After dabbling in artificial intelligence (AI), the Indian real estate sector has now shifted its focus to the metaverse.
Today's tech-savvy homebuyers prefer to rely on technology to save time and effort. The process typically begins by shortlisting properties, negotiating preliminary terms, and discussing your budget online. Only after completing this first step will the potential homebuyer personally visit the property and decide whether to proceed with the transaction.
Therefore, industry experts believe that if the Metaverse concept takes off, it will revolutionize the online home buying process.
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The concept of a metaverse is still very new and not fully explored. “Therefore, people might confuse the Metaverse with virtual reality. However, there are notable differences between the two,” said Vivek Agarwal, co-founder and chief technology officer of a real estate consulting firm. states. Agarwal elaborates:
- “Virtual reality (VR) is a fully immersive three-dimensional simulation environment with spatial elements that give the user the feeling of being in a computer-generated world. It can provide an imaginary environment and can only be experienced by wearing a VR headset or VR device. In the real estate industry, VR takes visitors on an immersive virtual tour and is used in real estate marketing. and used for sale.
- Conversely, the Metaverse is a series of interconnected virtual worlds that combine elements of augmented reality, VR, and the Internet, in which you can move around as a digital avatar, play, interact, and collaborate with others, as well as You can interact in a metaverse environment. . The open nature of VR allows for extensive customization and allows users to create and modify content. This is different from VR, which has limited interaction capabilities and is limited to the environment created by the developer. Additionally, the Metaverse bridges the virtual and physical worlds, providing seamless integration of digital and real-world elements, and allowing users to access the Metaverse and interact with their physical environment through a variety of devices. ”
How will the real estate industry benefit from the Metaverse?
From breaking ground on a new home to reselling it years later, the Metaverse can have a huge impact, elaborates Alok Ranjan, Partner at Tauran Advisors.
Improving brand reputation and sales: The Metaverse platform provides a unique space to market and showcase your properties to a global audience. Real estate agents can increase the likelihood of a sale by creating a virtual showroom, hosting virtual open houses, and conducting real-time tours with prospective buyers from anywhere in the world. A realistic experience can also give prospects a sense of ownership. Additionally, Metaverse allows buyers to select custom design options during a virtual tour, which is logistically difficult in the physical world.
Digital twin and asset management: Metaverse technology can be used to create digital twins of real-world assets. Virtual replicas improve property management, allowing real estate professionals to remotely monitor building systems, identify potential issues early, and optimize maintenance schedules. Digital twins also facilitate virtual collaboration between architects, engineers, and property managers to streamline project coordination and decision-making.
Ranjan also mentioned some potential use cases for the Metaverse in real estate. he says:
Virtual land and metaverse real estate market: As the metaverse expands, virtual land and real estate will become increasingly valuable assets. Specialized platforms have emerged to facilitate the buying, selling, and renting of virtual land and real estate. This could create a new class of real estate assets with unique dynamics and market power.
Metaverse integrated real estate services: Real estate services such as real estate valuation, brokerage, and legal advice can be integrated into the Metaverse platform. This has the potential to streamline the real estate transaction process and provide a more convenient and seamless experience for buyers and sellers.
Metaverse-based architecture design and collaboration: Architects and designers can use Metaverse to create and collaborate on virtual architectural designs. This has the potential to revolutionize the architectural design process, enabling real-time collaboration, immersive visualization, and faster iteration.
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