's incredible to see how once an alternate option of virtual home tour has today gained a high ranking importance in real estate. When prospective buyers are not so keen on property visits, either due to governmental restrictions or fear of corona infection, virtual home tour is 'talking the talk' and 'walking the walk'. Not just domestic buyers, it is also useful for the NRI buyers who are increasingly showing keen interests to invest in real estate properties in India.
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The online business of real estate
Exploring the insights of real estate is so easy these days. Everything about the real estate news and companies is on the web, be it their websites or social media presence. The online interaction and transaction between the sellers and buyers are reliable, transparent, and hassle-free. Living with the fact that it is going to take some time to completely eradicate the coronavirus and people have adapted to the new normal, online property transaction has empowered the real estate developers and buyers to do business online and buy properties from the comfort of their homes, respectively.
Millennials look forward to buying smart homes
Millennials are tech-savvy and well-informed consumers. A global life-threatening crisis like Covid-19 has made them realise the importance of possessing a home. When millennials are on a home buying spree, they prefer to make a smart and educated choice. The urban millennials in India who are working professionals tend to have promising careers. Hence, they are empowered to make big choices in life, and a smart home is one of them.
The industry experts are providing the millennials IoT-enabled homes to limit human contact as well as the homes that are equipped with voice-controlled devices such as TVs, lights, etc. Moreover, with the ongoing work-from-home norm, designing a home office space in a residential property for the buyers is another smart move.