You may have come across or used the street view feature of Google maps. It basically allows you to offer a view of the property concerned and provide an insight into the neighbourhood to potential clients and customers. Now, what if we tell you that this type of visual representation, when backed by real-time data, can help you find the best of opportunities while providing the customers a very comprehensive perspective on a property? Well, this has been made possible through the use of real estate mapping!
Technology has proliferated in almost every domain of the real estate industry. From predictive analytics tools to VR/AR devices, real estate professionals now have access to scores of technologies that can help market properties, improve customer experience, and conduct online transactions. While all have a set of advantages, the use of real estate mapping through GIS-enabled systems has risen to the top of these resources.
If you also want to make the most of every location, then the following paragraphs will explain how mapping can offer you greater insight and take your real estate business to the next level. But before that, let us understand what real estate mapping actually entails.
What is Real Estate Mapping?
A geographic information system (GIS) captures, integrates, analyzes and displays all forms of spatial or geographically referenced information. It basically enables us to visualize and understand various patterns, pain points and trends in the form of maps and graphics.
Now when we talk about real estate mapping, it is nothing but the process of adding data layers into GIS-based software in order to generate a visual representation of a specific area in the form of a map. The map created offers detailed and interactive views of different environments and helps identify issues or advantages by integrating data easily on a map.
So whether you are an agent, broker, analyst, urban developer or a property tax consultant, GIS-based real estate mapping offers valuable insights to all the stakeholders in the value chain. Let’s see how.
Broad Applications of Real Estate Mapping
Now that you have got a brief overview of what the technology entails, let us go through some of the most important applications or advantages of real estate mapping.
1. Performing Spatial Analysis
As you know, before investing in any real estate asset, it’s critical to gather information and understand the market dynamics. Spatial analysis is a technique used for determining differences or drawing a comparison between different neighbourhoods. This process is done by evaluating factors such as the geographical location, demographic data, market potential, and average prices. The data of which is included with real estate mapping softwares.
So when you are aware of the market dynamics, you will be able to quickly understand the opportunities available, quantify differences in sites, and can capitalize on the profitable locations. This is especially beneficial for those who are working or want to foray into commercial real estate as it is a highly capital-intensive sector.
2. Locating Social & Physical Infrastructure
Not only restricted to conducting spatial analysis, real estate mapping also helps in identifying footprints for many urban locations and important landmarks that are in close proximity to the concerned project. These can range from public facilities like highways and expressways to commercial buildings including shops, retail stores, offices, and restaurants.
When real estate mapping software is clubbed with map backgrounds, a more realistic aerial photo-imagery of the location can be offered. Thereby giving a very comprehensive understanding of a location’s amenities.
3. Evaluating Accessibility
At times, you may want to relocate your business, expand offices, or develop new projects within the same state. Real estate mapping comes handy in such scenarios as it helps you evaluate sites based on their accessibility to your customers or employees.
For instance, by clubbing the database of your employees with the information related to the social and physical infrastructure around a particular site, you can identify the best location for your new project. You can pin the locations of your prospective clients or employees and create drive-time estimations in order to assess the accessibility of a location.
Along with this, GIS-enabled real estate mapping software also aids in portfolio management. It can give a very comprehensive understanding of factors like the preferred mix of tenants or what will be the impact of investing in mixed-use projects. By providing the right knowledge and insights, it gives a competitive edge to real estate firms.
4. Examining Environment & Disaster Impact
While RERA mandates getting environmental clearance before developing any residential complex, the developers also need to ensure that the land does not fall in a disaster-prone zone. This goes the same for those who want to invest in commercial projects. This is where GIS-based real estate mapping comes into the picture. These systems gather and provide real-time data, which is then used for hazard zone mapping, assessing the magnitude of impact, and creating preparedness plans.
5. Presenting Properties Interactively
Real estate mapping software is not only beneficial for you, but it can make the property search process more interactive and easier for home buyers and investors. From square footage and project amenities to vacancy status and zoning, you can enter a specific list of statistics and features that the investors can filter in and out of the map.
