How technology is redefining home-buying in India – Explained

Image Source : PTI File Photo for representation.

The real estate sector has changed over the last five years. Over these years the sector has seen huge changes and Covid has completely shown the new aspects of the sector. Earlier before Covid, one had to go out and visit the site to check the property and credibility. Nowadays people prepare a 3D Virtual Tour before visiting the site. After visiting through 3D technology visitors can go through the property at their own comfort.

Nitin Gagneja, founder of Flying Vertex Studio noted that the technology has very well been integrated with the real estate sector and proptech is a new and emerging term that has overall changed the dynamics of the real estate sector.

“Earlier, it was a bit difficult to make investors and clients understand the concept of prop-tech but over the years it has developed significantly. There are many big property websites that are really working hard. Now even the tenants prefer checking the property online, viewing it over a video, and accordingly selecting it. It is a hustle-free and time-saving process. With the help of tech, real estate spaces are changing really fast and capturing the masses,” added Gagneja.

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Nitin Gagneja runs Flying Vertex Studio, a 3D Architectural company, which was founded to produce high-quality multimedia presentation for Commercial and Residential Architectural Development Projects with techniques of 3d models as well as photorealistic visualisations of interiors, exteriors & product designs.

India’s real estate marching on growth trajectory

India’s commercial real estate (CRE) market has really grown stronger with the increasing occupier interest.  Additionally, the rise of small and medium real estate land developers and a segment of institutional capital have acted as catalysts for the sector.

And when it comes to the residential sector, it has also seen growth, but on the other hand, it is also majorly affected by the changes in the repo rate. But as per the CBRE report, India’s strong macro fundamentals are likely to ensure that the country remains on the growth path, despite economic global headwinds

Nitin Gagneja also recommended a two-point guide to the home-buyers. First, fixing the Budget and secondly checking the home loan eligibility.

There are different types of home loans and one needs to understand and check all the details before selecting one. In the case of under-construction projects developers mostly have collaborations with financial institutions and one can get up to 80 per cent of the property cost as a home loan

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