May 24, 2024

Role of technology in transforming Kolkata's real estate industry

Technological innovation at a breakneck clip has transformed the way we buy, sell, market or manage properties, and the Kolkata market is no exception. Emerging property technology (proptech) solutions like virtual/augmented reality, artificial intelligence, blockchain, big data analytics and Internet of Things (IoT) have collectively been a gamechanger, having a profound influence on the city’s real estate industry.

Not only are these innovations enhancing customer experience, smart tech is helping in streamlining operations, while augmenting efficiency across the value chain in the property segment. From identification of land and planning, to pre-sales marketing and post-sales service – real estate developers are using cutting-edge tech in every sphere to save time and costs, while boosting transparency.

Through immersive 3D virtual tours, home buyers can get a clear idea of the spatial layout and detailing of under-construction projects so that they can reasonably accurately visualize the end product before they commit to a transaction. Some augmented reality apps even enable you to virtually furnish your future home, thus positively impacting decision-making.

Realtors are also making use of AI and ML (machine learning) by way of using chatbots to handle customer posers 24x7 remotely, while AI algorithms help analyze erstwhile sales data and customer trends to help in planning new project launches and fixing pricing. Blockchain tech, on its part, is contributing to enhanced security and more efficient management of land records.

Here are some of the smart tech solutions transforming Kolkata’s realty segment:

# Digital property search: The days of trudging around town to find the perfect property solution are over, thanks to the digital revolution. The online real estate platforms have made property searches so much more convenient, as with just a few clicks, you can locate a clutch of properties in your preferred location that suit your budget. You can also converse online with property agents or the realtors directly.

# Virtual tours: The integration of virtual reality (VR) and 3D tours into the real estate domain has made property searches a breeze. From the comfort of your home, you can take an immersive virtual walkthrough of your dream home. The technology gives you a near-perfect sense of actual dimensions of under-construction projects.

# Data analytics: Thanks to the emergence of big data and predictive analytics, mountains of information on key subjects like property pricing and customer preferences can all be stitched together cogently for deriving key understandings. For the real estate industry, this is a boon since developers and marketing professionals can now adopt a largely foolproof data-driven approach to devise product-mix and pricing, thus minimizing risks and optimizing returns on investment.

# Smart homes: Thanks to the use of IoT (Internet of Things) devices, our homes are getting smarter by the day. Today, contraptions like thermostats, automated security systems, controlled lighting, etc. are transforming the way we utilize our living spaces. Use of such technology has also enabled the real estate industry to offer home-buyers greater energy efficiency, convenience and better security protocols. Needless to say, use of IoT devices hugely enhances the market value of any property.

# Blockchain tech: If there is one particular technological advancement that has improved a key attribute of the real estate industry in Kolkata, it is blockchain and smart contracts. Secure, transparent and tamper-proof transactions are what customers always seek, and is an element of constant anxiety. This technology can now enable automated, self-executing agreements between buyers and sellers, often negating the need for traditional intermediaries, thus cutting costs and reducing fear of fraud.

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