Prop-tech, or property technology, refers to the application of technology in the real estate market. Everything from online real estate technology platforms and apps to drones and 3D printing falls under this category. India is diving into this prop-tech news to set new prop-tech trends for the upcoming years in the real estate business.
Front-end and back-end are the two main prop-tech categories. Front-end property technology refers to technologies with which consumers directly interact, such as real estate apps and portals.
Back-end technologies include data analytics and cloud-based software, which enable these front-end systems.
Property technology can range from online portals and apps that make it easier to find and buy property to novel construction methods and materials used to produce more sustainable and efficient structures.
Blockchain technology is also making inroads into the real estate technology industry. Most people link distributed ledger technology with cryptocurrencies like Bitcoin. However, it has the potential to transform the way we buy, sell, and rent real estate.
In prop-tech 2022 we could use blockchain to construct a decentralized database of all property transactions. It would make tracking property ownership and transfers considerably easy.
Internet of Things (IoT)
Another cutting-edge technology that is beginning to impact the real estate industry is the Internet of Things (IoT). A network of physical items linked to the internet is what we call the Internet of Things (IoT). Everything from refrigerators and televisions to thermostats and light bulbs is included.
The real estate technology industry can use The Internet of Things to construct “smart homes.” These are houses that have a variety of connected equipment that can be managed remotely. For example, you may be able to adjust the temperature or turn on the lights from your smartphone before you even arrive home.
With augmented reality, you can see a property as it would appear in real life, complete with furnishings and accessories. And, with virtual reality, you can walk through a property and get a sense of the area before making a decision. This is especially important for those purchasing or renting a house without first seeing it, such as overseas purchasers or tenants. It also means you can view a home anytime without working around someone else’s schedule.
Drones are another technological revolution that is transforming the real estate Pune business. Drones are becoming increasingly popular for aerial photography and real estate videography. This gives potential buyers or tenants a greater understanding of the land’s layout and nearby features such as parks, schools, and transportation links. It also means that brokers may present a property in its best light without relying on low-resolution images that may not do it justice. And, if you’re selling a home, incorporating drone footage can help your listing stand out from the crowd.
Another technology that is beginning to impact the real estate industry is 3D printing. This additive manufacturing method can turn a digital file into a three-dimensional item. And it’s not only for small objects anymore; 3D printers can already print entire dwellings. This method could be utilized to design bespoke residences tailored to the tenants’ demands. A 3D-printed home, for example, may be built to be more energy-efficient or accessible to persons with impairments.
Mr. Anurag Goel (Director) of Goel Ganga Developments says, “Prop-Tech trends are transforming the real estate industry. New technologies are inherently uncertain and confusing, but Prop-Tech India will simplify everything.”