Magicbricks.com, India's first real estate experience centre
Magicbricks.com sets up India’s first Real Estate Experience Center
Fast-changing technologies have, in recent years, shown their transformative impact on services, manufacturing, and knowledge industries. Taking a cue from these verticals, real estate too has gained an additional dimension – that of technological innovations -- to market their products in varied and better ways to customers.
Property portal Magicbricks.com has taken a lead over others by leveraging cutting edge IT and coming up with a first of its kind Real Estate Experience Center in Mumbai. The facility promises to ease the major pain points that customers face in their property buying journey.
Limited time, varied requirements
As the real estate sector in India is not as mature as in the other developed markets, the time spent by an Indian homebuyer before he zeroes in on a property can go up to several months.
With limited time at hand and varied requirements, property visits become difficult for home buyers. In this period, he does all kinds of research to mitigate risks such as locality risks, project risks, and developer risks.
“There are several other problem areas. Customers struggle with a flat two-dimensional layout plan of a flat trying to figure out how the flat would look like when it actually gets built. A survey conducted by Magicbricks suggests that approximately 60% of home buyers end up buying an apartment which does have adequate ventilation or does not have enough natural light,” Sudhir Pai, CEO, Magicbricks.com, said.
“It is, therefore, a big challenge to enable buyers in getting first-hand experience of the property and at the same time providing them expert advice about it,” he said.
While technologies such as AR (Augmented Reality) and VR (Virtual Reality) were present for the past few years, none of the players married them with business problems. Even those who did so did it in a very limited way (for a specific project or a specific location).
Magicbricks already had lots of information, listings, and rich content in the form of photographs and videos. The company decided to combine this with the latest in technology and come up with a solution that made search and discovery of property far more enjoyable and immersive for consumers. The end result was India’s first Real Estate Experience Center at Magicbricks Western Express Highway Metro station in Mumbai.
One of its kind Experience Center
The Magicbricks Experience Center is a unique and beautiful amalgamation of the online and offline worlds thereby bridging an important gap that existed between a buyer and a seller. Using technologies like Virtual Reality, Augmented Reality, on-demand Video-call and large format touch screens, the brand has created a compelling proposition to address the myriad questions that plague a buyer during his home buying journey.
“The centre has six distinct components which allow a buyer to perform a wide range of tasks ranging from browsing property listings, to using various financial calculators, to property comparisons, virtually speaking to a (magicbricks) advisor, immersive walkthroughs, and touch screen based map searches. 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,” Subodh Kumar, Head-Technology, Magicbricks.com.
With virtual reality solutions in the experience centre, a home buyer can move around in the apartment he wants to buy and firm up his opinion even when the flat is under construction. The augmented reality solutions help a home buyer to take an aerial view of the entire society. He can figure out where exactly his apartment is in the entire society, how far it is from the main entrance of the society, checkout the open spaces, take stock of the inter tower spaces, checkout the green areas etc.
To cater to the research needs of a home buyer, Magicbricks is exposing its database created over eight years. A home buyer can know all about a locality, research the track record of a developer, how the locality is coming up through our “Match My Needs” application.
In the next few months, the company would be opening six to eight more such centers across four-five cities in the country.
“With the help of emerging technologies, we have changed the decades old property buying process which was complex and tedious into a simplified procedure for end user,” Pai added.