One of the biggest challenges faced by the Real Estate industry in India at present is to convince buyers for 'projects on paper' or which are presently under-construction. It is in such a situation that Virtual Reality (VR) comes into picture and serves as a beautiful combination of real estate and psychology.

VR can be defined as "the computer-generated simulation of three-dimensional images of an environment or sequence of events that someone using special electronic equipment may view, as on a video screen, and interact with in a seemingly physical way." The technology enables homebuyers to view another property without leaving their home by using proper gear and headsets.

When the e-commerce space in India gained momentum, many cynics predicted that it was the end of the retail store shopping in the country. Nevertheless, the stores thrived because they were banking on the touch and feel aspect for the customer.

Virtual reality in the same fashion introduces the feel concept in present real estate buying.

As per a study, emotions are determined by level of presence, for instance, emotions will be weaker with less presence. Hence, by using virtual reality a consumer can get the feel of the property and the environment around it enabling him to make a more emotionally informed decision.

In the arena of real estate, by the use of virtual or augmented reality, homebuyers can navigate from room to room creating a more intimate experience than viewing pictures of the same property.

Although the technology can't replace physical inspection, but, it can save one's energy and effort if the deal is in the initial stage. Virtual and Augmented Reality has come handy especially when a site visit is not viable. This is a very common situation for non-resident Indians (NRIs) who are interested in buying a home in India but, aren't sure of the locality prospects and the neighbourhood. In fact, when buyers are planning to invest in any other city than the existing one, these technological tools provide an easy solution.

The concept of using virtual reality in the real estate sector in India is growing at a rapid pace.