Data Analytics & Its Growing Influence in Indian Real Estate

Technology has vastly changed the global scenario. While every other thing was transformed with technology, the real estate industry somehow remained slow to adopt this change until now. Considering the data the real estate sector produces each day, more companies now rely on cutting-edge technologies to use it for better success rates.

Upcoming Future of Real Estate

As network technologies advance, it is likely to increase data around building, their use, and users. It also grows opportunities to practically use the data through compiling and analysis in all relevant aspects like building operation, maintenance, leasing, and finance.

While data analysis holds both risks and opportunities, many companies are looking at its brighter side to transform purchasing powers for their customers. A few Indian platforms like PropertyPistol are leveraging data analytics to reshape client interaction for different real estate aspects.

Let us look at some factors closely to analyze how data analytics influences real estate buying and selling decisions. 

• Price Evaluation

When it comes to investing in real estate, price and locality become the final deciding factors for customers. What if these prices are predicted beforehand? Data analytics helps do the same. 

There are models for predicting future prices based on current and future market trends in a particular area. Besides factors like building age, locality, inventory, and accessibility also help in future price evaluation.

• Optimized Buyer Selection Process

When artificial intelligence and data analytics join hands, the answers are found every time even in real estate. Not only do the new-age technologies evaluate a property, but it also evaluates customers or buyers based on their preference. 

Real estate companies can easily segregate their customers between those who are more like to purchase and who won’t. It further saves energy and time by optimizing the entire buyer selection process.

• Anticipate Future Growth

Unlike retail products, real estate shows significant signs early for future growth that may be missed even by experts if correct data is not available. Using data analytics tools in real-time makes it easier to anticipate future growth based on current market trends. 

The growth patterns usually imitate the economic stability of a state/ country and worldwide trends affected by the government policies, user experience, and varying demographics.

Besides all such factors, data analytics also help in future real estate prices and development cost optimization further boosts profits. It can only happen when proper data analytics and artificial intelligence tools are installed for critical data studies.

Growth in Silence

While the overall Indian real estate sector has a long way to become digitally optimised, some platforms like PropertyPistol are silently ushering in this new era.

Here’s what the CEO of PropertyPistol – Ashish Narain Agarwal – has to comment on the growth of real estate w.r.t. big data analytics.

“Real Estate Sector has seemingly switched from on-site property search to online research. Not only this, but customers also look for digital property registration, payments, and virtual property visits before zeroing down to one. It produces significant data that we can leverage through new-age technologies like data analytics and AI. We use these techs at PropertyPistol to optimize the entire process.”

Data analytics in the real estate sector could become a boon or bane depending upon how the users produce and companies evaluate. While Ashish Narain Agrawal and Tushar Shrivastava of PropertyPistol agree to it, investment in data infrastructure remains a concern majorly for small players.

Road Ahead of Big Data

In India, the decision of buying a property is majorly based on the buyer’s gut, family and relatives, promotional offers, and heard behavior. While this approach backfires on both buyers and sellers in many cases, it still remains at the head of decision-making.

Since the implementation of RERA, it has become easier for buyers to find suitable projects for investment. The application of big data at par with RERA can empower average customers in taking the final call.

The growing use of data analytics, AI, and big data in the real estate industry has already started to influence the Average Indian customer. The road ahead may be long but not a mission impossible.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.