5G is finally activated in India. The much-awaited next-generation network service, which was recently launched in the country, is expected to open the doors for various economic opportunities and societal benefits. Experts believe that 5G revolution will not only spark the digital world with its speedy internet services but also impact the future of work. It has the capability to transform all the sectors and industries across India. But the question arises how it will impact the real estate segment?
Impact Of 5G Revolution On Real Estate
Though the fifth-generation telecom services have rolled out in India, it will be widely deployed between 2022 and 2024. While the entire impact of 5G may not be calculated in a few years, real estate owners, investors, and managers must begin their planning and investment strategy ahead of that horizon.
Companies that are leading from the front in this new 5G trend will gain by providing products that can link to the digital world. Just like the modern tenants will expect from the growing realtors. Only those realty players who are willing to invest in the emerging PropTech devices will thrive in the market.
How It Will Help The Homebuyers?
The upcoming 5G applications will include video streaming and Virtual Reality (VR) platforms that would allow the homebuyers to make house visits virtually. This means that the homebuyers in India will soon be able to take a tour of many properties without physically going anywhere. Perhaps, it will also eliminate the need to “Show Home” before purchasing a new property. Augmented Reality applications will not only help the modern buyers in the move-in process but also allow them to acclimate to their new house and neighbourhood amenities more quickly.
Moreover, it will also take the Safety and Security of your home to the next level. Live CCTV analytics used in security programes will be able detect suspicious behaviour easily and stream it directly to the Apps and smart devices installed in your house. With the 5G network coming into the picture, the operating speed of such devices will accentuate.
Given the fact that the new homes will be fully equipped with smart features, landlords can also justify the high rental premiums and earn well in the coming years.
What about IoT?
Internet of Things (IoT) and Artificial Intelligence are not just some technical terms anymore. With the advancement of technology, the real estate developers in India are also adapting these emerging trends to lure the home buyers.
IoT is probably one of the biggest changes coming with the 5G network. In this tech-driven era, smart homes with “connected” fixtures, appliances and even building materials are far more desirable than those that are conventional and not familiar with technology. It is hardly a matter of time when home automation will become a necessity of every property owner. The leading developers are increasingly deploying smart devices in their new projects to woo the millennials.
According to the experts, the 5G networks are anticipated to contribute around $450 billion to the Indian economy by 2040. Therefore, it can be said that Indian real estate is going to boost tremendously with the adaptation of this new technology in the near future.