How Technology is Changing the Real Estate Market in India

The real estate sector in India has undergone a significant transformation in recent years. With the advent of prop-tech, the sector has witnessed a massive shift in the way properties are marketed, sold, and purchased. Gone are the days when buyers had to visit multiple sites to check the property and its credibility. Today, with the help of 3D virtual tours, buyers can explore properties from the comfort of their homes.

The integration of technology into the real estate sector has given birth to a new term called prop-tech. According to Nitin Gagneja, the founder of Flying Vertex Studio, prop-tech has completely changed the dynamics of the real estate sector. While it was initially challenging to make investors and clients understand the concept of prop-tech, it has now gained significant traction.

One of the most significant benefits of prop-tech is the ability to view properties online. With the help of videos and virtual tours, tenants can view properties and make informed decisions without the need for multiple site visits. This process is both hassle-free and time-saving.

The growth of the Indian real estate sector is primarily driven by the commercial real estate (CRE) market. The rise of small and medium-sized real estate developers and institutional capital has been a significant catalyst for the sector. While the residential sector has also seen growth, it has been impacted by changes in the repo rate. However, according to the CBRE report, India's strong macro fundamentals are likely to ensure that the country remains on the growth path despite economic headwinds.

If you are planning to buy a home, Nitin Gagneja recommends a two-point guide. The first step is to fix your budget, and the second is to check your home loan eligibility. There are different types of home loans, and it is essential to understand all the details before selecting one. In the case of under-construction projects, developers often have collaborations with financial institutions, and one can get up to 80% of the property cost as a home loan.

In conclusion, the prop-tech revolution has transformed India's real estate sector, making it more accessible, efficient, and transparent. With technology-enabled tools such as 3D virtual tours and online property listings, the real estate market is moving towards a more customer-centric approach. The growth trajectory of the Indian real estate sector looks promising, and with the right guidance, homebuyers can make informed decisions and capitalize on this growth.