PropTech Industry Trends in India – Unravel Paradise in Disguise

The society surrounding us is crafted in an orthodox way, where people innate cultural and psychological norms such as having a house or car of their own becomes critically important for their stature along with other common necessities. This makes each sector unfurl in an uncommon way to stand-out than before, be it real-estate, logistics, supply chain etc. All these have already understood the cruciality of digitizsation and rambled upon the very path. Change with times sometimes becomes important to pave the way ahead to leave any obstruction aside.

Real estate sector scrutinizsed for it in the end. With the pandemicCOVID-19 and global lockdown made each of us  digital aficionados. We significantly became part of work from the home model, which was fulfilled by having an optimal housing environment along with decent work-space. Nothing came to a full stop as there was a surge in digital presence, which made sure any kind of deal, transaction, or discussion went unending without any concern. This made life easy as a cakewalk. 

Now, most of you’ve encountered incidents where brokers or agents prevail a video call with you to show you the house. This made it so much easier as it saves quite a lot of time and bucks in your pocket. Albeit, PropTech comes in handy during house-hunting, but it doesn’t stop there. It has hefty benefits, which definitely won’t be revealed here. Aforementioned technology was utilised by renowned real-estate firms like SquareYards, NoBroker, PropReturns, StanzaLiving etc. A study estimates that by 2030, the Indian real estate market would be worth more than USD 1 trillion, and by 2025, it will have contributed almost 13% of the country’s GDP. This explosive growth emphasises how important digital intervention is in the modern world.

To make Proptech Trends more familiar to you, this piece leapfrogged right into it including the kind of Proptech trends that are astonishingly going crazy and making everyone kaboom. So, stay with us, and get ready for a memorabilia bewildering ride.

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Context of Proptech Industry Trends

Technology improvements have significantly disrupted the real estate market in India, which has had a huge impact on the consumer experience. According to statistics, a startling 95% of homebuyers begin their search online, with 51% eventually making purchases through digital means. From just two in 2016 to over 1,400 in 2022, the number of PropTech firms has increased dramatically since the Startup India Campaign’s launch in 2015.

Sales, sustainability, building, and finance are just a few of the real estate industry segments that PropTech businesses in India serve. SquareYards, NestAway, Housing.com, 99acres, MagicBricks, and NoBroker are notable brands in the PropTech space that have developed as platforms promoting communication and information sharing between buyers, sellers, and brokers. These platforms do away with middlemen and provide customers more options. Startups have also launched Software-as-a-Service (SaaS) solutions for planning and monitoring building projects, increasing productivity and reducing costs. 

Prestige, Embassy, JLL, and Indospace are among the Tier-I clients catered to by enterprises like Falconbrick, while Powerplay focuses on small and medium-sized organisations with its on-site products. International businesses such as Novade, Oracle, and Procore have trouble breaking into the Indian real estate market because of its complexity. Therefore, it is essential that solutions be created in India and customised especially for the Indian environment.

Facile Adoption of Technology Within Real-Estate

The use of technology and digital resources has greatly improved access to thorough information on home prices and other important facts. Finding a home has become easier thanks to the growth of PropTech services. Interested buyers may now find their dream homes from the comfort of their homes, saving them the time and hassle of physically touring a number of properties. The second generation of promoters and builders’ and the real estate industry’s acceptance of technology has been made possible by their openness to technological interventions and monitoring. The COVID-19 epidemic has also accelerated the use of remote site monitoring.

Beneath the scenes, Software-as-a-Service (SaaS) solutions have improved project monitoring by addressing the haphazard way that projects were traditionally carried out, with little responsibility between project owners, contractors, and engineers. With the help of these systems, project owners can remotely keep an eye on building sites from their computers, which enables them to foresee potential delays. For monitoring, planning, forecasting, and execution, Proptech solutions use a maker-checker methodology that includes tasks like materials management, drawing management, and billing.

The industry’s technological revolution has also helped finance businesses to track down real estate projects before distributing payments. Additionally, the Real Estate Regulatory Authority (RERA) now requires builders to discover site anomalies, which has been made easier with the use of proptech solutions. This ensures that homeowners will ultimately obtain homes of superior quality.

Common PropTech Trends in India

There are five most prioritised common PropTech industry trends given below for your reference:-

• Big Data: With an upsurge in information indicators and transaction volumes, utilising Big Data is essential for effectively capturing and comprehending data and facilitating decision-making in company operations. It makes it easier to increase operational effectiveness, create customer acquisition strategies, identify potential trends and hazards, and make plans for better financial results.

In our organisation, understanding data pertaining to local purchasing and selling trends, demographic information, connections, and topography is crucial. With this information, we are better equipped to offer insightful commentary on real estate appraisals, price patterns, and potential worth.

Big Data is causing an essential change in the Proptech industry as a whole, revolutionising a number of areas such as accurate property evaluation, data-driven risk prediction, improved home prospecting, digitization of back-office procedures, streamlined sales and marketing operations, and digital home development.

• Process automation: Digitising paperwork, various data streams, and back-office procedures speeds up client interaction and deal closings. All stakeholders may readily access digital documents and workflows, which helps to save time and resources. They also increase reliability and precision, which eventually strengthens the organization’s competitiveness.
• Virtual reality for PropTech: Accessibility is crucial in the modern world. Customers’ interest is immediately piqued and are given a realistic impression of what to expect when they are immediately immersed in virtual property visits. For freshly built properties, creating virtual property tours or walkthroughs makes them approachable and desirable to people around the world. It facilitates simple rentals and streamlines property promotion.
• Green building technology: An innovative solution to business problems is opting for sustainable construction. Utilising net-zero renewable energy systems and smart-grid appliances, green buildings are curated with a focussed vision of resource efficiency and sustainability. Sustainable buildings are made using cutting-edge technologies including advanced HVAC systems, low-emission building materials, and strategies for power and water conservation.
• Proptech solutions : They revolutionise how consumers search, rent, buy, mortgage, or manage properties by providing a full range of digital solutions. Both buyers and sellers gain from these solutions’ introduction of efficiency at every level of real estate transactions. They guarantee a seamless, open, and incredibly accessible experience. Many firms have created feature-rich platforms with easy access to information, virtual tours, real-time notifications, cost-free evaluations, guaranteed closing, possibilities for buying before selling, financing support, and individualised counselling. These features are all intended to provide a satisfying user experience.

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In a Nutshell

Proptech trends proves to be a profitable asset for both the buying and selling sides since it makes it possible to match real estate investors with real estate assets for the management of residential, commercial, and retail properties. By enhancing the use of these networks, many landlords and tenants might modernise their maintenance and overall coordination system. Proptech is a cutting-edge, game-changing force that more and more business players are now relying on. Businesses can benefit from using technology solutions and digitizing their processes by becoming more efficient and adaptable.