Start-up realty market in India is dominated by websites that do property listing or generate leads. Overall the sentiment of real estate start-ups is to provide improved services by tapping the vast digital landscape and create new consumption patterns. Even though the listing of properties or lead generation is a minuscule part of property selling, or renting a property, the Indian real estate start-ups are drawing attention, especially in the online world. It is surely a new trend and the scope of it is most-definitely changing and evolving.
On the other side, and even more significantly, there are many technology companies (start-ups) mushrooming to help real estate players adapt to the ‘IT’ way of functioning. The overall focus is to create better efficiency channels, reduce cost and to be able to offer better and modern solution to the buyers. Real estate sector has been a traditional business so far. Start-ups are now offering innovative products to boost the overall property business.
Start-up real estate led by online portals
Most of these real estate portals will try and eliminate the middleman or as we directly assess it, eliminate the broker interface. Online rental companies, for example, will list the properties available on-rent, mention the price, the location benefits and the rest of rental features, so that the user can arrive at a fair decision. It ensures transparency and quick decision-making as a result. The whole process is authenticated by the online rental company to ensure a smooth transaction.
However, all of the listing websites focus majorly on creating a friendly user-interface. It, of course, is backed by the next step of an individual visiting the property physically before transacting on the property.
Real-estate online transaction function includes:
- No middle-man or brokers involved anywhere.
- Third-party or online vendor verification of the listing in liaison with the owner or the builder themselves.
- On-offer is competitive pricing, a lot of pictures of the house and added benefits like a complete video (virtual) tour of the house.
- A real-estate website will offer a clean, user-friendly interface, which is easy to use.
This initiative by a slew of real estate (associated) start-ups offers a solution to a lot of problems. Overall, it gives its users handy information, making it very easy and simple to browse through potential flats (to-buy or to-sell and to-rent).
Other Real-estate start-up solutions
In addition to reducing the gap between the seller and the buyer community, there are real-estate start-ups focuses on using technology to make business operations more efficient. There are tech segments like drone technology to undertake land survey by using drone cameras. The drone technology is used to enable the drone analytics feature. By careful mapping of the land, there is valuable information collected by the drone cameras resource.
There is also IoT (internet-of-things) based water usage analytics start-up services which assist in improving water utility. Then, there is, zero power sewage treatment technology to set up sewage water treatment plants in a designated area (like an apartment complex). Overall, real estate players are using this new spectrum, of technology-enabled services, to reduce costs and increase revenues.
In the end!
It is not difficult to comprehend the fact that technology will be instrumental in improving delivery of housing units or even improving the current living standards. It will do so by making real estate business more operationally efficient. Take, for consideration, the smart cities project which is very technology dependent. It uses innovation and technology to build 100 smart cities.
Use of technology will be synonymous with setting up of start-ups in India.
Therefore, as real estate business continues to innovate and adapt to technology for reaching the buyers directly, the start-up (associated) business will grow manifold. It plays another very important role, to bridge the trust-deficit between the real estate industry and the buyers. Its time has surely come.
Pooja Bhatia is a property news enthusiast, who likes staying updated on business and corporate news, lifestyle at home, home interior elements, location insights and rest of the information, to make living better. She is also an avid traveler (a blogger on holidays) and an avid reader and a part of this real-time information, she converts into real estate enthusiasm.