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Gone are the days when real estate was solely a topic of interest for our parents and grandparents. Millennials have entered the scene and changed the ways of the real estate industry for good. Defined as people born between 1983 and 1996, millennials in India account for 34 percent (440 million) of the country's total population.

A recent survey published by Economics Times revealed that over 50 per cent of Indian millennials are willing to spend more than 25 per cent of their income on fully managed rental accommodations to ensure a hassle-free lifestyle. However, this shift of the newer generation towards rental properties did not occur overnight. The growing demand for rental properties in India can be attributed to urbanisation, population growth, and evolving lifestyles. In addition, the pandemic has also accelerated this trend, with remote and hybrid work arrangements allowing ease of working from any corner of the world and creating a demand for spacious, comfortable living spaces.

With the intervention of cutting-edge technology in the real estate market through proptech, here is how proptech platforms have come to the aid of millennials who are trying to find their dream homes in this competitive market:

Ease of finding properties online: One thing differentiating millennials from their predecessor is how the former prefers convenience over the latter. Proptech has created user-friendly platforms that have streamlined the entire process for millennials to conduct online property searches, and access property data, thereby renting houses remotely. Moreover, these online listings are often updated in real-time, so millennials can quickly jump on new properties that fit their needs and preferences. With the ability to search and view properties from the comfort of their homes, millennials can save time and effort by concentrating on the homes most likely to meet their requirements.

Property Price Comparison Tools: Millennials may more easily and accurately assess home price ranges with the aid of proptech. Millennials can compare property rent in other areas, cities, or even states thanks to access to real-time data and analytics, which enables them to make wise decisions and get the most value for their money. This can be extremely useful in competitive markets where properties may rapidly receive several bids from many potential renters.

Virtual tours: Proptech platforms offer the feature of virtual tours, which is another game-changing tool. Virtual tours refer to home tours conducted remotely, using the power of artificial intelligence and augmented reality. These tours include 3D scans of the home that allow potential renters to view the property at any time. They can also view the pre-recorded video tours shared on social media and other online platforms or live, private showings conducted through video chat tools on proptech platforms. Virtual tours allow renters to explore properties and make informed decisions about home purchases without visiting the property in person.

Insights about the neighbourhood: Proptech can also give millennials useful information on the area where they are considering buying a house. This can contain information on crime statistics, the standard of the schools, shopping malls nearby, the availability of parks and commercial areas, and transit alternatives. By accessing this information, millennials may make better choices about the location of their ideal house and whether it suits their requirements and preferences. Learning about the neighbourhood is crucial in renting, and proptech may greatly help. Millennials can make wise judgements and locate their ideal home in a competitive market if they can access this information.

Transparency in documentation processes: Millennials can now find renting homes convenient thanks to the ease of the documentation process. Proptech platforms have streamlined the entire process of documentation that allows renters to generate rental receipts, sign e-documents, and submit important papers without having to move an inch. Moreover, people now have access to online banking and payment systems, which offer safe and quick ways to send money and pay their rent. Thus, proptech platforms have made complete documentation and financial transactions more open and easier.

In recent years, proptech has been rapidly transforming the Indian real estate market by catering to the preferences and demands of the country's millennial population, which is the largest in the world. Furthermore, to appeal to this tech-savvy demographic, rental homeowners and proptech platforms must leverage revolutionary technologies such as artificial intelligence, augmented and virtual reality, AI chatbots, price comparing tools and even smart home technology to provide modern perks to the millennials.

In return, these technologies offer a chance to provide a high level of engagement and satisfaction to the millennials who value efficiency and ease of doing things thereby creating more opportunities for the proptech businesses.

(Sunny Garg, Co-Founder & CEO, Crib)