Virtual Reality and the Property Portal Experience
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Virtual reality technology called CFRetina is helping address common problems home buyers face when searching for real estate in India. It allows buyers to visually explore properties under construction through virtual tours of interior and exterior spaces. This helps verify property information and understand locations without physical site visits. Over 250 builders are now using CFRetina to market their projects, which has significantly reduced necessary site visits while improving lead quality. Virtual reality has potential to greatly streamline the home buying process by handling selection, shortlisting, site visits and booking virtually.
Virtual Reality and the Property Portal Experience
- 1. Virtual Reality in Rea Estate
- 2. Commonfloor.com • Founded in 2008 • Idea to socially connect apartment society residents • By 2010, shifted focus to becoming an online property portal • Today, 1000+ team with a presence in 18 cities • 100,000 Projects and 500,000 Listings from over 200 cities • As we speak, over half a billion sqft is being sold right now
- 3. Indian Real Estate Market Size • Residential Const. market - US$70 Billion • Expected to become US$180 Billion in next 4 years • Google Study: 53% of property buying decision are influenced by online search Nature • Hyperlocal • Unregulated • Property Buying cycle are 6 to 12 months
- 4. Property Buyer problems • Information accuracy: Buyer has to validate every property information • Visit: Visiting every property to understand basic information • Location: Understand project surroundings 60% of time is spent on avoidable offline activitie
- 5. Online Portals addressing these problems • Verified Properties • Ensuring correct property information • CF Verified property • Location information • Providing information of the project surroundings and locality • CF Skyview • Visualizing Under-construction property • CF Live-in tours: Visualize space & dimensions of under const. property 3000+ Projects & 5000+ floor plans covered • Site Visit End to end solution is missing
- 6. CFRetina: Virtual Reality in Real Estate “CF Retina is a new way of property search and selection thereby mapping the complete property seeker journey” • Unit level: Interior Visualization • Location level: Exterior visualization • Solves for Property Buyer usecase • Solves for Builder usecase
- 7. Role of Virtual Reality in defining RE • Selection, shortlisting, site visit and booking can happen through Virtual reality • Potential to bring down property decision time by over 30% Progress till date: • Launched in Feb end • 250+ Builders across top cities are now marketing their projects through retina • Reduced Sitevisits significantly and inturn increasing quality of leads
- 8. Thank You
- 9. Thank You