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Augmented Reality in Real Estate: Revolutionizing Market Trends in 2024

augmented reality in real estate

Augmented Reality (AR) has emerged as a groundbreaking technology with transformative implications across various industries. In particular, the real estate sector has witnessed a significant paradigm shift with the integration of AR solutions. As we delve into 2024, the influence of AR on real estate market trends continues to evolve, reshaping how properties are marketed, experienced, and personalized. A reliable source confirms that 67% of homebuyers express high satisfaction with virtual tours. AR empowers buyers to take charge of their property exploration, thereby enhancing confidence and streamlining the home search process. As we anticipate developments in 2024, the smooth incorporation of augmented Reality into real estate endeavors foresees a future characterized by heightened immersion and efficacy, where buyers play an active role in sculpting their journey through property exploration.

  1. What is Augmented Reality?

    Augmented Reality blends digital elements with the physical world, offering an enriched and interactive experience. In real estate, AR applications overlay virtual information onto physical properties, allowing buyers to visualize spaces more vividly. This technology enhances property exploration, enabling clients to envision potential modifications and configurations with remarkable accuracy. For real estate professionals, AR streamlines the showcasing process and fosters deeper client engagement, ultimately expediting the sales cycle.

    As per Wikipedia, Augmented Reality changes how one perceives the existing real-world environment, while virtual Reality entirely substitutes the user’s real-world surroundings with a simulated one. Additionally, augmented Reality is often used interchangeably with mixed Reality, and there’s also shared terminology with extended Reality and computer-mediated Reality.

  2. The Rise of Virtual Property Tours:

    Virtual property tours have surged in popularity, propelled by augmented Reality in the real estate industry. This trend took a high, especially during the pandemic. Potential buyers preferred first to check virtual property tours rather than directly visiting the site. This helped them get a fair idea of the site, as normal pictures only do justice sometimes. Since the pandemic, the trend has become a mandate. Through AR-enabled platforms, prospective buyers can embark on immersive property tours from the comfort of their homes. These virtual experiences offer unparalleled convenience and accessibility, accommodating the fast-paced lifestyles of modern consumers. By providing detailed and interactive walkthroughs, AR-driven tours facilitate informed decision-making, minimizing the need for physical visits and expediting the sales process.

  3. Personalized Property Customization:

    AR technology empowers buyers with personalized property customization capabilities. Innovative AR tools allow clients to visualize design options and modifications in real time, fostering a deeper connection with prospective properties. From adjusting room layouts to experimenting with interior décor, AR facilitates a tailored exploration experience that resonates with individual preferences. This level of customization enhances buyer satisfaction and elevates overall engagement, driving greater interest in listed properties.

  4. AR-Enabled Property Marketing:

    With the advancement in technology, Augmented Reality and real estate go hand-in-hand. AR has revolutionized property marketing and advertising strategies, offering dynamic and interactive content experiences. By integrating AR elements into marketing campaigns, real estate professionals can captivate audiences and differentiate their listings in a crowded market. From interactive 3D property showcases to augmented reality walkthroughs, AR-enhanced content captures attention and drives higher engagement levels. These immersive experiences leave a lasting impression on potential buyers, increasing the likelihood of conversion.

  5. Enhanced Real Estate Education and Training:

    AR is reshaping real estate education and professional training programs, providing immersive learning experiences for industry professionals. Through AR simulations and interactive modules, aspiring real estate agents gain practical insights into property showcasing, negotiation, and client interactions. Additionally, AR facilitates continuous learning and skills development for established professionals, keeping them abreast of industry advancements and best practices.

    Real estate professionals can gain a competitive advantage through the implementation of augmented Reality (AR), which transforms property listings into interactive experiences. As reported in a Hindustan Times article, virtual property tours enabled by AR foster stronger connections with potential buyers, resulting in a notable 40% surge in listing clicks, amplified website traffic, and, ultimately, heightened sales. Furthermore, as per the real estate trends, properties equipped with virtual tours attract 49% more qualified leads, thus boosting visibility and positioning amidst stiff market competition.

  6. Overcoming Challenges and Adopting Best Practices:

    Implementing AR technology in real estate comes with its share of challenges, including technical complexities and adoption barriers. However, in 2024, these challenges will be resolved as the technology develops. Overcoming these hurdles is essential for harnessing the full potential of AR-driven proptech solutions. Real estate professionals can mitigate challenges by investing in user-friendly AR platforms, providing comprehensive training and support, and fostering a culture of innovation within their organizations. By embracing best practices and strategic planning, stakeholders can maximize the benefits of AR integration and stay ahead of the curve.

  7. Forecasting Market Trends for 2024:

    As we look ahead to 2024, AR-powered real estate technology is poised for continued growth and innovation. According to forecasts, the adoption of AR applications, platforms, and services within the industry is expected to surge, driven by increasing demand for immersive property experiences. Real estate professionals must anticipate emerging trends and capitalize on AR opportunities to remain competitive in the evolving market. By leveraging AR technology effectively, they can enhance customer engagement, streamline operations, and drive real estate sales.

Conclusion

Augmented Reality represents a game-changer in the real estate industry, revolutionizing how properties are marketed, experienced, and customized. As we navigate the real estate market trends in 2024, staying attuned to evolving AR trends and technologies is paramount for success. By embracing AR-driven innovations, real estate professionals can elevate their practices, deliver unparalleled value to clients, and stay ahead of the competition. 

In this era of digital transformation, real estate firms are integrating AR into their processes. This gave rise to the term ‘PropTech,’ which means the use of information technology (IT) to help individuals and companies research, buy, sell, and manage real estate efficiently. Beyondwalls is one such proptech and real estate marketing agency, which is at the forefront of pioneering advanced solutions, facilitating a seamless convergence of technology and real estate excellence.

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Real Estate Sales

Understanding Consumer Psychology and Pricing Elasticity in Real Estate

Real estate majorly revolves around the location of the property, and pricing has generally been the key factor. However, it’s crucial to consider another significant aspect, which is consumer psychology. A detailed understanding of the consumer psychology influencing pricing elasticity is essential, as real estate reflects the overall health of the economy.

