by Yogesh Awasthi, President, Strategic Initiatives, Jenika Ventures

Today, technology impacts every aspect of an individual’s life, and one industry that has drastically transformed due to technology is the Indian real estate market. From ‘Smart Cities’ to smart homes, technology is making lives easier and more convenient, especially during this festive season. The festive season, in particular, is a time when the real estate market sees a significant uptick in activity. Buyers are eager to make purchases, incentivized by special offers, discounts, and the cultural significance of buying homes during this auspicious period.

Virtual Tours to Properties
Gone are the days when potential homebuyers had to visit multiple properties physically before making a decision. Now, with the help of virtual reality (VR) and 360-degree video technology, buyers can take a virtual tour of homes from the comfort of their living rooms. Virtual tours not only provide the convenience of narrowing down choices before scheduling in-person visits but also save a lot of time and effort for both buyers and sellers. Moreover, it opens up possibilities for buyers living abroad or in distant cities to participate in the festive season’s home-buying rush without traveling.

Use of AI in Property Search
AI (Artificial Intelligence) has become one of the major key players in revolutionizing the overall home-buying experience. AI-driven algorithms now can help potential buyers find homes that match their specific preferences, budget, and location in a more targeted and efficient way than ever before. AI-powered chatbots are also widely used to assist homebuyers 24/7, answering queries, setting up appointments, or even guiding them through the buying process. During the festive season, when the influx of interested buyers increases, these AI tools become invaluable in handling high volumes of inquiries and ensuring seamless communication between buyers and sellers.

Blockchain and Secure Transactions
One of the most critical aspects of home buying is the legal and financial transactions involved. Traditionally, this has been a time-consuming and sometimes insecure process. However, blockchain technology is now providing a secure and transparent way to handle property transactions. Blockchain ensures that all transactions, from property titles to financial agreements, are recorded on a tamper-proof ledger. This reduces the risk of fraud and speeds up the closing process. During the festive season, when many transactions are happening simultaneously, blockchain’s ability to provide quick and secure transactions is invaluable, helping to ensure that deals are completed smoothly.

Automated Valuation Models (AVMs)
Another significant technological advancement in real estate is the use of Automated Valuation Models (AVMs), which employ statistical algorithms to estimate a property’s value. AVMs draw on data from previous property transactions, factoring in variables such as location, property type, age, and more to provide an accurate estimate of a property’s market worth. AVMs are not only fast and cost-effective, but they also help buyers and sellers avoid potential pitfalls. For instance, AVMs can identify discrepancies in property tax assessments or flag possible zoning violations, making them a valuable tool during the festive season rush. With AVMs, buyers can quickly assess whether a property is fairly priced, while sellers can use these models to set competitive prices, ensuring a smoother transaction process.

In short, technology’s impact on the home-buying experience during the festive seasons is highly profound. From virtual tours to secure transactions, these technological advancements are making the process more efficient, secure, and buyer-friendly. In a market where timing is crucial, especially during the festive season, technology is proving to be a game-changer, empowering buyers to make smarter, faster, and more informed decisions.

Bengaluru, 25th September 2024: Address Advisors, an 8-year-old service and research focused real estate consultancy, witnessed 3000 visitors in its one-of-a-kind expos, Property Buffet 2024 held in their Bommanahalli office. The crowd was demonstrated to all kinds of residential projects from ultra luxury apartments, plots, villas, to farmlands specifically curated for buyers. They also facilitated many on-the-spot bookings and potential transaction of 150 CR in a span of two days.

Aligned with Address Advisors’ expertise in being a one stop solution for real estate services, the specific focus of the expo was on providing buyers with the best properties suited for them. The event provided a real on-ground experience to all kinds of visitors, from business owners to individual aspirants, to learn about real estate trends and high potential real estate opportunities. The visitors were able to understand property features, interacted about their requirements with businesses and sales heads of all top developers like Godrej Properties, K Raheja Corp, Birla Estates, Sobha, Mahindra Lifespaces, Purvankara, Sumadhura, Assetz to name a few.

Commenting on the expo, Mr. Sunny Mogra, Co-founder and CEO, Address Advisors, said, “Our endeavour is to provide a platform to potential buyers, in a very orgainsed manner, supporting, building communities and achieving holistic growth for the residential market in Bengaluru. Our customers are at the heart of our business, and we are proud to be consistently setting benchmarks for service and transparency.”

Commenting on the expo, visitors said, “Address Advisors Property Buffet was a fantastic experience! It’s great to discover a variety of property options we hadn’t considered before, and everything is curated under one roof. The end-to-end service will be a real game changer, especially with the on-site visits making it easier to visualize the choices. It’s impressive that the team was able to educate about the market while also matching our requirements so effectively.”