Our perception of real estate is being transformed by augmented reality

By Bricksnwall | 2023-11-16

Our perception of real estate is being transformed by augmented reality

The chief executive officer of Bhutani Infra, Ashish Bhutani, authored this article.

Our lives now revolve around technology, which is a constant state of change. It has altered not only the way we interact and work but also the way we perceive the world. Consumers are more open to utilizing cutting-edge technologies to research goods and services, from real estate to retail. Recent years have seen a significant transformation in the real estate industry because of the quick adoption of cutting-edge technologies. Augmented reality, or AR, has carved out a niche for itself in the 21st-century real estate market among the myriad IT technologies. Globally, AR has become increasingly popular, and its market value is predicted to grow at a strong rate of 31.38% CAGR between 2021 and 2027.

By superimposing digitalized visual, aural, and sensory data over the real world, augmented reality (AR) technology modifies our understanding of reality. It serves as a link between the real world and the virtual world, offering a singular, immersive experience. The way we examine real estate properties has changed significantly since the introduction of augmented reality.

In the Indian real estate market today, AR stands out as a transformational force. It is a spark for interest and participation rather than just a technical instrument. AR gives real estate players a competitive advantage. With the use of augmented reality (AR), real estate listings can become more dynamic and interesting for potential purchasers. They may virtually tour places and customize their view, which strengthens their bond with the place. Virtual tours generate almost 40% more hits on real estate listings than just photos do, which boosts traffic and revenue. Reliability is increased because fewer in-person visits are required because buyers can view properties remotely. Virtual tours also increase a property's visibility, bringing in 49% more quality leads for the property.

Viewing properties used to be a passive process for purchasers, but it has now evolved into an engaging one. Buyers explore properties to the fullest, finding hidden details and imagining their dream rooms. Time is a valuable resource in today's fast-paced society, and AR excels in this regard. It expedites the process of finding a property, enabling purchasers to inspect several options and saving a significant amount of time.

With AR, users may interact with homes, rearrange furniture or altering aesthetics to better envision their potential. AR makes the discovery process more effective by saving time and effort with its remote property touring capabilities. The potential of AR to deliver a glimpse of a property's finished shape is what makes it truly magical. Purchasers have the freedom to try out different furniture configurations, interior designs, and even restorations.

This gives them the ability to decide quickly and intelligently, which is essential in the cutthroat economy of today. Moreover, AR gives purchasers complete control over how they investigate properties. They set the speed and focus of their excursions, focusing on the places that are most important to them. As a result, purchaser confidence is raised. According to a survey, a sizable 67% of respondents think virtual tours are very helpful while looking for a house.

Even though AR has a lot of potential, the Indian real estate sector presents obstacles. The widespread adoption of AR is hampered by difficulties linked to limited resources and accessibility in rural estates. Furthermore, there aren't many institutions and organizations providing instruction on augmented reality and the creation of cutting-edge VR and AR technology. The adoption of AR is also significantly hampered by industry professionals' aversion to change.

Numerous augmented reality apps and solutions with a variety of features and advantages are available for the real estate industry. Compared to standard pictures and descriptions, their 3D property tours provide a more immersive and interesting experience. By allowing customers to alter the furnishings or the decor, these tools also assist consumers in interacting with the property and aid in their visualization.

These apps not only let buyers take virtual tours of houses, saving them time and effort, but they also let sellers emphasize the greatest aspects of the property, like the layout or view, which can draw more attention and traffic. These features meet the various needs of both buyers and sellers while also improving the viewing experience of the property.

In the Indian real estate sector, augmented reality has a bright future. This cutting-edge technology has the potential to empower, engage, and improve people, making it a surefire standard in the business. We see a world in which using augmented reality (AR) to explore properties is commonplace, offering consumers time-saving, engaging, and immersive experiences. Real estate firms that completely adopt this technology will have an advantage over their competitors, providing creative solutions that meet the changing needs of tech-savvy consumers. Even with enduring obstacles like inaccessibility and reluctance to change, augmented reality's enormous potential un Indian real estate is set to completely transform the sector and make it more efficient, competitive, and customer-focused than it has ever been.

The chief executive officer of Bhutani Infra, Ashish Bhutani, authored this article.