For example, in 2022, the demand for 3 BHK homes was high because the economy, especially the tech sector, was thriving. Young professionals, around 28 years old, earning between 30 to 40 lakhs were investing a major part of their income in homes, cars, and travel. Homes were a priority, symbolizing status and stability. Fast forward to 2023, the demand for 3 BHKs dropped by more than half. Despite still earning 40 lakhs, individuals became cautious due to news of layoffs and economic uncertainty. Understanding the consumer’s thought process is now crucial when planning or pricing projects.

To illustrate this, let’s look at PCMC and the surrounding localities of PMC, representing West Pune’s real estate trajectory. Analyzing registrations from Sep-Oct 2022 and comparing them with 2023, we observe a significant decline in real estate sales in previously popular areas like Wakad, Balewadi, Rahatni, and Thergaon. In contrast, Tathwade, Punawale, and Ravet have experienced an upswing, possibly influenced by a mix of inventory and increasing prices. Interestingly, Hinjewadi has defied the trend, with volumes increasing despite rising prices. This data emphasizes the need to adapt strategies based on consumer behavior and market dynamics.

Real Estate Project-Wise Analysis: Key Metrics and Trends

Project Transaction (Sept-Oct ’23) Project Features/Sales Strategy Average APR Micro Market
GK Aarcon 369 Affordable Segment, Nearing Possession, Compact Homes 5100 Punawale
Kolte Patil – Life Republic 174 Smaller Sizes, Township Experience, Higher AOP & Marketing Costs 5300 Marunji
Unique K Town 84 Majority 2 BHKs 5132 Kiwale
Gini Vivante 77 Majority 2 BHKs & Compact 3 BHKs, 17 Acre Township 5173 Kiwale
Mangalam Melizma 69 Majority 2 BHKs & Compact 3 BHKs & Local AOPs 4710 Kiwale
Vivanta Yashada Windsong 61 Mid to Premium Segment, yet Majority 2 BHKs Sold 5950 Ravet
Jhamtani Ace Atmosphere 56 Mid to Premium Segment, yet Majority 2 BHKs Sold 5775 Aundh-Ravet BRTS Road
Kolte Patil Little Earth 53 Only 2 BHKs Sold with few compact 3 BHKs, Township Style Layout, Higher AOP & Marketing Costs 5012 Mamurdi
Shri Om Manglam Chaitanya 52 Only 2 BHKs Sold 4733 Kiwale
Jhamtani Ace Abode 45 Mid to Premium Segment, yet Majority 2 BHKs Sold 4790 Kiwale
Kohinoor Westview Reserve 44 Higher AOP, Higher Marketing Costs, Celeb Tie-Ups 6170 Tathawade
Lodha Hinjewadi 44 Brand Pull, AOP, & Operational Costs are higher 7600 Hinjewadi PH1
VTP Earth 1 44 Higher AOP & Marketing Cost, High Marketing Cost 7200 Mahalunge
Sai Bliss (Punavale) 41 Affordable, Nearing Possession 5100 Punawale
Kohinoor Coral 39 Affordable & Nearing or Ready, Small Carpet Sizes 5400 Hinjewadi PH3
Pebbles Greenfields 37 Higher AOPs & Sizes a= controlled of 2 & 3 BHKs 6750 Tathawade
Aishwaryam Insignia 35 Affordable & Small Carpet Sizes 5300 Aishwaryam Insignia
Kohinoor Famville 32 Higher AOP, Higher Marketing Costs, Celeb Tie-Ups, Etc 5780 Hinjewadi PH2
Nirman Astropolis 32 Premium Segment 6600 Aundh-Ravet BRTS Road
Mahindra Happinest Tathawade 30 National Brand, Smaller Sizes, 1 & 2 BHK, 470-680 sq.ft 6126 Tathawade
Pegasus Megapolis Mystic 27 Township Layout, Larger 2 & 3 BHKs, NRI Tie-Ups, Higher AOPs & Referrals 5821 Hinjewadi PH3
Rohan Nidita 26 Hinjewadi PH1, Brokerage driven, controlled marketing cost 6800 Hinjewadi PH1
Tulip Infinity Avana 24 2, 3 & 4 BHKs. Optimal sizing larger layout, high brokerage, good referral 7300 Aundh-Ravet BRTS Road
Shapoorji Pallonji Sensorium 23 Brand Pull, AOP, & Marketing Costs are higher 7490 Maan Road
Mihir Amara 22 Location Pricing advantage, spillover from Baner and Balewadi 6770 Wakad
Roshan Milestone 21 Affordable Segment with Compact Homes 4000 Punawale
Unique K Shire 21 Optimal Sizes & Larger layout gets Wakad spillover 5700 Punawale
Pegasus Megapolis Serenity 20 Only Compact 2 BHKs sold, Township Layout, Higher AOPs 5530 Hinjewadi PH3
Pharande Puneville 20 Large Layout & Pricing optimal, gets Wakad spillover due to location 5600 Punawale
Shree Sonigara Signature Ritz 20 Large Carpets, Higher brokerages 7150 Aundh-Ravet BRTS Road
Pride Purple Park Titan 19 Brand, Larger planned development, Higher Brokerages 6770 Hinjewadi PH1
Krisala 41 Zillenia 18 Decent 2 BHK & Compact 3 BHK, Higher Marketing Costs & AOPs 5216 Punawale

Types of Buyers and Location Preferences

  1. PCMC Buyers Preferred Locations:

    • PCMC Buyers preferred location Encompass crossing a highway.
    • Wakad
    • Ravet
    • Mamurdi

    Migrant Buyers Preferred Locations:

    • Hinjewadi

  2. Affordable Segment Bubble:

    • Punawale
    • Tathawade
    • Ravet

Factors Influencing Consumer’s Buying Preferences

  1. Affordability

    The shift in demand towards Punawale, Tathawade, and Ravet indicates a preference for more affordable housing options. Consumers are becoming increasingly conscious of their budgets, especially in times of economic uncertainty.

  2. Inventory Mix

    Locations experiencing an upswing, like Tathwade and Kiwale, are likely driven by a well-balanced inventory mix, offering a variety of 2 BHKs and compact 3 BHKs.

  3. Brand Pull

    Despite higher costs, in certain areas like Hinjewadi continue to attract buyers due to brand pull. Projects like Lodha Hinjewadi and VTP Earth 1 showcase the influence of a strong brand presence.

  4. Marketing Strategies

    Higher marketing costs and tie-ups with celebrities are observed in projects like Kohinoor Westview Reserve, indicating the significance of effective real estate marketing strategies in influencing buyer decisions.

