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by Future Realty India 11 February, 2019

Influence of technology on Real Estate sector in India

(Real Estate Arena: Tech, Tax & Terrific Growth in 2019)


Real Estate in Haryana

One of the impeccably growing states in India, Haryana is outshining north and central India regarding growth and potential channels of commerce through real estate. The dynamic real estate market all around the world is estimated at around $250 trillion by the end of 2019. It has been constructively complemented by the perpetually growing per capital income of Haryana. Under the likes of NCR region, real estate technology trends have rocked the cradle of real estate commerce and helped many small businesses find existence in markets, and the common man gets their house of dreams.

How has GST changed Real Estate in India?

GST has had a mind-boggling effect on all channels of commerce and numerous related revenue streams. While there are many notions and false images created about GST, it has had a world of convenience in the real estate. Earlier, there were many separate taxes like building tax, stamp duty, and service taxes. In a nutshell, all this had summed up to become a massive overhead of more than 15% in all states of India. After the implementation of GST, this has been reduced to a comforting 12% as a single tax levied on all property sales and real estate related matters. It has been a great motivation for home buyers, and small business set up is to turn their faces from leased properties to their permanent addresses all across Haryana.
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AR/VR is here to help

The classic combination of augmented reality and virtual reality is helping the real estate industry elevate customer experience to  heights. Now, builders and real estate leaders are turning to build virtual and augmented experiences of their flats and other commercial properties for a more significant impact. The higher degree of customer engagement in the real estate industry is helping
the businesses grow with an outbound potential.

What does it mean to the property buyers?

AR VR is helping excited property buyers experience their property of dreams much before they are buying it. The virtually created experiences with the help of AR VR technology can help you get a pseudo-feel of the perks and benefits the real estate proposition brings for them.It is helping potential buyers reach a decisive point in property dealing in lesser time without any confusions.

The futuristic approach: Block chain-based transfers & Signatures

The block chain is a potential technology which is yet to be conquered shortly. The real estate industry is expected to be significantly benefited by the advent of block chains. It is the greatest innovation in real estate in the present day.  According to the mature minds in the tech industry, real estate industry will be able to exit cute sale contracts and transfer of properties with the convenience of block chain signatures and property transfer documents all available online.

What will change?

When one buys a property, you are eager to complete the formalities and execute the sale. One block chains are introduced, the execution of the sale contract will take hardly a minute because all the documents shall be verified and kept on cloud storage with block chain-based signatures for authentication. It will drastically reduce the overall customer experience and the time delay.

Overall impact

The relaxation in tax and other benefits due to non-commercial property position is proving to be an excellent motivation for property buyers in Haryana. The market is being vigorously captured by the new age millennial buyers who are expecting things to come without delays and all improved customer experiences.

 

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