Prime Group introduces Proptech

Prime Group introduces Proptech

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Sri Lanka’s first real

property e-commerce website

Are you planning on buying a land, building a house, or thinking about purchasing an apartment? Don’t think too much. Prime Group is taking the worry away from you. On 6 August 2019 – Prime Group launched “Prime Hot Deals” – Sri Lanka’s first ever real estate e-commerce website, expected to revolutionise the real estate sector of Sri Lanka.

www.primehotdeals.lk  is the Group’s newest website, where properties from Point Pedro in the Northernmost point of Sri Lanka to Dondra Head in the Southernmost part of the country are listed.

Potential

The Prime Group, established two decades ago with a vision of being “Committed to creating a better place on earth” has taken massive strides from its four-employee humble beginnings to where the company stands now, with a client base of over 250,000, and displaying exponential growth as a result of their dedication to market focus, financial discipline, innovative approaches in business and the effective use of technology.

The launch of Sri Lanka’s first property market e-commerce website by a local company reveals the positive developments in the country’s real estate sector, as well as its growing potential. The aggressive development programme that is being carried out, covering all parts of the country, but especially the mega development programmes in the commercial capital, Colombo have resulted in continuously-increasing demand in Sri Lanka’s real estate business.

Parallel to swelling urbanisation across South Asia, the region anticipates Intense growth in the value of property. But, although the real estate industry is a significant driver of regional value-creation, it has been tardy in adopting new technologies. However, it is a business crying out for new technology, possessing a complicated value chain, with a high degree of information asymmetry, involving a multiplicity of participants, the need to systematise disparate information and highly administrative tasks.

Disrupting

Despite Proptech being used in the real estate industry throughout the world, Prime Group is happy to be the first and only company in Sri Lanka to make global technology, local. They have taken this giant step towards the digital realm with the intention of making people’s real estate experience a happy and hassle-free one.
Proptech or Property Technology is harnessing information technology by companies to help other companies or individuals to research, analyse, view/walk through, buy and sell, or manage real estate. It uses digital innovation to address the needs of the property industry, streamlining and connecting processes for participants in all stages of the market.

Hardly an issue of importance just a few years ago, because digitisation endeavours in other fields of commerce spilled over into real estate, Proptech emerged as a technology disrupting and improving the property market, transforming real estate in much the same way that technological innovation reshaped other business sectors, for example as companies such as Uber and Airbnb used big data to grow rapidly in taxi and home stay businesses.

Virtual reality

Proptech is revolutionising the way customers choose their products, enhancing radically the customer experience of selecting any property. Virtual touring provides property sellers with the essential story-telling tool.

Imagine being able to view and walk through your preferred property via a 360° virtual view and booking it online without moving an inch from where you are. The ability to walk-through the desired property through virtual reality is taking the real estate experience to the next level. Customer experience is crucial to the digital economy, and visuals provide the foremost constituent of customer experience.

Additionally, the online clientele get greater discounts when they browse, view and reserve the property of their choice online, as a result of the technology that Prime Group uses in this brand-new venture. Thus, Prime Group is passing on the benefit to its loyal customers, who are helping the company to change the landscape of the industry entirely.