  5. Location Advantage

    Spillover effects from neighbouring areas contribute to the success of projects like Mihir Amara and Pharande Puneville. Buyers are drawn to locations with pricing advantages and proximity to established neighborhoods.

Pricing Elasticity Insights

  1. Compact Homes Trend

    The data reveals a trend towards compact homes, driven by factors like affordability and optimal sizing. Projects like Unique K Town and Sai Bliss exemplify the demand for more manageable living spaces.

  2. Township Experience Appeal

    Developments with a township experience continue to attract buyers, emphasizing the enduring appeal of holistic living environments.

  3. Shift in Volume

    The normalized carpet to saleable ratio and Average Per sq.ft. Rate (APR) calculations help identify shifts in volume and pricing trends, offering valuable insights for developers and investors.

Conclusion

Understanding consumer psychology and pricing elasticity in real estate requires a sophisticated approach. By considering the type of buyer, location preferences, and various influencing factors, developers can adapt their strategies to meet the evolving consumer demands and market dynamics. The data-driven analysis depicted here serves as a guide for stakeholders navigating the ever-changing real estate landscape in West Pune.

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Real Estate Sales

Homebuying Decision-Making Process Made Easier by MahaRERA’s Grading System

MahaRERA's Grading System

The Maharashtra Real Estate Regulatory Authority (MahaRERA) was established in 2017 under the Real Estate (Regulation and Development) Act to bring accountability, transparency, and efficiency to the real estate sector. For years, homebuyers struggled with delayed possessions, poor construction quality, and asymmetric information when evaluating projects.

To protect consumer interests, especially the first-time home buying, RERA mandated that all projects be registered with the regulator. MahaRERA went a step further by implementing a grading system for registered projects to enable better decision-making. Over time, MahaRERA has emerged as a pivotal force in disciplining developers and earning homebuyers’ trust.

In this blog, BeyondWalls being a leading real estate marketing agency, explores MahaRERA’s grading system, its mechanism, and its far-reaching impact on homebuyers as well as developers. The grading system has undergone a structural shift towards increased transparency by standardizing how projects are evaluated based on parameters like financial health, construction progress, promoter track record, and legal compliance. Let’s analyze the grading framework in detail.

How Does the MahaRERA’s Grading System Work?

The system involves a team of independent experts conducting site visits, reviewing project documentation, and interviewing the promoters and project contractors.

  • Phase I – Information Disclosure

    The developer must provide comprehensive project details to MahaRERA, including the project’s budget, legal adherence, and construction status, all of which will be made accessible to the public via MahaRERA’s website.

    1. Project Details: This includes the name of the project, its location, the developer, and other relevant information.

    2. Technical Details: This consists of the approval status, including the commencement certificate, adherence to promoters’ quarterly and annual requirements, booking rates, and more.

    3. Financial Health: This includes the project’s financial viability, the promoter’s track record, and the project’s funding.

    4. Legal Compliance: It includes the project’s compliance with all applicable laws and regulations.

    5. Construction Progress: This involves the project’s progress on construction, the quality of construction, and the adherence to timelines.

    6. Amenities: This consists of the quality and availability of amenities in the project, such as parking, security, and common areas.

    7. Promoter’s Track Record: This includes the details regarding the promoter’s history of completing projects on time and within budget.

  • Phase II – Project Grading

    In this phase, MahaRERA evaluates the project by considering the information provided by the promoter. The evaluation is done using a scoring system where specific factors are assigned varying levels of importance. Once the evaluation process is complete, the project is assigned a grade.

MahaRERA Grading System Benefits for Homebuyers

MahaRERA grading system offers multifaceted benefits for homebuyers in terms of simplified decision-making, increased transparency, benchmarking projects, deterring risks, and building trust.

  1. Simplified Decision Making

    The most significant benefit is the simplicity of a single grade encapsulating multiple aspects instead of having to analyse complex quantitative and qualitative factors. Homebuyers can use the grade as the primary filter before evaluating other specifics.

  2. Increased Transparency

    The transparency into the metrics and methodology behind grade calculations allows homebuyers to trust the grading. Since these grades are third-party assessments by an independent regulator, homebuyers can rely on them as unbiased indicators of project execution capability and quality.

  3. Benchmarking

    MahaRERA project grading enables standardized benchmarking for comparing projects. Homebuyers can compare competing projects based on the MahaRERA grade to gauge relative standing.

  4. Deterring Risks

    The lower grades for projects with higher risks again simplify decision-making for buyers when evaluating downside risks. Rather than assessing risks themselves, buyers can directly use the grade as a risk proxy.

  5. Building Trust

    By providing a regulator-backed, standardized framework for consumers to evaluate opportunities, the grading system helps build overall trust and confidence in the whole home buying process.

MahaRERA Grading System Impact on Developers

MahaRERA grading system has had a marked impact on developer practices as well. High grades can improve real estate sales velocity and collections for projects as buyers perceive lower risks. On the other hand, low grades can act as red flags. This builds tremendous focus across the industry on parameters like execution capability, construction quality, timely delivery, and regulatory compliance, which determine the scores.

  1. Improving Construction Quality

    To score well on the quality of construction and craftsmanship, developers are prioritizing external audits, best practices, and customer feedback in the development process.

  2. Meeting Delivery Timelines

    The grading considers past track record of adherence to timeline commitments. This builds tremendous focus on project planning, work sequencing, and resource allocation to avoid delays.

  3. Financial Planning

    Developers are shoring up project funding buffers and improving contingency planning to prevent cost overruns that could reflect poorly in the financial soundness parameter.

  4. Increasing Regulatory Compliance

    To score well on legal compliance during evaluations, developers are proactively adhering to regulatory needs around disclosures, occupancy certificates, and periodic progress reporting.

  5. Differentiation

    The grading provides better-managed developers the ability to differentiate themselves and accrue benefits linked to higher sales velocity and customer confidence. This catalyses a virtuous cycle.

    In summary, grading nurtures structural improvements across project planning, financial, legal, and execution parameters to uplift industry standards.

Challenges and Adaptations

Despite the regulations, some industry participants have also aired concerns that the grading methodology does not adequately factor in prevailing market conditions, liquidity scenarios, and changes in macro policies – all of which have impacted projects significantly over the last few years.