While property specifications are one aspect, providing virtual tours is another. By clubbing mapping and virtual reality in real estate, you can offer interactive and 360-degree views of the interiors as well as exteriors of various properties. It will give you a competitive edge and will save a customer’s time and resources on house hopping.
Additionally, some tools also let you export data tables or download interactive maps that are loaded with details. By using these maps in online presentations, you will be able to give highly detailed information about the properties. Since you will be providing a personalized experience, it will improve the communication channel between you and the clients or investors.
6. Targeted Marketing
As seen, real estate mapping allows you to gather and examine data like demographic details, social and physical infrastructure, and average prices. With accurate and data-backed information on a new or existing development, it becomes easier to create Ad campaigns that target the right set of audience. Apart from targeted marketing, high-quality maps can also be imported into project brochures, official websites and market research reports. Thereby giving a very interactive and comprehensive understanding to users.
7. Managing Property Tax
Property tax is one of the primary revenue sources for the urban local bodies of all states and union territories. However, a large number of unevaluated properties, difficulty in accessing details like encumbrance certificate, and improper assessment of property tax remain a cause of concern. To resolve this issue, GIS-based real estate mapping is an excellent tool.
How is India Reaping the Benefits of Real Estate Mapping?
From Visakhapatnam to Bengaluru and Raipur, several Indian states and cities have and are reaping the benefits of using technology in real estate. One of which is the GIS-based real estate mapping and property registry.
Let’s understand this through some examples.
Up until 2017-2018, The Raipur Municipal Corporation had a manual system for assessing properties. Not only was the tax coverage low but the corporation would face frequent delays in filing taxes. The corporation, in collaboration with external agencies, created GIS maps of the city through drone imaging. The information related to these properties was then backed by data collected through door-to-door surveys. By clubbing these two activities, the corporation created a digital property registerery and close to 54,000 new properties were added to the system.
Another prominent example is that of the coveted Odisha Mining Corporation Limited. OMC mines minerals such as iron and manganese ores for industries that are involved in the production of steel, sponge iron and ferro-manganese. To better plan their operations, map out suitable sites, and develop a rehabilitation plan, the company has collaborated with ESRI India ( GIS mapping software developers).
Until recently, The Survey of India was the only designated agency that was authorized to produce maps. However, in February 2021, the Department of Science and Technology liberalized the geospatial data policy, thereby adding sweeping changes to India’s map making process. The private Indian entities that store data within the country will now be allowed to undertake activities such as, mobile mapping, creating high-resolution maps, and offering street view surveys. For traditional sectors of the economy that offer location-based services, such as infrastructure and real estate, this step will be a blessing in disguise.
In 2024, Municipal Corporation of Delhi (MCD) made it compulsory for people to get their properties geo-tagged by the end of March. This will track properties and find out who is not paying taxes and make sure they do. Geo-tagging can be helpful in finding illegal properties, planning cities better, improving services like sanitation and road repairs, and responding quickly to emergencies like natural disasters. It can also help in keeping Delhi clean and healthy by monitoring environmental factors.
Moreover, real estate mapping offers invaluable information and insights to both domestic and international investors, empowering them to identify lucrative investment opportunities, evaluate potential risks, and make well-informed decisions regarding their real estate ventures in India. The utilization of real estate mapping plays a crucial role in the identification and protection of ecologically delicate areas, such as forests, wetlands, and regions with high biodiversity, thereby contributing significantly to the preservation of natural resources, the conservation of wildlife habitats, and the promotion of environmental sustainability.
Although at nascent stages, GIS-enabled real estate mapping has tremendous potential for the Indian real estate industry. While agents and brokers can enable a new way of interaction with customers, consultants and developers can use the information to formulate a strategy for commercial and industrial property investments. Apart from separating developed from developing areas, GIS mapping can also determine the liveability of a location and take marketing to the next level. Since every real estate professional swears to one tagline – “Location, Location, Location,” GIS mapping will give the information you need to make smart and profitable decisions.
