How Virtual Reality is Impacting Real Estate? The real estate world is witnessing a promising phase today as the technology is donning the role of a catalyst in churning more benefits for the sector

By Shailesh Goswami

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If a list is to be designed to showcase the topmost things in any person's life that engage him for his energies, then the chances are that the "dream home/office' factor will score the highest. And thanks to the latest technological interventions in the real estate that buying your dream home/office has become much easier than before.

Earlier, one had to invest considerable time in steps such as exploring the proprieties physically, short listing based on the experience he or she gathered at those locations and then reaching the final decision of buying a property. However, now the new technologies i.e., virtual reality and augmented reality are paving way for much more time-efficient solutions to the steps mentioned above and are revolutionising the real estate sector to a very large extent.

Benefits of virtual reality for various stakeholders in real estate

With virtual experiencing of a property through 3-D technology and models, it is getting much easier and faster for the potential buyers to select the house/office space or commercial space which they like the most without actually physically visiting the property.

When a person can visualise or experience a property that is not yet ready for physical examination right through his lenses, it facilitates him/her to think over and take the decision fast. Isn't it? In fact, it has now become possible for a person sitting in Los Angeles or any other part of the world to book the property of his choice in India that will be readied only after a year. Thus, the tradition of experiencing a property in person is taking a back seat with the new-age technological solutions and this is helping the real estate sector to grow considerably.

Not only buyers are the ones who are enjoying the recent technology trends but there are others as well such as developers and investors who are finding it as a cost-effective development in the field.

Virtual technology is even giving an opportunity to the architects and interior designers to showcase their ideas and talent to the customers by giving them a distinctive and compelling 3D experience.

Simply put, an idea/property design is made quite tangible with technology experts assisting the keen players like architects and designers to translate their work etched on a paper directly onto the digital platform only to speed up the visualisation of the end-product. For example, while a real structure may take two years for completion, the virtual reality and augmented reality enables the stakeholders to have a clear view of the final space/structure that promises to satisfy all the aspirations of the final occupants. With augmented reality technology, it has become quite possible to showcase the added features of a property easily from a single point. Thus, virtual reality and augmented reality is setting the pace for happening real estate market all over the world with higher returns for all the stakeholders involved.

In a nutshell

The real estate world is witnessing a promising phase today as the technology is donning the role of a catalyst in churning more benefits for the sector. The new "real' factor in the real estate sector is capturing the attention of all those who are keen to find a property that is nothing less than their dream home/office or any other space.

As for the realtors, to showcase the space under construction is not just a smart way for them to kick-start their slow business but it is also easy for them to monitor each and every step in the construction process. Thus, this proptech space is inviting bold players to enter and offer more refined solutions to the people.

Overall, with such developments picking up pace, the architects can work in a digital mode thereby cutting time and cost of operation from a brick and mortar office, realtors can take their potential clients on a virtual tour right from their office room while bringing freshness into the mundane process and the buyers can accelerate the working of their grey cells and freeze the decision sooner with quicker steps. So, definitely, the impact of virtual reality and augmented reality on real estate is huge and is expected to grow further in future.

Shailesh Goswami

Founder of Foyr

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