There are also calls to review the relative weightage given to different parameters in the grade calculation formula. As the grading ecosystem evolves, these aspects are being examined to ensure fairness as well as the effectiveness of the system. But despite limitations in this first version, the regulatory intent and direction are clearly oriented towards consumer interest.

In Conclusion

MahaRERA’s grading system has been a pivotal structural shift towards empowering buyers, instituting better information symmetry through standardization, and enabling data-driven decision-making. The real impact will only be evident over the next few years as more projects get completed and rated across market cycles.

But for now, buyers finally have access to a formal framework they can trust – one that provides a reliable, regulator-backed benchmark for risk evaluation. The pioneering grading approach is thus a stepping stone towards a more efficient, transparent, and accountable real estate market.

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PropTech in India: Redefining Home Management and Property Services

proptech homemanagement

The Indian real estate sector stands at the cusp of a transformative revolution, and at the epicenter of this seismic shift is “PropTech.” In recent years, PropTech, short for “Property Technology,” has emerged as a dynamic and game-changing force that is reshaping how we buy, sell, manage, and experience real estate in India. This fusion of property and technology is not just a buzzword; it’s a fundamental paradigm shift that promises to redefine the very essence of the Indian real estate landscape.

As urbanization accelerates and the aspirations of Indian homeowners and renters evolve, PropTech arrives as a breath of fresh air, offering innovative solutions to age-old challenges. It’s the digital innovation that empowers property managers, delights homeowners, and streamlines the entire real estate ecosystem.

In this blog, we embark on a journey into the heart of the PropTech revolution in India. We will explore the multiple facets of PropTech, from its technological foundations and applications to its profound impacts on homeowners, renters, and the real estate industry as a whole. We will delve into the challenges it faces, the opportunities it presents, and the exciting prospects that lie ahead.

Join us as we unravel the story of how PropTech is revolutionizing the Indian real estate landscape, one innovation at a time. This is not just a technology trend; it’s a revolution that promises to transform the way we live, work, and invest in real estate.

  • The Transformational Role of PropTech in the Indian Real Estate Market

    PropTech is catalyzing a profound transformation in the Indian real estate sector, influencing multiple facets of the industry. It transcends traditional boundaries and reshapes the way properties are managed and experienced. Here’s a comprehensive look at the multifaceted impact of PropTech in India:

  • Growing Relevance of PropTech in India’s Tech Advancements

    India’s remarkable progress in technology and digitalization has created a fertile ground for the growth and integration of PropTech solutions. The country’s ever-expanding tech-savvy population, coupled with an increasing rate of smartphone penetration, makes India an ideal breeding ground for digital innovation in the real estate sector.

  • Technological Advancements: AI and IoT in Home Management

    Two of the most influential technological advancements in PropTech are Artificial Intelligence (AI) and the Internet of Things (IoT). These technologies are revolutionizing the way homes are managed and are shaping the future of real estate in India.

    1. AI in Real Estate

      AI algorithms can process and analyze vast amounts of data, providing invaluable insights into property management. Predictive AI can forecast maintenance needs, ensuring that issues are addressed proactively. Virtual assistants powered by AI enhance communication between property managers and tenants, facilitating efficient query resolution.

      proptech homemanagement
      Also Read :

      How AI will Influence the Symphony of Indian Real Estate

    2. IoT in Real Estate

      IoT devices interconnect various aspects of home management. Smart thermostats, security cameras, and home automation systems enable homeowners to control and monitor their properties remotely. These devices significantly enhance security, automate routine tasks, and optimize energy consumption, leading to cost savings and environmental benefits.

  • Impact on Homeowners and Renters

    PropTech’s influence extends directly to homeowners and renters, redefining their experiences in the real estate realm.

    1. Enhanced Security

      The integration of AI and IoT in security systems allows for real-time monitoring and instant alerts. Homeowners can enjoy peace of mind knowing that their properties are under constant surveillance, and any anomalies are promptly addressed.

    2. Automation

      PropTech solutions bring automation to the forefront of property management. Tasks such as bill payments, maintenance requests, and communication with property managers can be efficiently automated, reducing the administrative burden on homeowners and property managers alike.

    3. Energy Efficiency

      IoT-powered smart home devices optimize energy consumption by adapting to user behavior and external factors. This results in not only cost savings but also a reduced environmental footprint.

  • Challenges and Opportunities

    While PropTech holds immense promise, it also faces several challenges:

    1. Varying Adoption Rates

      The adoption of PropTech solutions varies across regions in India. Urban centers are more receptive to these innovations, while rural areas may face barriers in terms of awareness and infrastructure.

    2. Infrastructure Challenges

      The success of PropTech depends on robust internet connectivity and infrastructure. Addressing these infrastructure challenges is crucial for the widespread adoption of PropTech solutions.

  • Opportunities for Growth

    Despite these challenges, the future of PropTech in India is bright, with several opportunities on the horizon:

    1. Remote Property Management

      As more homeowners invest in properties away from their primary residences, remote property management solutions are expected to gain prominence. These solutions enable property owners to efficiently manage their assets from anywhere in the world.

    2. Green PropTech

      The convergence of PropTech and sustainability is an exciting prospect. The development of eco-friendly and energy-efficient solutions will cater to environmentally conscious consumers.

    3. Integration and Interoperability

      The real estate industry will focus on enhancing the compatibility and integration of various PropTech solutions. This will create seamless experiences for homeowners, renters, and property managers by allowing different technologies to work together harmoniously.

Conclusion

In conclusion, PropTech is not merely a buzzword; it represents a transformative force reshaping the Indian real estate landscape. By harnessing the power of AI and IoT, homeowners and renters can enjoy enhanced security, automation, and energy efficiency. While challenges exist, such as varying adoption rates and infrastructure limitations, the potential for PropTech growth in India is immense.

It’s time for the real estate sector in India to fully embrace these technological innovations and unlock the benefits they offer. PropTech has the potential to create a more efficient and user-friendly property management experience, elevating the Indian real estate market to new heights of innovation and convenience. As we witness this digital revolution unfold, the future of real estate in India is bright, promising greater convenience, efficiency, and sustainability for all stakeholders in the industry. For a detailed overview on current PropTech trends, you can also check with BeyondWalls, India’s leading PropTech Ecosystem.

