The Real Estate Market- An overview
India’s real estate sector comes second to agriculture as an employment generator and can be bifurcated into four main verticals- commercial, residential, hospitality, and retail.
- The real estate market will grow to US$ 9.30 billion in 2040 from US$ 1.72 billion in 2019.
- The Indian real estate has the potential to reach US$ 1 trillion by 2030 from US$ 120 billion in 2017.
- It will contribute 13% to the country’s GDP by 2025.
- The IBEF report also states that the Indian real estate is expected to attract an FDI of US$ 8 billion capital infusion by FY22.
Challenges faced by the real estate sector
Some of the significant challenges that the real estate sector is faced with include:
- Intensively human-dependent.
- Physical staging of property is capital intensive
- Pre-Construction client’s approvals
- 3 D accurate drawings
- Unsuitable property demos leading to loss of time
- Recurrent expenses on account of frequent physical visits
The Indian real estate industry has accepted the challenges and has started transforming itself to meet the needs of consumers. To manage multiple projects across locations, real estate developers are upgrading by investing in technology and implementing centralized processes in project management, architecture, and engineering.
Benefits of Virtual Reality Real Estate
AR and VR companies in India says, VR in real estate can be leveraged by developers, architects, and interior designers to render interactive, wholesome, and engaging experiences.
With the potential that it offers, it is not a wonder that Goldman-Sachs reports that by 2025, almost 1.4 million realtors will be using the technology.
Virtual Property Tours
By offering 360 degrees 3D real estate virtual tours, which give a complete view of the interiors and exteriors of the property, customers and developers save time and money. In addition, they can view multiple properties across locations from the comfort of their homes.
Developers have experienced that staged homes sell 75% faster, and 83% of the properties get the asking rate. In addition, VR furnished home tours satisfy the buyer’s aspirations and help create an emotional bond by showing a beautifully decorated house against just a space, which is more likely to obtain a sales closure. It also saves money in setting up the furniture and layout.
Virtual Interior Designing Customisation
Traditional home staging is labor-intensive and costly. Instead, simulative VR walkthrough tours allow the developer to digitally renovate structural elements of a home like flooring options, paint textures, kitchen remodeling, lightings, measurements, or any other area.
Virtual remodeling helps clients to visualize and customize as per their requirements and sense of aesthetics. It is an excellent boon for interior designers who can discuss all the options and satisfy the client before the actual purchase.
Architects have traditionally relied on blueprints and scale models. However, with VR being increasingly considered an enterprise solution, architects leverage it to render different Levels of Detail (LOD). For example, an architect in the early design phase can understand the spatial coordinates or understand what kind of material to use to get the right stream of sunlight through a window.
With VR, customers and developers can view or discuss properties anywhere at any convenient time to them. This can be a game-changer, especially for a market like India, where considerable purchases come from the NRI population.
Virtual reality is increasingly being used as an invaluable enterprise solution that will revolutionize many industries.
Also Read: Education Metaverse
At EDIIIE- The 3D Game Development Company, we have the domain knowledge and skillsets to handle Real Estate projects of different sizes. As a result, we can enable your customers to engage in dynamic and immersive experiences saving you time, money, and resources.