Why Big Data Application Is Crucial For Realtors And GIS Will Be A Game Changer
With the growth of its sub-sectors, namely housing space, commercial space, retail and hospitality, India's real estate sector is expected to become worth Rs 12.23-lakh-crore by 2020, estimates show. India's second-largest employing sector after agriculture is also scheduled to grow at a rate of 30 per cent over the coming decade, with the housing sector contributing five-six per cent to the India's gross domestic product (GDP). However, despite all that, the sector is untouched by the digital media. Even today, all the data is derived from age-old land records, huge piles of agreements and documents, consumer details, etc. Though, a certain level of progression has been achieved, the sector has to connect itself well with the data banks to perform better.
In this regard, the development of geographic information system (GIS) as a platform is a must. On a GIS platform, raw data from maps, land records and agreements are taken to create separate layers to hold data. This data is used to decide what could be your future development strategy. For a real estate developer, for instance, this platform will provide the ease in project prioritisation, planning, reconciliation and validation.
As it stands today, in any real estate company, the overall work like the business/project planning, studying the market trends, sales and marketing are supported through a software and not integrated on any platform. There is requirement for holding even greater volume of data. By using the GIS platform, any kind of property or land records can be uploaded and extrapolated.
Another important part which needs to get connected to the real estate sector through data is the banking sector. Until now, viewing and selection of information about properties are available; the incorporation of banking options with best interest rates will encourage better selection of any kind of property.
It is also expected that such a platform will invite more non-resident Indian (NRI) investments in both the short and long term.
What kind of data can be induced?
There is wide range of data, using which the real estate sector can greatly benefit. Starting from census data to data providing by local authorities or a place, integrated data from all spheres of life can help the real estate sector make the right projections and build accordingly. Such data would also help into community planning, apart from other things.
For instance, the GIS platform is expected to guide realtors on consumer behaviour, and help them plan for further project developments accordingly. In times to come, technology-oriented algorithms can replace the human-wisdom side of property sales.
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