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Real Estate Marketing

Achieving 2.5x Greater Efficiency in Real Estate Marketing Using AI

real estate marketing ai

At BeyondWalls, we’ve harnessed the immense power of AI to revolutionize our approach to real estate marketing. It’s not just about automation; it’s about leveraging AI to its full potential.


🔍 Gathering Insights:

Earlier: Our teams used to manually research and gather data of the projects in the vicinity, demand, search volumes, etc. TAT- 3-4 Hrs.

Now: AI helps us gather invaluable insights from vast datasets. We can now understand market trends, customer preferences, and emerging opportunities with unmatched precision. TAT- 30-40 Mins.


📊 Analyzing Data:

Earlier: Our team looked at each data set, gathered insights and drew conclusions for our creative teams to come up with concepts. TAT: 1-2 Hrs

Now: AI is our secret weapon for data analysis. It enables us to make sense of complex information swiftly and accurately. These insights and conclusions are shared with our creative teams for marketing conceptualizations. TAT: 20-40 Mins


💡 Deriving Marketing Ideas and Concepts

Earlier: Our Creative teams brainstormed to come up with marketing concepts. TAT 1-2 days

Now: AI helps with the structure of ideas, forms directions and buckets of content that can be worked on. Our team carefully shortlists and extends the right ideas out of it to bring the right GTM communication. TAT: 3-4 Hrs.


🎯 Media Strategies:

The real game-changer? Tailoring media strategies.

Earlier: Based on TG analysis, product understanding, the media strategy was prepared manually. TAT: 1-2 days

Now: AI helps us identify the right channels, the perfect timing, and the ideal audience, all leading to unprecedented returns on investment. TAT: 3-4 Hrs.

AI-driven insights, we’re supercharging our marketing and real estate sales plans. Every decision is data-backed, ensuring we stay agile and adaptive.

We’re not just keeping up with technology; we’re shaping its future in real estate marketing. Our teams are dedicated to continuous learning and innovation, ensuring that we harness every technological advantage to provide you with the best solutions. We’re not just efficient; we’re relentlessly committed to excellence. In this ever-evolving landscape, we’re not just keeping pace; we’re setting the standard. Together, let’s redefine what’s possible in real estate marketing.

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Real Estate Marketing

BeyondWalls Shines at Meta Real Estate Summit

meta real estate summit 2024

BeyondWalls, a leading name in the real estate industry, has once again demonstrated its commitment to staying ahead of the curve. The BeyondWalls team recently had the honor of participating in the Meta Real Estate Summit 2024 at the Meta Office in Mumbai. This event brought together visionaries and experts from the Meta platform, shaping the future of real estate marketing.

We extend our heartfelt gratitude to the Meta team, especially Dhriti Rattan, for hosting us at the Real Estate Summit in Mumbai. This collaboration with Meta has allowed BeyondWalls to harness the platform’s cutting-edge capabilities for the benefit of our esteemed real estate clients, including Amanora, DLF, TATA Realty, Birla Estates, Runwal Group, and many more. We’ve leveraged these capabilities for performance marketing campaigns that have redefined industry standards.

Here are some key insights that we gained from this enlightening event:

  1. Projected Growth by 2030:

    The digital advertising expenditure is set to experience an impressive 380% Compound Annual Growth Rate (CAGR), with Meta’s share accounting for a substantial 60%. This underlines the growing importance of Meta in the world of advertising and marketing.

  2. Instant Forms for Lower CPL:

    Leveraging instant forms can lead to a 20% reduction in Cost Per Lead (CPL), demonstrating the efficiency and effectiveness of this approach.

  3. Essential Metrics for Quality Leads (QLeads):

    Achieving quality leads is highly dependent on strategies such as using instant forms with conditional logic, higher intent forms, destination optimization, or Call-to-Dialog (CTDLG). These tactics contribute to 58% of QLeads, emphasizing the importance of a strategic approach.

  4. Messaging Experience on WhatsApp (CTWA):

    Exploring WhatsApp as a platform can enhance conversational marketing, conversational commerce, and conversational care, offering new avenues for customer engagement.

  5. AR and VR in Real Estate:

    The potential roles of Augmented Reality (AR) and Virtual Reality (VR) in the real estate industry were discussed, highlighting the possibilities for immersive property experiences.

  6. Anatomy of an Ad – the “Z” Placement:

    Insights into practical ad placements were shared, emphasizing the significance of ad positioning for engagement.

  7. Creative Elements for Differentiation:

    The event emphasized creative elements such as aesthetics, conceptualization, messaging, and graphics as tools for differentiation, emphasizing the need for unique and compelling content.

  8. Creative Dimensions:

    It was noted that the 4:5 ratio works best for performance, while the 16:9 ratio is ideal for in-stream ads, providing practical guidance for ad design.

  9. Enhancing CTAs:

    Transforming static content into simple video (in-motion) creatives can significantly improve Click-Through Rates (CTAs), showcasing the impact of dynamic content.

  10. Optimizing Reels:

    Reels should be designed with text in the safe zone to ensure maximum clarity for the audience, highlighting the importance of visual presentation.

  11. Adex Growth:

    From 2016 to 2024, the advertising expenditure (AdEx) is expected to see a remarkable 45% increase in Growth, underscoring the ongoing evolution of the advertising landscape.

We want to express our gratitude to Meta for organizing this fruitful and insightful summit. We are excited about the opportunities that lie ahead and look forward to continued collaboration and innovation in the ever-evolving landscape of real estate marketing.

Stay tuned for more updates from BeyondWalls as we continue to pioneer new avenues in real estate marketing.

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Housing Market Trends 2024: Navigating the Future of Indian Real Estate

Imagine standing at the brink of 2024, gazing out at the horizon of India’s real estate landscape, a realm brimming with possibilities and transformations. In this rapidly evolving sector, every brick laid, and every home built tells a story of change and progress. As the Indian economy flourish, so does its real estate market in India, with vibrant technological innovation, shifting cultural paradigms, and economic dynamism.

This is not just a market; it’s a reflection of India’s aspirations, a mirror of its economic vitality, and a testament to the dreams of millions. Here, in the bustling cities and serene suburbs, the pulse of the nation’s progress beats strongly. As we delve into the housing market trends of 2024, we uncover layers of evolution – from the rise of smart homes powered by cutting-edge technology to the subtle yet impactful shifts in homebuyer preferences and the intricate shift of affordability with housing prices. These trends are the harbingers of a new era in real estate, one that promises not just homes but futures brimming with potential.

