The future looks promising as India is gearing up to make waves in the Web3 space. Nevertheless, there are still a lot of challenges in India when it comes to implementing sophisticated technologies in the real estate segment, says Shashank Vashishtha, Executive Director, eXp India.
In an exclusive interview with Sanjeev Sinha, Mr Vashishtha shares his views on the latest trends in real estate in India and why the prospective homebuyers have been adopting new technologies rapidly. Excerpts:
Affordable housing is the current buzzword in real estate. What is your take on it and how is eXp India catering to its clientele in this segment?
Since the last five years, affordable housing has gained tremendous traction in the real estate sector. It has been the safest bet for any investor or financial institution because of robust demand in the segment and statutory benefits at national and state government levels. Also, a reduction in interest rates and subsidies for first-time home buyers make owning a dream home more affordable for low and middle-income households. With eXp as a cloud-based brokerage, we have penetrated into more than 100+ Indian cities within the past year and our team of agents is helping sell the affordable segment inventory of major developers in these cities.
NRI penetration in the luxury residential sector is trending. What according to you is the reason behind such adoption?
We Indians believe in the creation of generational wealth and no matter where we settle, we all dream of owning a piece of land or property in India. With the advancement of technology, many people are living as global citizens and travel between the countries frequently for business, and other reasons. The growing demand for transit homes among such people drives the demand for luxury homes in India. Presently, NRIs are increasingly showing interest in buying second homes for their aging parents for various reasons, including affordability, low-density housing, and accessibility to medical resources. Additionally, low property prices and the relaxation of investment regulations are also encouraging NRIs to buy a second home.
Sales of real estate through Metaverse topped globally and could double this year. What according to you is the major driving force that is attracting buyers to this technology?
A major driving force behind sales through technology or the metaverse is the desire to simplify life and save time. Buyers and sellers are getting smarter by the day because of the transparency maintained by ethical real estate organisations in the industry. Gone are the days when people were unable to identify the exact transaction value; thanks to the great initiatives and policies by the state and Central governments.
Presently, there is a lot of transparency in the market as a result of which people are spending more time searching or hunting property online rather than visiting sites physically and wasting their precious time. Metaverse or tech-based platforms like eXp World help buyers learn, buy and sell, and make the best decisions and choices during the property buying and selling process.
Being acclimated for two years to the pandemic and staying indoors people have been adopting new technologies rapidly. Please share your views on how Real Estate through Metaverse has benefitted from the habit created gradually.
I strongly believe that technology can disrupt any industry, whether it’s traditional commerce, online marketplaces, an OTT platform (Netflix) or traditional taxi services like UBER. Everyone loves flexibility and the freedom to choose the options that add to their convenience and best suit their needs.
A similar trend was observed during the pandemic in real estate developments and brokerages that had already adopted PropTech and a new set of tools, such as CRM, AI, VR, metaverse, etc. Of all these technologies, Metaverse gained momentum in the real estate sector due to the countless benefits it offers to both real estate agents and homebuyers. Metaverse has been a key contributor to eXp’s rapid growth and revenue growth over the last two years. Our Metaverse platform allows users to interact with each other in a seamless manner besides saving the precious time of our customers. Additionally, due to the social distancing norms implemented by the government during the pandemic, the Metaverse platform proved useful to our agents as well as customers as they were able to communicate online instead of meeting in person.
What is your take on the Indian market being introduced to this technology by various industries? What does the future hold for this Web3 wave?
India is playing a major role in the development and growth of metaverse technology. It is not only India’s population size that makes it the largest market for metaverse, but also Indians’ willingness to adapt to the latest technologies. The world’s largest consumer-driven industries consider India as a market with great potential as it is technology-friendly and provides transparency and ease of doing business.
The future looks promising as India is gearing up to make waves in the Web3 space. Nevertheless, there are still a lot of challenges in India when it comes to implementing sophisticated technologies in the real estate segment. However, the challenges also yield opportunities. India is a potential market for organised real estate because there are currently only a few people in this industry who work professionally and use a smart suite of tools to run their day-to-day operations.
At eXp India what do buyers mostly look for? How is your platform different from other players in this industry?
Buyers rely on us because every agent at eXp is equipped with cutting-edge tools and training to steer them through each and every step of the selling process. Furthermore, we are known for offering a distinctive, and exotic variety of properties, including 1/2/3/4-BHK apartments, villas, studio apartments, condos, farmhouses, etc., that fit the clients’ budget.
eXp India is a cloud-based brokerage that works on an agent-centric approach. We, as a company, have three core values–Cloud based, Compensation and Community. We provide advanced tools and training to our agents in India and around the world so that they can manage trust, quality, and transparency in services. In India, we place a high priority on educating our agents and teams so that they can grow personally and professionally while maintaining integrity and honesty. Thus, any buyer or seller who is looking for professional and global level services can choose eXp India to sell and purchase their property. eXp also has a code of conduct and policies that all of its agents must follow. Also, we offer a variety of tools and software solutions, such as CRM, Agent Center, MY eXp, eXp World (Metaverse platform), Workplace, eXp University (Virtual University), Mindflash, and many more, that enable our agents to work from anywhere and anytime with round-the-clock support from our staff.