Impact of Cloud Computing and VR Technology on Real Estate Industry

Varun Juneja, VP - Design & Development, ATS Infrastructure

Virtual reality technology is set to emerge as a powerful tool in selling property developments off-the-plan. Start VR is proud to have become the first company to offer a fully immersive, head mounted, virtual reality experience for the Australian realestate industry.

Start VR has developed EDGE 28, a dedicated VR App to be used with virtual reality technology as part of the sales launch for a Sydney apartment development allowing prospective buyers to experience the space even before construction has started.

This represents a leap forward for the real estate industry which has previously offered 360 degree interactive video tours, sometimes billed as virtual reality, but never a fully immersive, photo-realistic experience available across Samsung Gear VR and Google Cardboard HMDs.

The industry is warmly welcoming VR tools very rapidly, there are few property portals which are already facilitating with VR, it would take few years and virtual reality would be most important tool for customers.

Real estate is a hard game, managing buyers and vendors, organising marketing and running open homes. Enterprises operating across geographies usually experience the common challenge of owning varied country specific assets leading to a lack of central governance, lack of standardization and limited reusability. When running a negotiation the difference between a good deal and a great deal can be as little as sending the right email at the right time. Cloud computing is helping the professionals work, on the road, in the office, cafe or at home, cloud computing makes sure your documents, emails and applications are always available. Helping you work smarter, wherever your business takes you.

Even for certain products and materials the negotiation and bidding is been done online with transparency for all the participants which lead to healthy competition and result in better deals.

Now in real estate industry the cloud computing is not very much popular but once we start adapting, it would be as easy as using
smart phone.

Everyone wants everything right now as time is a major factor. It is getting more and more difficult to keep up with the ever increasing expectations of consumers no matter what the product or service it is.

In today's on-demand real estate market, agents, developers receive inquiries from prospective buyers by phone, email, or text messages. Buyers often are looking for more information about a certain property or would like to set up a visit.

Today Indian real estate market is fully armed with tools of instant gratification, property portals like Magicbricks, 99acres, and even google is playing fantabulous role in providing instant product knowledge to property portals like Quikr homes & Common floor which are providing one stop solution through latest software’s like 360 degree view and virtual tour that are not limited at internal views but providing locality knowledge as well.

In India, real estate is the second largest employer after agriculture and is slated to grow at 30 percent over the next decade. The Indian real estate market has become one of the most preferred destinations in the Asia Pacific as overseas funds accounted for more than 50 percent of all investment activity in India in 2014.

If we are talking about the market trends and buyers behaviour of current scenario, will find dramatic shift of demand curve from affordable to luxury, from manual to automation, present buyers are more fitness conscious and preferring the loaded properties which have all the amenities including sports and fitness facilities. Senior Citizen homes with all the medical facilities are also currently creating a buzz in the market. Buyers are also shifting their focus on hi-tech/smart facilities and resort living with high end concierge services with business centre provisions with condominiums. The growth of this sector is well complemented by the growth of the corporate environment and the demand for office space as well as urban and semi-urban accommodations. The Indian real estate market is expected to touch 180 billion USD by 2020. Retail, hospitality, service apartments and facilities like on-call chauffeur are also growing significantly, providing the much-needed infrastructure for India's growing needs.