This blog is an insightful journey through the key trends that are set to redefine the real estate sector growth in India in 2024, painting a picture of a sector that’s as dynamic and diverse as the country itself.

  1. Homes That Offer A Lifestyle

    Homes That Offer A Lifestyle

    The modern homebuyer’s appetite for homes that transcend the traditional living space is growing exponentially. They are in pursuit of properties that offer not just four walls and a roof but an enriching lifestyle. These properties offer a blend of luxury and convenience, featuring fitness centres, swimming pools, and co-working spaces, catering to the aspirational needs of today’s generation. Such lifestyle-centric homes are not just about comfort but also about creating a sense of community and belonging, reflecting the evolving priorities of homebuyers.

    This trend highlights the ongoing real estate developments and the shifting focus of the real estate marketing agency sector.

  2. Focus On Affordable Housing

    Focus On Affordable Housing

    As we approach 2024, the spotlight on affordable housing shines brighter than ever. The Indian government, in collaboration with visionary developers, is striving to make the dream of homeownership a reality for a wider audience. This commitment is mirrored in the emergence of budget-friendly housing options across India, from bustling metros to emerging urban centres. This trend not only democratizes property ownership but also weaves a fabric of inclusivity and empowerment across the nation, reflecting a significant aspect of real estate sales.

  3. Suburban Homes

    Suburban Homes

    The allure of suburban living is gaining momentum, propelled by the desire for a balanced lifestyle amidst nature, yet connected to urban centers. Developments are leading this wave, offering tranquil suburban settings combined with the conveniences of city life. These suburban homes are emerging as the ideal choice for those who value peace and space yet do not wish to compromise on accessibility and modern amenities, marking a notable shift in real estate trends in India.

  4. Homes With Minimum Impact on the Environment

    Homes With Minimum Impact on the Environment

    In the realm of real estate, sustainability is transitioning from a niche preference to a mainstream demand. Eco-conscious homebuyers are increasingly gravitating towards green homes that reflect their values of environmental stewardship. Developments, driven by sustainability philosophy, exemplify this shift. Incorporating renewable energy sources and green building techniques, these homes not only minimize environmental impact but also promise a healthier, more sustainable way of living.

  5. Digital Landscape of House Hunting

    Digital Landscape of House Hunting

    The journey of finding a dream home has entered the digital domain. Today’s house hunting is characterized by virtual tours, high-resolution imagery, and comprehensive online listings, making the process more convenient and informative. This digital evolution, powered by Proptech solutions, empowers buyers to make well-informed decisions from the comfort of their homes, transforming the way we perceive and engage with real estate online sales.

Conclusion:

As we look towards 2024, the Indian real estate market is set to embrace these transformative trends, heralding a new age of housing that is in sync with the aspirations and lifestyles of modern society. In this evolving landscape, Real estate marketing agencies like BeyondWalls emerge as one stop solution, guiding developers and brokers through the intricacies of this dynamic sector. With a focus on lifestyle, affordability, sustainability, and digital innovation, the future of Indian real estate is poised to be as exciting as it is promising, offering vast opportunities for real estate investment and showcasing the pivotal role of technology in real estate.

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Real Estate Investment in India 2024: Expert Insights

In the ever-evolving landscape of real estate, it becomes a mandate to remain updated with the trends and economic factors. The current real estate scenario reflects a complex interplay of economic factors, technological advancements, and changes in consumer preferences. The past year witnessed a flexible market grappling with challenges that were posed by global events and local market dynamics. From regulatory regulations to fluctuating GDP, the real estate world navigated through the market on a good note.

As we step into a new year, we expect the real estate industry to undergo new transformations with numerous factors coming into play. The upcoming year holds the promise of new-age innovation, the role of technologies, the growing impact of sustainable practices, and varying economic factors.

This blog will explore the intricate landscape of real estate for the year 2024, backed by expert insights.

  1. Economic Trends Shaping the Real Estate Market

    Understanding the economic trends is a crucial factor in making well-informed investment decisions. The Indian government plays a major role in shaping the industry. Having a brief knowledge of the latest policies and government initiatives acts as a significant game-changer for investors.

    • Affordable Housing Initiatives: The Union Budget 2023-2024 set aside INR 79,000 crores for the PMAY (Pradhan Mantri Awas Yojana), which gave a significant boost to the affordable housing sector. This scheme is said to be completed by 31st December 2024. The beneficiaries under this scheme are MIGs (Middle-Income Groups), LIGs (Low-Income Groups), and EWS (Economically Weaker Section).

    • RERA (Real Estate Regulation and Development Act): RERA is a landmark legislation in India aimed to protect homebuyers’ interests and to promote transparency in the real estate sector. Enacted in 2016, RERA mandates the registration of real estate projects, ensures adherence to project timelines, and establishes a grievance redressal mechanism, enhancing accountability and trust in the real estate industry. RERA has helped in boosting the confidence of homebuyers and investors alike.

    • GST (Goods and Services Tax): GST is a single tax applied to goods and services, replacing various other taxes (VAT, Service Tax, etc.). This has brought uniformity in the tax structure, minimizing complexities. Residential properties have a GST rate of 5%, while commercial properties are taxed at 18%.

    • FDI (Foreign Direct Investment) Policy: The surge in India’s real estate market can be attributed to its favourable FDI policies and heightened transparency in transactions. As per Livemint, an impressive 81% of total investments are from foreign sources, and institutional investments in Q1 2023 witnessed a notable 37% year-on-year surge, reaching $1.7 billion, with the office sector taking the lead.

  2. Sustainable and Green Investments

    From the use of eco-friendly construction materials to adapting energy-efficient resources, real estate is showcasing a paradigm shift towards green and sustainable developments. These developments not only align with environmental safety but also cater to the growing demand for eco-friendly living spaces.

    As energy costs rise and climate change awareness deepens, real estate investors are recognizing the long-term viability and marketability of green initiatives. Incorporating sustainability is not merely a trend but a fundamental reorientation of the real estate industry towards a greener and more responsible future.

