PROP TECH – WAY FORWARD FOR THE REAL ESTATE SECTOR

A country’s development can be assessed when the smaller towns and satellite cities experience holistic growth in terms of its economies and real estate. While, we Indian’s are observing a miliestone celebration in our 75th independence year, our country is also seeing stellar growth in all aspects. The real estate sector is a second largest employment generator and the third largest sector in terms of FDI flow. The real estate market is expected to touch Rs. 65,000 crore by 2024 and by 2025 the sector is expected to contribute to 13% of the country’s GDP.

The Indian real estate industry has been agile and resilient to meet the evolving requirements. India’s biggest and most expensive property market of Mumbai recorded among the highest chase in terms of deal registrations and collection in last one decade. 

The emergence of proptech sector has been instrumental in the entire process that has eased the experience of property buying. This is evident as techno companies had a share of 35% in the aggregate market leasing activity in June 2022. 

The real estate sector today has innovative Proptech Solutions that are rising and are likely to grow stronger over the years. The primary objective of prop tech is to make the entire experience more user-friendly and provide advantages such as optimum pace in selection and transaction, efficiency in services offered and cost benefits. 

Prop Tech is change the real estate industry like never before. It has started penetrating in aspects like construction, due diligence, marketing and sales etc. 

Going digital is the way forward for real estate and digitalization supported by Prop Tech  has accelerated the pace of adoption of digital technologies while helping businesses become innovative and radically rethink existing strategies.

The fastest growing number of internet users, new and advanced technologies like the 5G, the mobile phone revolution and the willingness of the Government for Digital India are fuelling this robust growth. 

Consumers or home buyers are looking for integrateive and wholesome experiences and all the information regarding a building project is available on the screens of the potential buyers. Data assistance in form of market insights, analysis or comparative between similar projects, cost calculations, loan calculators, 3d, AR and VR are helping the potential home buyers. 

Most of these tools are also equipped for customers to play around with variables like colours, textures, or even fittings for a more “real” experience. They can swap in and swap out pieces of furniture, lighting, and make changes as per their unique requirements. This kind of customization definitely helps engage customers at a deeper level, resulting in higher levels of interest and making the entire buying experience smoother and faster.

Also the developers are updating themselves with ERP, MIS and CRM softwares which helps them improve the understanding of home buyers. This has resulted in effective and fast paced communication and engagement of customers.

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