By Shravan Gupta.

Mumbai: The real estate sector is poised for a remarkable transformation in 2024. According to industry experts, this is the year when the real estate sector will witness unprecedented growth and opportunities.

Technology is playing a key role in driving this change, as it enables new ways of designing, building, marketing, managing and selling properties. The real estate professionals who embrace technology will have a competitive edge in 2024. Hence it’s the right time to venture into the real estate sector.

Some of the major technological changes prevalent in the real estate segment are:

Artificial Intelligence:

Artificial Intelligence or AI is capable of changing the real estate sector and making it more user friendly and relevant.  With the aid of AI it has become easier to search for homes and invest in it from the comfort of the home.

Blockchain technology has emerged as the real game changer for the real estate sector. One might wonder why Blockchain is popular. Blockchain technology ensures a secure and transparent transaction with high transparency level. 

Before Blockchain, most transactions were done offline with very little transparency. It is the most popular segment of AI technology and has transformed the sector for good.

Real estate expert, Shravan Gupta, MGF Group feels Block chain technology is capable of revolutionizing and impacting the sector in a positive manner. In the real estate context, blockchain acts as a facilitator in property purchases, rentals, funds transfers, and document verification. A seamless financial transaction prevents you from any loss incurred  and saves the hard earned money.

Tokenization is another benefit of Blockchain technology. Everyone is looking to invest in new homes. Tokenization has eased the money flow into real estate investment through equity or debt funds. With Tokenization, one can invest in multiple properties through online investment. Shravan Gupta, MGF Group believes Tokenization will aid in boosting the sales. Apart from this, there is another benefit of this new trend. It has eased the burden of selling and buying the share easily online. What makes this beneficial is its secure and transparent feature.

 Like with every technology, there are certain risks associated with Blockchain technology.

Lack of code scanning and security testing

The current crop of blockchain and smart contract code-scanning tools is not particularly mature for the simple reason that the space is so new. To add insult to injury, many smart contracts are deployed without a security audit.

Also, the complex system makes it difficult to understand for anyone. So, there maybe  some issues in financial transactions.

It is vital to understand and implement this technology for a seamless transaction.

The future of real estate lies with technology. It is the right time to embrace it and incorporate it in the realty segment. This will lead to a boost in the overall sales in the housing and real estate segment.

 Website: https://www.shravangupta.com

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