  3. Emerging Technologies in Real Estate

    real estate investment india 2024

    In the digital age, technology is just a tool; it’s a transformative power shaping not just the real estate industry but also our lives. The evolution of Proptech, Virtual Reality (VR), Artificial Intelligence (AI), and blockchain technologies are becoming significant key drivers of the real estate industry.

    • Proptech Revolution: Proptech, a fusion of property and technology, is revolutionizing the industry by introducing innovative solutions like online property management platforms, digital marketplaces, and intelligent building technologies, streamlining processes and enhancing user experiences.

    • Virtual Reality (VR): Virtual Reality is reshaping the real estate landscape by offering immersive property tours and virtual walkthroughs, enabling potential buyers and investors to explore properties remotely, saving time and providing a realistic preview before physical visits.

    • Artificial Intelligence (AI): Artificial Intelligence is driving efficiency in real estate through predictive analytics, facilitating data-driven decision-making for investors, creating property valuation models, and personalizing customer experiences, contributing to a more streamlined and informed industry.

    • Blockchain Technology: Blockchain technology enhances transparency and security in real estate transactions with the help of a decentralized ledger for property records and transactions, reducing fraud risks, and increasing trust among stakeholders in the property market.

    These technologies go beyond mere innovation; they redefine the entire real estate experience. Investors enjoy the benefit of streamlined processes, developers gain efficiency in project management, and homebuyers want a more informed and immersive property exploration. Navigating the future of real estate marketing means acknowledging these technological advancements and understanding their far-reaching implications.

  4. Trends in Property Investment

    The dynamic world of real estate requires a keen understanding of the ever-changing trends. Every potential investor must acquaint themselves with the multifaceted trends in the market to make sound investment decisions. Whether the trend speaks about shifting preferences towards smart homes, shared spaces, or an inclination towards a specific type of architecture, it is crucial to ensure that investors are updated with the latest trends in the market.

    Besides this, the rise of co-living and co-working spaces is a noteworthy trend in the industry. Changing work dynamics and lifestyle preferences of homebuyers are impacting the demand for non-traditional spaces.

    Additionally, the demand for housing in Tier 2 & Tier 3 cities is opening new doors of real estate investment opportunities for investors. These cities offer a distinctive landscape with lucrative opportunities and growth potential. Hyderabad, Pune, and Chandigarh are some of the significant cities witnessing steady growth in the real estate realm.

Conclusion

In the year 2024, real estate industry promises a stable future for real estate online sales in India. The economic trends, sustainability and green practices, government policies, and emerging trends will be the key drivers, hence, investors and buyers must align their investment decisions with a proper understanding of these factors.

Follow BeyondWalls, a real estate marketing agency & integrated PropTech ecosystem, to stay up to date with the industry trends.

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Exploring the Diwali Housing Market: A Festival of Opportunities for Home Buyers and Developers

diwali housing market

The effervescent festival of Diwali transcends the boundaries of traditional celebration. It marks a significant period of resurgence, ushering in a season of newfound beginnings across various industries, notably the real estate sector. Diwali, celebrated with zeal and lights, brings not just traditional delights but also a surge in economic activities, especially real estate sales. The festival’s exuberance intertwines with promising offerings, discounts, and a rise in festive sentiment, catalysing a vibrant spectacle for both home buyers and developers in the real estate market.

BeyondWalls embarks on an illuminating journey into the interwoven narratives of Diwali’s impact on the real estate market, navigating the viewpoints of both home buyers and developers during this jubilant season.

  1. Auspicious Time for Purchases

    Understanding the Need for Digital Transformation

    Diwali, beyond its cultural significance, stands as an auspicious juncture for significant purchases. It’s time when the enthusiasm of the festival infuses a sense of good fortune, influencing individuals to consider substantial investments, including new homes. The belief in auspicious beginnings during Diwali holds sway over the decision-making process, steering individuals towards the path of owning significant assets becoming the best time to buy property in India.

  2. Boost in Real Estate Sales

    Understanding the Need for Digital Transformation

    Reports and statistics during the festive season showcase a significant upsurge in real estate sales. Remarkably, the final quarter, from October to December, marks a significant upswing in the Indian real estate sector.

    Colliers India highlights this period as a crucial phase for real estate, with developers providing Diwali discounts, flexible payment options, reduced floor rise charges, and financial institutions luring homebuyers with waivers on processing charges and minor interest rate reductions. It said that housing sales in 2023 are on par with 2022 levels, with the ongoing festive season estimated to drive a remarkable surge, projecting a 20 to 30 per cent increase in sales compared to 2022.

  3. Lifestyle Aspirations vs. Rates

    Understanding the Need for Digital Transformation

    Interestingly, the festive season witnessed a shift in buyer priorities. It’s not merely about rates; the focus has shifted to encompass lifestyle aspirations. The festive cheer prompts buyers to look beyond the monetary aspects, considering investments that resonate with their lifestyle aspirations, marking a shift from merely considering price rates. So, the rising raw material costs, high-interest rates, and mortgage difficulties have failed to shake the confidence of homebuyers to buy a property in Diwali.

  4. Positive Buyer Sentiment

    During the festive season, real estate developers witnessed a remarkable surge in sales, with reported increases ranging between 15 to 29% during Diwali. The Confederation of Real Estate Developers’ Association of India (CREDAI) highlighted the attractiveness of projects nearing completion, drawing substantial buyer interest. This surge was notably higher, with a 20-25% increase compared to the previous year, potentially influenced by the reduction in the repo rate.

  5. Favourable Quarter for Developers

    Understanding the Need for Digital Transformation

    The festive season acts as a catalyst for real estate developers, leading to an exceptionally profitable quarter. Amidst a challenging phase for real estate developers, relief arrived after a tough quarter.

    The figures dropped from Rs 50,535 crore to Rs 42,040 crore, signifying a notable decline in sales during this period. The surge in sales and the festive cheer create an ideal backdrop for developers, fostering growth and profit during this period.

  6. Commercial Real Estate Soaring

    Understanding the Need for Digital Transformation

    Amidst the revival of economic activity, the demand for commercial real estate in India has soared significantly. Notably, retail leasing in the country has experienced a remarkable surge, showcasing a 166% year-on-year growth, surpassing 1.5 million square feet. This surge in retail leasing underlines the burgeoning demand and development within the commercial real estate sector.

