Digital technology is changing the way Indian real estate is progressing, according to experts. During the first half of the year, property sales throughout India’s top seven cities were up by 25%. As an increasing number of people look for homes, one-fifth of their property searches are done via mobile devices, such as Androids, according to the Digital House Hunt Survey. But now, state of the art technology is boosting the real estate further. In recent years, augmented and virtual reality technology have grown in popularity. And, the introduction of it in the real estate industry is making it easier than ever before for Indian house hunters to find the perfect home.
Shortens the house hunting process
When looking for a new home, 92% of individuals instantly turn to the web for assistance. The Indian Economic Times states that the population spends an average of three hours a day on their phones, therefore, the ability to view a property without physically having to see it is helping to boost home sales across the country. This is because time doesn’t need to be wasted walking around a property which an individual knows isn’t right for them. After all, a study of home seekers found that on average it takes just 10 seconds for a potential buyer to decide whether a property is the one for them or not.
According to 99acres, a one bedroom apartment in Mumbai can cost anywhere between Rs 45 lakh and Rs 1.5 crore. Experts state that you should view a property two to four times before putting in an offer, however, it isn’t always possible to find time to squeeze in these viewings. Yet, virtual house tours allow you to freely view the house at your own leisure, as frequently as you want on your Android device. So, there’s no need to worry about being late for your appointment, taking too long to look around or holding the realtor up.
Transforming your home
Virtual reality isn’t just helping property buyers to find their dream homes, it’s helping to transform them too. According to Ramakant Sharma, the former VP of engineering at Myntra, homeowners typically spend 10-15% of their home’s value on interior design. Therefore, before you free up cash from your home via an equity release deal or by taking out a reverse mortgage to cover the cost, you can utilize a virtual reality design booth, such as the ones Livspace offer. These allow you to view the final interior design of your home, so you can be sure you’re releasing enough cash from your property to create the home of your dreams.
Virtual reality has overhauled the Indian real estate industry, making the process of buying and kitting out a home simple. This technology is reducing the time it takes to find a home, allowing individuals to view property at their own leisure and is ensuring that the cash spent on interior design is money well spent.