Location intelligence is the art of turning geospatial data into actionable insights. With the ever-evolving timescape of the property development industry, location intelligence has become one of the most crucial deciding factors for real estate developers, investors, or anyone who believes in making data-informed decisions. The synergy of location intelligence and proptech is reshaping the way we perceive and engage with properties. It is empowering stakeholders with strategic insights and decision-making capabilities. Today in this blog, Akshay Khochicar, the Chief Innovations Officer of Relata, has joined to discuss how proptech and location intelligence are shaping the future of real estate. Let's take a closer look at what Akshay has to share. ‍

Through Akshay's Lens: The Importance of Location Intelligence and Proptech: ‍

Location intelligence stands as the cornerstone in real estate, essential not only for the future but equally for the present time. Akshay emphasizes how it dictates the value and allure of residential properties. This defines what the project has to offer the homebuyer.  After all, who wouldn't want a home nestled amidst top-notch infrastructure and conveniences?

Location is more than just an address for homebuyers; a home is a long-term investment, typically bought to be stayed at for 30 to 50 years. So, the proximity to schools, hospitals, or shopping centers—these factors significantly influence a homebuyer's decision. Akshay also mentioned that when it comes to secondary or investment properties, location intelligence becomes the direct parameter affecting rental yield for a property. As infrastructure continues to expand and evolve, it eventually improves the viability of more land for residential purposes and opens up new residential opportunities further from the city centers.

Now, being able to effectively communicate this data is important, and this is where technology comes into play. It will become one of the key considerations in real estate in the future as we expand further outward from the core city centers across markets. Akshay further shed light on some of the major advantages of using location intelligence in real estate. ‍

Benefits of Integrating Proptech and Location Intelligence: 

Holistic View: This provides a comprehensive snapshot of the future home and its surroundings, painting a vivid picture for potential buyers.

Accessibility Insights: Property buyers gain valuable insights into what they can do and access in their vicinity, empowering their decision-making process.

Family-Focused: Based on the composition of the family, schools, hospitals, and proximity of other facilities and infrastructure become a significant point of decision for the buyers.

Facility Proximity: Highlighting the closeness of essential facilities and infrastructure makes it a key decision factor for real estate buyers.

Informed Choices: Empowering customers with information about nearby amenities and infrastructure aids them in making informed decisions about their future homes. The integration of proptech and location intelligence truly benefits real estate professionals. These are not just tools, but enablers of great possibility.

As Akshay rightfully said, “Proptech and location intelligence together can give interactive solutions in the real estate ecosystem. This will improve timely decision-making and also help executives show relevant information to the customer in a faster, more efficient, and more clutter-free manner." ‍

Relata's Innovative Approach to Location Intelligence

Relata is also working tirelessly to bring meticulous solutions that leverage the power of location intelligence. Akshay shared how Relata has built an interactive, customizable location intelligence solution for this called Neighbourhood Maps. Relata's neighbourhood map is interactive, and it showcases all major points of interest in the vicinity. Customers can easily navigate this through filters and contextual information. The primary goal of this solution is to offer brands an accurate, user-friendly digital alternative to traditional maps used in brochures.
By utilizing a familiar map format, customers gain an additional level of trust, as they are accustomed to standard maps rather than custom neighbourhood maps, which can be manipulated to fit a developer's narrative in terms of dimensions and details. Relata neighbourhood maps come with 7+ features, like future infrastructure overlays where real estate developers can showcase upcoming developments with colorful and informative diagrams to the property buyers & get better valuation for their real estate property.

At Relata, we are committed to bringing innovative proptech solutions and empowering anyone and everyone in the real estate ecosystem. Neighbourhood Map is one such proptech product that completely utilizes the power of location intelligence to enhance the customer experience and help real estate developers get better valuation. As we continue to expand and evolve, we invite you to join us on this exciting journey. Let's shape the future of real estate together with Relata. 

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