Technology has become a major part of our life today. If we do an analysis of the past 24hrs, we will clearly see its dominance. From beginning our day with the smart edge alarm clock walking ourselves up, booking a cab to our office/college, to checking our messages and mails on our smartphone. We use technology in almost every field of life.
India is a developing country, and its present growth in terms of population urbanized with respect to technological growth is 33 percent. Real estate is the mainstay supporting the growth clause, and technology is the core supplement, which makes this evolutionary timeline grow even faster.
Let us try and understand this demand and supply relationship between real estate and technology better. Assume this situation, you moved from Rajasthan to Noida in quest of better employment opportunity, you begin searching for a rental home and decide to move from place to place. Spending hours finding the property that best suits you and your pocket, and further disbursing a handsome amount to the brokers, finally get a place to live in.
How about a situation where technology in real estate answers all your woes, without you having to move out from place to place in search of home? Well, it’s true with the coming up of applications like Nest away, Ziffy Homes, Housing and few others, the accommodation facilities are just a click away. You can choose, keeping in mind the factors of budget, amenities, locations and furnishing. Besides, what’s best is that there is no brokerage, since there is no human involved.
Furthermore, considering the market size of India, today we have $4billion revenue paid to brokerage firms in urban cities, around $15 billion rental amount paid on annual basis.
A cutting edge technology is the only breakthrough, which can see the amount of brokerage paid come down, saving lots of money. Technology in real estate though may not be a very popular trend today, but with the growing demand of technology in every field, we can expect technology in real estate to rise soon.
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