Technology to drive online property buying
Technological innovations are changing the online property buying and selling landscape in 2017. Real estate startups, portals and developers are investing heavily in advance technologies not only to stay relevant but also to enhance their customer experience. “Adoption of technology will continue to increase across businesses in 2017. Pertinently, the ratio between growth of a business and its real estate requirements will change, as technology is proving to be a disruptor across sectors. The technology sector is becoming less people-driven and more process-driven. Due to the increasing use of technology, a company witnessing a revenue growth of USD 1 billion could require only 20,000 employees in place of 35,000 it requires now,” says Anuj Puri, Chairman & Country Head, JLL India. Developers such as Panache Developers and Anudan Properties along with real estate portal Magibricks have invested in Virtual Reality, in order to reduce dependency on physical visits. “Developers are using this unconventional approach to provide experience of a sample flat to a customer without physically creating one,” says Sohel IS, CEO, HDFC RED. HDFC Red itself has invested in Advance Machine Learning system which reduces the search time and dynamically updates the results based on users’ interaction with the platform. “Our proprietary Machine Learning based ‘Congruence Engine’ understands buyers’ unstated preferences and gives property options which have a better fit to a user’s needs, based on their web footprint,” says Sohel.
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