Industry Updates

Real Estate Development in the Age of Connectivity

Published: January 13, 2024
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We are living in a digital era where technology and connectivity have reshaped the ways industries operate. In fact, not only businesses but also the way people go about their daily lives has changed dramatically. Whether it is something as basic as locating a decent restaurant in a nearby area or something more significant like purchasing a home, technology has undoubtedly become an indispensable part of human existence.

Mr. Pranndeep Singh, Ditector, White Flower Developers

Given the dominance of new-age technologies in modern-day individuals lives, it has become crucial for businesses as well to keep up with the latest developments in order to gain a competitive advantage. The real estate sector is no exception to this trend. The conventional methods of buying and selling and properties are being reshaped by digital evolutions. Some of the major technological wonders including artificial intelligence, blockchain, IoT, and virtual and augmented reality amongst others, have been at the forefront of driving a revolution in the real estate sector.

Considering the influx of technological advancements in the industry, one distinguishing factor for real estate developers is tech-enabled seamless consumer experience. On the forefront of this effort is White Flower Developers, one of the recognized real estate developers, offering both residential and commercial spaces. Since its inception, the organization has demonstrated commitment towards embracing technological wonders, in an effort to simplify operations and ensure a hassle-free realtor-consumer transaction experience.

While technological breakthroughs have surely benefitted both realtors and consumers, the following are the key ones that have been instrumental in reshaping the sector as a whole:

AI-facilitated property examination: Artificial intelligence is becoming increasingly prevalent across many industries, including real estate. According to Forbes, AI spending in India is expected to grow at a 39% CAGR to $ 11,781 million by 2025. Artificial intelligence-driven asset assessment tools play a substantial part in assisting real estate investors in estimating the worth of a property, resulting in more informed judgments. These models employ a variety of data sources, such as demographics, market trends, location, kind, age, and property records to provide an accurate assessment of a propertys market value. In addition to estimating asset value, these models help identify any possible problems that might exist with a property.

Blockchain-driven smart transactions: Due to its ability to facilitate safe and intelligent transactions, blockchain has evolved into a significant technical advancement impacting businesses. Assisting the property purchasing and selling process, this technological wonder has simplified the task of transferring real estate assets and tracing ownership. As a result, the necessity for middlemen has been eliminated, thereby speeding and securing real estate transactions.

AR-VR-enabled property visits: The days of having to physically visit a property in order to inspect it are long behind. Thanks to AR and VR, people can virtually stroll through a property and inspect every corner in 3D visualization. This gives potential buyers a more realistic view and allows them to picture themselves practically living there. For realtors, on the other hand, this technology enables them to showcase potential properties in an appealing manner, considerably impacting sales and rentals. This altogether creates a win-win situation for both parties, significantly saving both time and money.

Technological revolutions in real estate: A look ahead

Technology has radically changed every facet of the real estate industry, from blockchain-powered transactions and smooth property management to AI-enabled assessments and virtual visits. By creating a flexible, transparent and convenient method of buying and selling properties, technologically advanced tools have facilitated a safe and efficient transactional process for both buyers and realtors.

One name that has been at the center of this transition is White Flower Developers. Leveraging technological might, the organization has greatly assisted consumer experiences, automating processes and making property purchasing and renting a hassle-free task. Taking into account the rate at which technology is making its way into the real estate sector, it is reasonable to say that more advancements in this field would completely transform the real estate industry.

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