The current cohort of young people is so far the most technologically integrated generation. They make use of technology in almost every professional decision and similarly in their personal lives they do not shy away from using advanced tech solutions. From buying electronics to grocery, today’s working population rely on online platforms to not only compare prices but also to save time.
However, when it comes to Real Estate, it is still considered as the most complex buying-decision in most of our lives. Not only it is a high stake decision in terms of money involved, it even does not bring the transparency of what exactly you get in the money you spend. The picture of barren lands with no timeline of when the project will be handed over, adds more to the concerns of the first-time buyers.
Real estate developers have now started to understand the concerns and are bringing technology solutions which can attract such buyers. The latest VR and XR systems can enable potential customers to view and take a virtual look of upcoming properties from the comfort of home.
Foyr, a prop-tech company, based out of Singapore with offices in US, India & Europe is simplifying the process of creating virtual experiences in the real estate industry.
“Our products like Storyteller & Magiktour let Real estate firms to create virtual experiences of their projects. The teams can then share the links to these virtual experiences. Everyone can see the projects on their existing devices with no requirement of additional devices like headsets, glasses etc,” said Shailesh Goswami in a recent interview.
Typically it is expensive to present a virtual reality experience to customers as it will need legacy software which only runs on high-end machines. But with the new technology developed by Foyr, these experiences can be automatically rendered from their own designs for low-powered devices.
“We are simplifying virtual experience creation,” says Mr Goswami. “We want to make it possible to create and offer virtual designs and experiences very quickly.”
Foyr integrates artificial intelligence to routinely resolve any experience issue, as well as recognise existing complex characteristics on any design project for faster rendering. With this, the platform remains easy to use and at the same time, it is powerful enough to demonstrate high-quality design in detail.
Virtual reality is a potential multi-billion dollar market around the world, with a rising nearness in India today. It has applications in various verticals including gaming, healthcare, reality, engineering, web-based shopping and so on.
According to Digi-Capital, a consulting firm that covers the industry, the worldwide market for such platform is expected to grow from about $20 Bn today to over $150 Bn by 2020.
Apart from Foyr, another notable player in the Indian real estate VR market at present includes names such as SmartVizX are ahead to grab the potential market share.