Indian Real estate and the Metaverse: where virtual meets reality

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What is a Real estate?

 A Real estate is a playground for landlords, developers, builders, real estate agents, tenants and last but not least, the buyers. Investing in real estates yields many benefits from a passive income, a stable cash flow, to tax advantages and diversification.

Real estate ownership and business has been a part of human history for a long time starting from primitive tribal cultures using the land and its many resources for survival.

Real estate has many uses and purposes ranging from Land, Residential, Commercial and Industrial sectors.

All real estate starts with land. Undeveloped property and unoccupied land are considered land. Developers assemble land and rezone it to improve density and property value. Residential property houses individuals, families, or groups. Most people are familiar with this style of estate. Residential includes single-family homes, apartments, condos, and townhouses.

Commercial property includes land and structures used by enterprises, such as malls, stores, offices, parking lots, hospitals, and hotels. Industrial real estate includes land and structures used for manufacturing, mechanical productions, R&D, construction, transportation, logistics, and warehousing.

The Indian Real estate

  In India, the real estate sector happens to be the second-highest employment generation, following the agriculture sector, and it is also expected that this sector will acquire more non-resident Indian (NRI) investment, both in the short term and the long term scenarios.

Over the course of the years, transformation is a common happening especially in India. We have not only been revolutionizing in economy and population growth, but especially in the area of technology.

The pandemic proved how important technology is to one’s life and existence. It has changed the real estate sector in India to a whole new level such as how one buys or sells it during business dealings. 

 Nowadays, retail shops, factory production facilities, or warehouses take a back seat, while virtual platforms such as Augmented reality and virtual reality softwares allow potential buyers to engage in business dealings and transactions seamlessly.

Artificial intelligence technologies and machine learning softwares provide customized listings online for customers– the real estate purchase process has been transformed like never before. And the growth does not stop there.

In addition to these, real estate dealers now have the latest and remarkable technological platforms such as metaverse and cloud, to conduct smooth real estate business transactions.

Indian Real estates joining hands with the metaverse phase 

  Metaverse is an intelligent technological tool which offers a distinctive business opportunity for estate businesses, especially when the dealers are trying to make the first move and take the first mover advantage.

Many Indian celebrities and brands are joining the Metaverse bandwagon and one such example was Poojaverse bought by Pooja Entertainment in Mumbai to offer an absolute go to space for integrating filmmaking and digital entertainment.

Metaverse, in other words, is slowly but surely ruling over many other industries and primarily real estate businesses are generously reaping the many benefits and perks that Metaverse offers. 

 Metaverse gives the advantage of interacting with fellow real estate businesses when collaborating with cloud-based brokerage models. It enables the users to maneuver through virtual platforms and digital copies of physical spaces that are integrated on metaverse platforms, and are flexible and superior in quality by nature. 

Metaverse as an interactive platform

Metaverse also builds a sense of community to interact and develop, without making it seem complicated. Metaverse offers an interactive online platform that brings together people to own and sell real estate virtually.

With the use of cryptocurrencies, it permits owners to transfer, hold, or use tokens to own their ‘digital pieces of lands’.  In other words, they just need to create an account on a Metaverse platform, link their digital wallets to it and Ta Da! It cannot be more simple.

Overcoming the geographical barriers

  Intriguingly, Bloomberg analyses a global metaverse revenue of $800 bn by 2024. In the realm of real estate businesses, Metaverse overcomes the challenges of geographical restraints easily allowing real estate dealers to operate from anywhere around the world through offering a digital view and experience of the real world. 

  Metaverse is simply a virtual copy of the exact physical world that we live in. The creation of the virtual world by the integration of different technological devices will be made functional by the metaverse companies. Metaverse is no doubt going to take over the internet and establish its own space in the digital world.

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Satyavarshini Muthuvel
Satyavarshini Muthuvel
Dependable and dynamic individual pursuing a Bachelor’s Degree in Journalism, hoping to learn more about the field of Media and Journalism. Being an avid learner, content writing, designing of newsletter, features, and brochures and photography are some of my areas of interests

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