The ‘Make in India’, ‘Digital India’ and ‘Startup India – Standup India’ campaigns have generated a lot of enthusiasm not only in the Indian industry but all across the Globe. We have all the major IT giants like Facebook, twitter, Google, CISCO and the latest being Apple CEO Tim Cook lining up to meet the PM and promising to dole out new ventures and participate in the above programmes. Google has already signed an MoU with Indian Railways for establishing free WiFi connectivity at 500 railway stations. All these initiatives are indicators of how technology is going to steam roll into India in the next few years. After all a 1.2 billion populations is by no means a market to be overlooked.
The impact of this tech-invasion, if we may call it so, is all dependent on how different industries respond to it. Whichever industry or sector is able to grab the initiative; think out of the box to exploit these government programmes with a ‘digital’ foresight will rule the Indian market. One thing is for sure that the internet penetration in India is going to increase exponentially in the coming years.
Real Estate sector in India is one such sector which needs to seize this opportunity. Real Estate property websites in India are examples of business models implemented without technological backing or forethought. They have been there but doing the same thing, or at best repackaging old formats. There is a huge scope for Real estate websites in India to exploit these new initiatives and drive transparency in the real estate sector in India, which has been its single point of failure.
Property websites in India have an opportunity to lead the way and pull out the real estate sector from its present slow-down. Indian Property websites need to get away from the age old features of listings and sale-purchase business models. Analytics, virtual reality, big data are the domains where the real estate websites in India need to focus.
For this to happen the real estate sector needs to partner with Indian real estate websites to create a platform, which exploits technology to enable decision making models for the market. Real estate websites in India need to exploit technology to revive user or investor confidence to a level where it starts to contribute towards an effective business model. If the real estate sector is looking for the recovery cycle to start anywhere soon, it needs to take the real estate websites on board at the earliest.
The opportunity has presented itself and if the Real estate property in India is unable to leverage the potential, then it has nobody else to blame but itself.