An Indian company, one of the fastest growing proptech platforms globally, has launched a 3D Metaverse platform to showcase the future of real estate search and discovery through a high-end 3D digital twin of the city of Dubai.
Announcing the programme on Friday, Gurgaon-based company Square Yards said it will use cutting-edge technologies such as 3D, AI, VR, and AR and interactive visualisation of real estate.
The company claims the platform is the first of its kind to introduce high-definition 3D maps for a high-fidelity real estate visualisation. Short for property technology, proptech is the intersection of the real estate industry with technology and software. Proptech is an innovative approach to real estate in which technology optimises the way people research, rent, buy, sell, and manage a property.
“With this solution, users can search from over 2000+ potential real estate projects across Dubai through its interactive 3D interface, get complete details of the project, and enter into the project metaverse as an Avatar,” the company said.
“Imagine searching for properties to buy, sell and rent across Dubai in high-quality 3D at true scale, visit the project building in VR, walk around the amenities and interiors, and interact with residents and salespeople virtually,” said Tanuj Shori, the company’s Co-founder and CEO.
According to Shori, with the launch of its 3D Metaverse platform, the company is transposing real estate to a virtual realm, making it more experiential, immersive, and yet, easily accessible for the masses.
“Users can enjoy 3D virtual tours remotely and perceive accurate depictions of the property, that will create an emotional anchor to the space and encourage them to seal a deal at the end of the day,” he said.
This hi-tech 3D visualisation platform is currently being tested among a closed group of users and real estate developers. The company aims to work with developers in Dubai to integrate their upcoming launches into this ecosystem so that customers can buy, rent and sell properties digitally.
The Metaverse product is built with multiple data layers including maps, 3D content, transaction, listings, and project information. Each project building consists of a sales center and its digital twin as its Metaverse, where users can enter inside, and navigate through the amenities, project, and interiors using their chosen avatar as if they are living a digital life in the virtual world. They can also talk to dedicated sales representatives through voice conferencing.
“Square Yards’ Metaverse tool will help architects, governments, and real estate developers to create a fully digital selling experience, as well as pave the path towards the real estate industry’s Metaverse transformation,” said Sunder Jagannathan, the company’s Principal Partner & Co-founder PropVR.
The company also has plans to launch this product in other markets like India, Canada, and Australia soon.
The Metaverse market is projected to grow from USD 478.7 billion in 2020 to USD 783.3 billion in 2024, at a CAGR of 13.1 per cent. This growth is likely to come from the growing popularity of Metaverse applications in gaming, AR, and VR. However, the sustainability of this projection will depend upon the awareness and speed at which developers are adopting new technologies.