  7. Homebuyers Seeking the Best Deals

    Understanding the Need for Digital Transformation

    The eagerness of homebuyers to capitalise on the best real estate Diwali offers by developers during the festive season is palpable. Recognising the consistent upward trend in residential real estate prices and the surging demand for larger homes, homebuyers are keenly aware of the necessity to secure the best real estate deals.

    With developers unveiling festive season sales and attractive offers, the real estate landscape has notably fortified over the past few years. This strengthening market has favoured developers with a firm delivery legacy and product launches aligned with market demands. The ongoing festive quarter is expected to bolster this positive momentum in the real estate sector.

In Conclusion

The Diwali real estate market symbolises a festival of opportunities for both home buyers and developers, offering a window of advantageous prospects and substantial transactions. It’s a time marked by increased real estate sales, burgeoning sentiments, and a confluence of aspirations and offerings. The festive season sets the stage for a win-win situation for both home buyers and developers, fostering a landscape of growth, opportunities, and mutual benefits in the industry.

Follow BeyondWalls, the real estate marketing agency & Integrated PropTech Ecosystem, to stay updated with industry trends and evolving market scenarios.

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Top 10 Real Estate AI Tools to Keep Up with the Evolving Market

ai tools for real estate

Imagine a future where finding your dream home in the bustling streets of Mumbai, Pune or the serene landscape of Kerala is as easy as asking your smartphone. Making an informed decision doesn’t mean hours of research but just understanding insights provided by AI. Welcome to the present of Indian real estate technology, where the power of Artificial Intelligence is not just a buzzword but a reality shaping the market.

But what is AI? Think of it as a computer brain. This brain can learn, think, and even make decisions like us, but faster. Now, let’s talk about houses and properties. In the past, buying a home meant lots of paperwork, visiting many houses, and talking to several agents. It was tiring and time-consuming. But with AI tools, this process is changing.

For brokers, AI can help find the right buyers quickly. Instead of showing ten houses, they might show just three, but all perfect matches. For users, AI gives a better picture. Imagine knowing a neighborhood’s safety, the nearby schools, or future property prices before buying! And developers? They can understand what people want and design better homes.

Dive in as we explore the best real estate 10 AI tools

  1. AI-Powered Property Search Engines for Personalised Property Discovery

    Pinpointing your dream home can be daunting in the vast ocean of property listings. Enter AI-driven search engines. Using deep learning algorithms, they analyze browsing patterns and preferences, curating a list that resonates with your desires. It’s not just about finding a house; it’s about finding a home that matches your dream.

  2. Predictive Analytics for Data-Driven Investment for Insights

    Investments are often a leap of faith, especially in real estate. Powered by neural networks, predictive analytics provides tangible data, analyzing market trends, property appreciation rates, and rental yields. Such insights make the difference between a good investment and a great one.

  3. Virtual Property Tours for Immersive Real-Time Viewings

    Physical visits can be time-consuming. Virtual property tours, leveraging AR and VR, offer an immersive experience. It feels so real that you can almost touch the walls and feel the ambience from your living room’s comfort. This technological marvel ensures you never miss out on property details, no matter the distance.

  4. Property Valuation AI for Precise Pricing Predictions

    The Indian real estate market is dynamic, making property valuation complex. AI for real estate comes to the rescue, utilizing regression analysis and decision trees to evaluate property features and market trends, pinpointing a precise value. It removes speculation, replacing it with data-backed confidence.

  5. Automated Property Management for Efficient Operations & Maintenance

    For property owners, maintenance can be a headache. Automated property management tools use machine learning to predict when maintenance is due, optimize operations, and even screen potential tenants. It’s like having a personal property manager on call 24/7.

  6. Lead Generation and CRM for Amplified Marketing Efficiency:

    In the competitive world of real estate marketing, every lead matters. AI-driven CRM tools, equipped with NLP and sentiment analysis, identify potential leads and nurture them, optimizing follow-ups and conversions. It’s not just about finding leads; it’s about building lasting relationships.

  7. Chatbots for Customer Support for 24/7 Responsive Assistance

    Queries don’t follow office hours. AI-powered chatbots, built on robust NLP models, ensure every query gets an instant, accurate response, enhancing user experience and trust. It’s like having a knowledgeable real estate agent available around the clock.

  8. Energy Efficiency Solutions for Smart Sustainable Living

    Sustainability is the future. AI tools, combined with IoT, analyze a property’s energy consumption, offering solutions to reduce waste and optimise usage. These tools ensure that homes are comfortable and eco-friendly, leading to substantial savings in the long run.

  9. Market Forecasting for Navigating Market Trends:

    Understanding the ebb and flow of the real estate market can give stakeholders a significant advantage. Using time series analysis, AI-driven forecasting tools offer a glimpse into potential market shifts, allowing for better strategy formulation and execution.

  10. Fraud Detection and Security for Safeguarded Investments

    In Real estate digital transformation, fraud is a looming threat. AI algorithms meticulously monitor property transactions, looking for anomalies. Any potential hazard is flagged, ensuring every investment is secure and protected from scams.

Conclusion 

In conclusion, Indian real estate is not just evolving; it’s leaping into a future shaped by Artificial Intelligence (AI). What was once a market driven by tradition and word-of-mouth is now being powered by smart, data-driven insights. AI in the real estate industry is a guiding light, illuminating the path for both seasoned investors and newbies with the help of Proptech industry.

When you delve deeper, you realize that AI isn’t just about fancy tech tools; it’s about making our experiences richer and decisions more informed. For the seasoned pros in property investments, AI brings the power to predict and anticipate market moves. This intelligence is a game-changer, ensuring that every investment is a step towards greater growth. For those taking their first steps in the world of real estate, the AI-backed tools and insights make the journey smoother and less intimidating. Even if you’re just a curious onlooker, the depth and breadth of information available, thanks to AI, is simply astonishing.

But beyond all, safety stands out. The AI-driven real estate landscape ensures that investments are not just smart, but also secure. The era of wild guesses is behind us; the future is about informed, intelligent choices.

So, as we embrace this new age of real estate in India, we’re not just looking at properties; we’re exploring a world enriched by AI, filled with endless opportunities and potential.

Elevate your real estate journey with BeyondWalls -An integrated Prop-tech solution. With 1,000+ clients across the real estate industry in India, we’ve proven our expertise. Generate 50M+ leads across channels. Boost real estate sales, embrace technology, and find your prop-tech solution with us. Your success story starts here.