How Digital transformation promises immense opportunity for the Indian realty sector
Digital Transformation is increasingly being a focus across various industries. It has changed our way of life — transport, health education, etc. The customer-oriented mind-set is bringing tectonic shifts in the real estate industry as well. Five to six percent of India’s gross domestic product (GDP) is contributed by the housing sector alone and with the rapid advancement in technology, the sector is likely to grow further.
The Digital India Land Records Modernisation Programme (DILRMP) introduced in 2008 was aimed at bringing transparency in maintenance of property record. With the computerisation of all land records, this has facilitated quicker transactions and benefitted both developers and consumers, say experts at Modi Builders, a Hyderabad-based realtor. Considering the rapid technological advancement, a promising future of India’s real estate sector is anticipated. From finding a property to visiting and leasing it, user experience has been highly enhanced by digitisation.
Ease in finding a unit
By adopting digital listings and offering virtual tours of the homes, customers can narrow down the kind of properties they are specifically looking for. Platforms like Makaan and Proptiger list thousands of housing units, improving the experience of prospective buyers since they can centralise their search and directly converse with the property dealers. The feature of virtual apartment tours have reduced the time and effort, thus making it convenient for both the developer and customer.
The increase in online applicants has increased the chances of frauds and identity thefts. Hence, it becomes crucial for the realtors to be well-equipped against any such risks. Given the increasing number of frauds from online applications, real estate property sites have launched the feature to confirm applicants’ identity. With a rich experience in the housing sector, Modi Builders sees this as one of the major benefits digitisation has given rise to in the industry.
Efficient lease application
Digitising the application process has made documentation more prompt and efficient. By providing the necessary documents upfront, developers can forestall any possible confusions. Changes like these have eased the process for both parties: builders and customers. “By introducing new features that are more customer-oriented, real estate industry can be steered towards prolific growth,” industry experts at Modi Builders review.
Thus digitisation has not only boosted the government on its plans and eased record maintenance for the developers, it has also brought transparency among the consumers and builders in property transactions.