HOUSE HUNTING GOES DIGITAL FOR MILLENNIAL
A sizeable chunk of young professionals that include millennial are not just investing wisely in their aspirational homes, but they are also deploying top end technology which can assist them in their hunt for the perfect house. Virtual tours using 3D Technology, data mining, proposed amenities, accessibility, connectivity, location and other information on the internet are defining home buying choices. And the best part is that you can visit these locations in any part of the country anytime, anywhere from the comfort of your own home and also compare properties offered by diverse builders. But the technological juggernaut does not end here. It’s a great opportunity for banking and other financial services as it’s much faster and easier to calculate interest rates, EMIs, house taxation and other related expenditures for the investors and homebuyers. This means that technology has cemented trust and solidified processes when it comes to making informed decisions about home buying or investment--in terms of taking loans, paying of EMIs and calculating interest rates over a time span-- as it has elevated the sentiment of trust which is a critical element in the real estate market for developers. A PropTiger data for April-June 2021 shows that housing sales in Delhi NCR rose 50% YoY to 2,828 units in Q2 2021 (CY) with around half of them coming in June. Compared to this, housing.com’s monthly index that analyses buyer activity across 42 key cities shows that the region saw maximum online demand in June 2021, securing the top rank on the leading online property listing platform. The rise in online demand can be attributed to corona pandemic also as people were mostly restricted in their homes and were not able to go out to search properties. Some of the benefits that digital home buying provide are: Transparency and accountability: The biggest element in real estate business is the trust that a consumer or home buyer will have in a developer. This can be only fostered by clear communication and transparency wherein everything is clearly documented. Digital home buying is a boon because it facilitates a variety of processes seamlessly. These include: online booking facilities, digital contracts and agreements, and online payment options, thereby making the buying process easy. Also, digital platforms offer another advantage wherein all processes can be completed in a single go. Ease of business & accessibility: Virtual footprints and digital homebuying means that developers can access more leads or customers in any geographic location. Their marketing collaterals including brochures, e-launches, virtual walkthroughs over skype, google, whatsapp displaying properties from all angles, data analytics highlighting consumer behavior and choices means a big saving on physical costs and higher chances of positive conversion for buying. It’s also a smart way to scale down costs. For customers, it means they can get an insight into the proposed value, floor plans and future growth of their asset—home/apartment and also AI powered chatbots can resolve their queries swiftly saving time and leading to more efficiency on both sides. Competitive Advantage: Real estate apps have upped the game for both sides with developers offering sops and multiple facilities in a bid to woo their prospective clients. Therefore, online home buying or investing is a big plus because the customers are getting good quality and a wide variety of homes to choose from. The Road Ahead While homebuyers may not be comfortable in closing the entire home purchasing process online, they are increasingly using digital too…
Tags : house hunting digital millennial real estate modern India trend profits sector home buyers C J Singh COO Wave City