Virtual reality is reshaping the Indian Real Estate Industry

With some extraordinary and transformative innovations coming to life with technology, an industry like real estate is definitely leveraging it to not only reshape itself but also to build its future. Time taken by a typical Indian consumer while narrowing down an apartment, office space or even a commercial building is huge. Not solely cause it is a tad bit hypothetical to confirm instantly but also because buying a space requires a heavy amount of investment. Gone are the days when builders or brokers could easily showcase a well-furbished model of a sample space to the point when even the tiniest of crockery was also in place. Now people are looking for something different, something more personalised and definitely not generalised. By 2020, the Indian real estate sector is expected to touch US$ 180 billion and by taking a virtual reality led marketing strategy, the potential for buyers, realtors and developers is certainly humungous.

We delved deeper into this upcoming trend and dug up some interesting pointers that is not just empowering clients but spoiling them for choice.

Enhanced buyer experience

Virtual Reality provides the biggest advantage to all those coming to view a property; it brings the place to life by giving a 360 degrees outlook. Imagine, to be able to walk through a place having the exact preview of how the future space is going to look like; even minuscule property features like placement of furniture, natural and artificial lighting, view from a balcony and so on, gives you a real-time experience of your yet to be space. Using virtual reality’s high definition display, the buyer gets a hands-on feel of the entire project with complete transparency. With a virtual reality headgear or special 3D glasses, customers can view and even shortlist properties without consuming much time.

Personalisation

While considering different approaches to grasp the attention of a potential customer, adding the element of personalisation and customization goes a long way in the real estate industry. To be able to click on an image of a room and get a completely customizable version as well as options is definitely close to waving a wand over a space in order to get exactly what you’ve dreamed about. Tailoring a design to a customer’s convenience along with giving them recommendations and suggestions can help create a delightful immersive experience. And in case of changes, they can be done suiting the needs before the actual place is ready and done up. Thus, saving a huge amount of time and money that would go in refurbishing it.

Many developers use apps and websites to get a first-hand idea of what exactly the customer is looking for by simply asking them to upload their idea files onto the website where they instantly get the first draft. They can even talk to professionals to bring the best of the best out of it. And then developers further enhance the customers experience using the expanse of their creative ability.

Be a Game changer:

Apart from a few large developers that dominate the market with their pan-India presence, there are many new players that keep entering the market. With an influx of such intense competition, it is extremely vital for players to stay relevant as well as unique in the industry in order to get noticed. It is time to be a gamechanger. We all know how important a physical tour is to the buyer, therefore combine it with virtual reality tour and there is an instant interest created in the mind of the potential customer. It is definitely an ideal way to connect better. By adding an extra touch of plugging-in the wow factor, the developer is not only taking customers experience to an altogether different level but is also upgrading its real estate listings.

Expansive Reach:

Another interesting feature that further enriches the real estate experience is through the use of smartphones and tablets to increase client engagement.Many prospective buyers look for properties online and do not really have the bandwidth to check out spaces in person. Does that mean virtual reality can’t reach out to them? The power of virtual reality provides them with all the necessary information right there in the comfort of their home. VR headsets and the power of touch screens that are compatible with all leading smartphones give you a 360-degree video inside the property of your choice. This also helps the developer to expand the geographic reach of potential customers.

The evolution of the Indian real estate landscape has thus just begun and as it catches up to the expansive customer expectation, the attention is definitely going to be more than what one can bargain for. A lot has been said about virtual technology being expensive but the return on investment that comes from potential investments in these technologies is massive.

And, Virtual reality? Well, it is an exciting epiphany that is waiting to happen. This technological marvel can create an experience augmenting an international lifestyle, with the comfort of an end to end professional project management which is not just enviable but slides you gradually into the future. If you are still putting your best bet on brochure & sample flats or even prototypes for show, it is time for you to move on. Virtual reality has an intriguing power to create reality out of an imagination, be it for a flat, a building or even for an entire city.

- By, Shailesh Goswami, CEO & Founder, Foyr