Technology is touching life in every sphere and so it has enhanced the scope in the real estate too. In India, the numbers show that real estate is doing much better with the help of technology and digital world.
Way towards betterment – with help of technology
Proptech has seen 77 successful businesses in India since 2013, and it amounted to a sum of US$928 MILION. The figure is considered to be the highest in the Asia-Pacific region area and thus it shows that real estate is going places while it has hold hands with technology. The technology in properties field was introduced in India in the mid 2000 and the notion of online property dealing was started taking shape in the market. The story has grown further and now there are various software solutions for working online in property and real estate dealing. There are applications to use while one is on the move – by using the apps over their mobile.
Coming in of software and technology
The construction companies and the developers are now depending on the leading companies that help with development of software. The consultants for real estate and various construction managers or engineers are also dependent on these applications for working with efficiency.
The people who buy the real estates and builders for these constructions had worked in confusion for a long time now as there was no professional stage for such dealings. Now the ERP solutions (Estate Resource Planning) and software, based on cloud storage, customer service and various project management options are now in the scene. The workings of the ERP solutions have given a better horizon to the real estate deals and businesses. The ERP solutions also help in time management and calculation of total cost of the projects. Management of the inventory, taking decision on strategies and allocation of various resources with the complete management of operation of the project and its deals are now worked out with the help of software system and ERP solutions.
The real estate businesses are now using drones and experiencing the new projects with help of Augmented Reality and Virtual Reality and the buyers are keeping an eye with the help of these digital world tools to know about the potential of the properties they intend to buy. The drones are being used for RT mapping and conducting surveys in remote areas. The data from these real estate records are also huge and the software system that is working for the industry is taking care of the data to find results in better prospects. The system offers customer service with real time logistics for the buyers. Procurement and documentations are also easy with the data being taken proper care of.
Benefits from the software implementations are many
The real estate business is getting its share of digital tools and software. They are now working out the project costs to engage software based work environment and are allocating the 3% of project cost as per the globally accepted rate. This helps in reducing project cost and helps in improving planning and reduces any setback or inefficiency in the project. The mobile based software and sites are helping the buyers as they can now use their smart phones to interact with the sellers and can appoint brokers who are also available over the websites. The whole process is efficient and fast with a complete transparency in the dealings. This adds satisfaction of the customers in this industry.
The technology also allows faster completion of the projects. This results in development of cities and introduction of high rises that are affordable and safe for the market. The industrial stage also sees improvement with various project completions as this means starting of new ways of income for masses. These always attract more investment in these sectors as they show faster and reliable results.
It is being thought that India will become the 3rd largest market for property dealings in the world by the year 2030. Calculations also show that real estate business has added about 15% to the GDP of India and all these are a gift from the introduction of technology into the property business. It’s this technology in the property business that is named as Prop Tech and is going to help evolve the country into a prosperous future.
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