Greenscape: Real estate updates (September Roundoff)
Mumbai saw a decline in property registrations in August’21
Mumbai, the biggest hub of real estate investments, saw a decline in the number of property registrations in the month of August 2021. There has been a fall of 32% in registrations when compared to that of July’21, however, almost over a two-and-a-half times increase when compared with 2,642 registrations in August 2021. Experts believe that the decline in number is the effect of the withdrawal of the benefit of a reduced stamp duty rate that was previously offered by the Maharashtra government to new home buyers at the time of the pandemic.
Artificial Intelligence to play a major role in real estate valuation in future
Experts believe that Artificial Intelligence can be playing a major role in the real estate market in the coming days. The technology is likely to be adopted for property valuation, trend analysis, and price forecasting. Currently, with the usage of cloud-based analyses, it is very much restricted to property valuation and prediction based on a few metrics such as property type, carpet area, property price ranges, and location, among other parameters. However, with the advent of AI, it will be enabled to integrate large pipelines of algorithms with valuable social data such as logistics, social amenities & public utilities, rainfall rates, sunlight availability, automobile intensity, pollution levels, recreational activities in the district, and much more to give a more precise and accurate insight on the property market. It is expected that this will not only help the potential buyers to identify the right property for them but also help brokerage houses and listing agencies to speed up the entire business cycle.
E-registration of properties to begin in Maharashtra from 2 Oct 2021
E-registration of the properties in Maharashtra is to commence from 2 October 2021. The MahaRERA registered builders will now be able to register their properties via e-registration without the need to visit the sub-registrar office. Initially, it has been said that e-registration will be made mandatory, however, as of now, both the options i.e. re-registration and registration were done in the sub-registrar office will be available. To use the process, a developer will have to first reach out to the joint district registrar for accessing the software. With this process in place, the government is expecting to see more e-registrations and the department will also ensure more staff to speed up e-registration of documents.
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FAQ’s About “How to do advancements in technology impact real estate and valuation processes?”
Technology is quickly emerging and shaping the future of the real estate and the pandemic has provided all the required boost towards the mass adoption of many new technologies. Awareness and forward-thinking will be vital in strategy and the approach to certain aspects of the ever-evolving real estate environment. Coming to the real estate property valuation, technology has been playing its parts for quite some years now. The current cloud technology has made it possible to bring metrics such as property type, carpet area, property price ranges, and location, among other parameters that made the task of valuation much smoother and allows buyers to make a suitable decision for themselves. With the advent of AI in near future, it is expected to enable to integrate of a large pipeline of algorithms with valuable social data such as logistics, social amenities & public utilities, rainfall rates, sunlight availability, automobile intensity, pollution levels, recreational activities in the district, and much more to give a more precise and accurate insight on the property market.