In a recent move that indicates a paradigm shift in the real estate industry, Prestige Group, a key player in the sector, has embraced the metaverse, an immersive virtual reality sphere revolutionizing home buys to know properties well. Partnering with PropVR which specializes in 3D visualization, Prestige Group in a few months, is set to introduce luxury projects within this futuristic digital landscape, offering enhanced experiences to potential buyers .
Recent reports highlight the confirmation of this transformative partnership during a real estate digital transformation event. Sunder Jagannathan of PropVR, addressed the audience, throwing light on the potential of this collaboration. Vishesh Kaul, Chief Information and Digital Officer at Prestige Group revealed that the shifting dynamics in real estate transactions triggered by the pandemic, which in turn made way towards this innovative path.
Prestige Group's upcoming new luxury projects are all set for launch within the next few months which will take center stage in this virtual reality environment. With a calculated progression in mind, the initial focus will be on premium offerings and gradually move on to affordable property options.
Kaul's vision for the metaverse extends beyond residential properties, as he envisions the application of this technology to be incorporated at malls as well depending on the taste of people’s preference.
Notably the use of virtual reality in real estate is gaining significant traction among prospective property buyers. As observed by Sunder Jagannathan, the integration of this technology has led to a substantial increase in sales to NRI homebuyers, marking a notable shift in the purchasing landscape.
While this innovative leap holds immense promise, challenges still continue to be evident, as informed by Kaul. He acknowledges the hurdles posed by costs and the process of familiarizing users with these tech systems. As more young people who know about the metaverse are starting to buy properties he is hopeful that this challenge can be mitigated. As they get more involved, the tech should become cheaper.
Dhruba Ghosh of Provident Group, brings attention to the coexistence of traditional preferences among Indian buyers, while acknowledging the Technological Proficiency of the younger generation.
To summarize, as millennials and Gen Z redefine engagement, Kaul envisions a swift shift that will reshape the real estate landscape step by step going forward.
The introduction of Prestige Group into the metaverse marks a pivotal moment in the real estate sector, introducing a fresh perspective for better understanding and encountering properties. This innovative leap promises to reshape the course of real estate engagement, with the metaverse leading the way towards a new era of interaction and exploration.
PropertyAngel is an award-winning second landlord platform, headquartered in Bangalore with an AUM of Rs. 1500 crores. Incorporated in 2014, PropertyAngel's tech-enabled real estate asset management services for individual apartments, villas and houses, have won awards from Zoho, grants from Facebook, and been recognized several times as among the top 10 property management companies in India.