Learn how millennials are using digital technologies to disrupt the real estate industry and boost their rental income. Find out the best practices and examples.
Digital Transformation in Real Estate: It is Time to Feel Renaissance in the Air!
Transformation is a word like a miracle, an overall change. Previously it was believed by lots of enterprises that the secret of success is to give clients what they want. Now the transformation has arrived. The job is to figure out what clients are going to want. The task of millennials in India who are investors in the sector is to read the thing that is not yet on the page.
A Paradigm Shift: The Growth of Possibilities!
This is where digital transformation lies! It is all about the changes that enterprises deliver value to the clients. It is the emergence of new digital technologies and enterprises' adoption to bring the new business process to make the business more attractive to investors, potential employees, and clients. According to a joint report by NAREDCO and EY, 'The size of the country's real estate industry is expected to reach USD 1 trillion by 2030 from USD 200 billion in 2021'. It will happen with the proper implementation of technology and smart decisions.
The Metamorphosis: Technology is Plumbing the Depth!
Today millennials in India encapsulate the adoption of digital transformation and seamless integration of digital technologies across every facet of real estate operation. When we say all facets, we mean every single step of the journey. From property discovery, Virtual Tours and Augmented Reality let people explore properties from the comfort of their homes. Then comes the negotiations and transactions, where blockchain technology ensures secure and transparent dealings.
Let us not forget the virtual reality tour that gives prospective buyers and renters a realistic view of the properties, irrespective of their locations. Today, data is the new oil. Data drives this industry. AI and machine learning algorithms analyze lots of data to predict market trends. It also forecasts properties' valuation and matches properties to the buyers' preferences. This data-driven approach helps in decision-making for both buyers and sellers and real estate professionals alike.
Blockchain and Smart contracts bring transparency, speed, and security to real estate transactions. Crunchbase recently updated that Gen Z in India are renting, and they are interested in smart home technology to control everything from their phone.
Sustainability
Sustainability has taken a different path through digital transformation. Real-estate organizations are starting to harvest data about demand, usage, and the life cycle of products for the 'circular economy' benefit. This is how data computes its way to sustainability, keeping products and materials in use, and regenerating natural systems. It could be up to $127 billion in a year in 2030.
With all the technological endurance in this sector, starting from a 1 bhk house to multimillion-dollar construction; one thing must be remembered. Digital Transformation is not faith in technology. It is the faith in people. It is the footprints of digital nomads in the real estate sector, especially in the fastest-growing cities in India to believe in ‘Think Different.'
If you are looking for more information on real estate investment in Bangalore, even if you are in search for a premium rental flats in Whitefield or other localities in Bangalore as per your convenience, write to us at [email protected]. We are coming up with more insights into this sector, which helps you to explore localities in Bangalore to invest. Till then, stay connected with our journey that constantly endures new voices.
