PropTech is fast changing the
traditional real estate industry in India. It is bringing in efficiency,
transparency and swiftness in property sale and purchase processes. It has
transformed the industry quite a bit already and is becoming even more relevant
and useful in the new normal which has been induced due to the pandemic.
PropTech generally means technology
applied to the property market for a smoother flow of real estate transactions
by bringing in cost and time optimizations with better management of resources.
PropTech positively impacts all the stakeholders of the industry and lets them
make informed decisions quickly, resulting in higher productivity. The
following are the ways in which it is proving to be advantageous to the Real
estate consultancy industry:
1) Sales Enhancement
PropTech is of great advantage to
the sales and marketing team of a real estate company. It helps in targeting
the ads better and assists them in making efforts in the right direction. It
lets them discover the right audience better and faster, making the best use of
resources like time and costs. This results in quicker sales and closure of
deals, thus the Real estate sector can offload the inventory much
faster.
2) Better Communication
PropTech has transformed the way communication used to happen in the real estate
industry. It has enabled much faster communication between all stakeholders.
This has led to saving precious time and even resulted in more trust among
them. PropTech also facilitates better documentation of all the communication
happening between the parties involved in a real estate deal, thus avoiding
confusion and ambiguity. It helps in saving all the correspondence and
communication in a lasting manner which is a win-win for all the
stakeholders.
3) Better Governance
PropTech
is being used by various authorities in better governance. It is being used to
demarcate the boundary of one property from another and clearer land
records. It has a great future in better management of land and title deeds.
The digitalization of land records has already started in certain pockets of
the country and will help in bringing discipline in the land and property
market.
4) Transcending Boundaries of Distance and Time
PropTech
has heralded an unprecedented dynamism to the Real estate consultancy
field by doing away with limitations of geographical distance and even that of
time. Now a Real estate deal can be struck between people sitting far
apart and in different time zones with any difficulty. Technologies like
Virtual Reality (VR) and Augmented Reality (AR) are changing the way a buyer
would inspect the property. Now there is no need to physically visit the
property site. All such activities can be done in the comfort of the home. It
is helping inspection to happen in a safe and hygienic way which is more
important in corona stricken times like now than ever before.
About house of real estate Ltd.
Making use of PropTech in the right manner is Rise
Infraventures Ltd, a real estate consultancy in Gurugram. The
company has a well-trained team guiding and consulting the clients to make the
right investment decision for the purchase of shops, showrooms, homes and
offices. It has a wide range of properties to choose from for investment as
well as for end-use. It extends its services to Delhi also. The company has
been operating in the real estate field for a long time and has immense
experience in real estate investment consultancy.