Covid-19, yes you read it correct the pandemic which has been acknowledged to be one of the biggest catastrophe in the Millennium for the entire world. While the pandemic has bought the entire world on a standstill there are many sectors fought through this and paved their way forward, trying to inhibit a better future.
Covid-19 had a major impact on the real-estate sector with the emergence of the pandemic many projects were either put on hold or lapsed due to lack of funds, with the people being locked inside their homes none of the properties were showcased too, So how do we deal with it?
The answer to all the problems looming around the real-estate sector was Architectural Visualisation, which not only dealt with the realtor’s problems but also paved the way for a brighter alternative.
How Covid-19 has Impacted the real-estate market?
With the economy showing a downward trend the real estate investors had gone through a major panic too. According to the media reports, Residential real-estate market demand has declined by up to 25% while the commercial market is downward sloping up to 10-15%.
Talking about the major cities in India, Delhi considered being the major investment option by the investors faced the maximum decline followed by the financial capital of India, Mumbai.
Number of Real Estate players worldwide demanded of SOP’s for the upliftment of the sector and tried to bring it back to its original position. As per reports, a 200 Billion Dollar stimulus is required to be injected for the perpetual motion of the market.
Alongside the stimulus, there is also a demand to lower the interest rates charged on the EMI-Housing schemes to avoid the cash flow crunch in the market.
While most of the demands and factors cater to the existing projects in the real estate market, there is a growing concern for the upcoming projects too. Most of the projects were either shut down or paused due to the pandemic which is why none of the buyers were able to take a look around them.
Finding solutions to this problem, Technology was finally introduced in the real estate market too. Imbibing of technology to help and promote the under-construction projects not only dealt with the realtor’s concern but also provided a better alternative to the future.
Technology introduced in the real estate market, formulated towards the introduction of a term known as Architectural Visualisation.
Post-Pandemic Property Market?
Pre-pandemic market was suffering through immense losses and the demand for the projects was significantly low too, but due to the pandemic and technological advancement, the post-pandemic market seems to be promising enough to generate revenue contributing towards the upliftment of GDP.
According to several media reports, India specifically will attract major foreign investors who with the introduction of Architectural Visualisation will look to disperse their funds in the Indian projects. An article published in the recent issue of Forbes Magazine highlighted the fact that Buyers and sellers never left the market; they just looked forward to reserving their funds in order to invest smartly. Forbes predicted that more than 50% of the business will return to the real-estate sector by the onset of the year 2021.
The Commercial Sector is expected to be the primary choice for foreign investors worldwide in developing countries, which in turn will increase the market share in the residential sector too. Keeping the current scenario in mind the return on portfolio investment of the real estate market will be significantly favorable too for the investors.
Vision is up for sale now, this is the perfect summarization for the explanation of the current real estate market. Technology with the combination of customer-centric projects is the onset of the new era leading towards a subtle market scenario.
Architectural Visualisation is considered to be just the stepping stone of the technological advancement expected in the market. Covid-19 has brought the dream world of real estate into reality, boosting international sales and foreign exposure to domestic markets.
Technology will not only increase the sales of the properties but also help in covering up the previous losses too.
Covid-19 pandemic while has turned as a bane to the people worldwide and even enabled people to lose their life savings, the post covid times will be looking to inject a lot of funds in the economy and help the people recover from their losses. Architectural Visualisation has also enabled the demand for skilled labor worldwide.
3D models, rendering techniques, and a number of other tools have aided the real estate sales to funnel to gain ground for further development. Virtual Reality and Augmented Reality are the two other prominent tools that have helped in providing support for the market.
While the architects look forward to the usage of these techniques for better client communication, their after-sales services have significantly improved too.
While a number of quotes suggest that digital propagation has been creating a digital divide between people, in the real estate sector the clients and the realtors have been able to knit a close-ended relationship with each other pompously.