Virtual Reality: Shaping the future of Indian real estate.
Indian real estate has been subject to path breaking changes like RERA in the recent times and consequently, the industry is observing restoration of buyer’s faith and confidence. This implores the question:
Where is the future of Indian real estate headed?
The answer lies at the intersection of technology and the industry. Considering the ongoing trends of technological innovations and the current situation of real estate in the country, virtual reality is most likely to be the next revolution in real estate.
Virtual reality, in layman terms, is defined as the simulation of real time environments with the help of a VR headset. The device enables the user to gain a first-person perspective of a specific surrounding, providing a near real-time experience.
The latest application of VR in real estate can be observed in various builder and real estate review websites that provide 360 degree view of a house as well as individual rooms. The objective of this incorporation is to promote transparency between the developers and potential customers. While former get to showcase every minute aspect of their project, latter can intricately observe them in order to make a quick and reliable decision.
The technology has streamlined the process of site visit for the homebuyers. Now people can explore a real estate project (and its units) in another city from their computer systems. Simultaneously, it expands the potential customer base of a builder from their project’s city to every corner of the country. The migration of young corporate professionals to different cities and their consequent section of a house can be cited as a testament of the same.
Customization is another prominent customer advantage generated from virtual reality. The ability to observe the infrastructure of a house gives the user an idea about how they can change the house into their dream home. For instance, a view of the drawing room allows the users to understand if they can customize the ambiance with a false ceiling or chandelier.
All that said, virtual reality is still growing at a gradual pace and within the next five years, it is expected to transform the way people look at the idea of buying their home.