Virtual tours and online launches gain traction in real estate sector

June 17, 2020: Video walkthroughs, online inspection and e-launches are increasingly gaining popularity among real estate firms and startups looking to push residential sales amid the Covid-19 crisis.

Now that physical property visits for buying homes is not possible in the current situation, real estate startups are trying to leverage technological solutions to lure prospective tenants and buyers.

“Video walkthroughs have been gaining steam in India for the past 2-3 months. One could shortlist on call, but finalizing on call is a big leap here. While the concept is being practised in most developed countries, in India it was still at a nascent stage," said Akhil Gupta, co-founder and chief technology officer, NoBroker.com, a tech-enabled real estate platform. NoBroker launched the video walk-throughs in March-end, and soon noticed a spike in interest from both owners and tenants.

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Other Bengaluru-based real estate developers have also tried to conduct live webinars to engage prospective buyers. Buyers can discover the price and book projects online.

Another developer from Mumbai has built a technology interface to enable sales and aims to provide buyers a virtual tour of the property and the neighbourhood. Many firms are using a mix of virtual reality, automation and analytics to provide customers with a seamless experience.

What has changed is the simple reason to buy now, the perception of a real estate asset, ticket size evaluation by customers, short-term cash-flow implications and the process of buying, which has now exclusively gone digital," he added.

Some players are leveraging machine learning to suggest the best location for a customer rather than seeking information on location, societies and other traditional parameters done previously. This has been possible due to an AI-powered chatbots and multiple tech features that many players have loaded their apps and websites with.

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