A new buzz and something that is setting up an accelerator for real estate. In 2021 we saw the focus shift drastically & adoption of PropTech by renowned real estate players with huge investments. The need for the same has spurred up now than ever. As a result, there has been significant growth, the catalyst being megatrends like demonetization, RERA, & the global pandemic (COVID-19).
Technology has completely changed the way we rent, purchase, and sell commercial & residential properties and more. Director of Brigade REAP, Partner of Venture Highway, and CEO & Co-Founder of CRE Matrix discussed the bright future of PropTech in India. B2B SAAS had never been valued in India like it was in the USA, but currently, things have changed for good. Also, the timing is very opportune now with remote selling scenarios etc.
Before mapping out the big PropTech trends that dominated the real estate sector in 2021, let’s know what PropTech is, in simple terms.
Property technology (PropTech) is an innovative approach/style to real estate, applies technology & software to support today’s real estate requirements.
PropTech growth in India Key factors
Better regulation & governance – RERA, other regulatory bodies, giving more power in the hands of consumers.
Digital infrastructure – a lot of companies digitising land records.
Capital & Talent – the quality of talents now is fantastic.
According to Partner of Venture Highway, the above discussed are the founding basis for the cusp to start.
Key growth areas:
- Online property search and transactions.
- Virtual reality/augmented reality – View your home being anywhere.
- Big data analytics.
- Building & construction efficiencies.
- Home automation and smart buildings.
- IOT based water and waste solutions –On a sustainability basis.
- Home interiors.
- The framework of India’s PropTech industry – A big picture
Developers are keen to unite with firms considering it helps create more revenue, cut cost, & optimise their operation. However, the most important & need of the hour is to build with COP26. Developers & builders should emphasise green/sustainable buildings like water management, impure air, sewage treatment plans etc. Mother earth is currently under crisis, and the measurable steps taken sure make a valuable difference.
The closing line is it is fast-moving & with it, all the phases like educating, amassing, and massification of users is also well handled. India being the very distribution first market, evolving technology will slay & be right in the action. B2C will prevail in 2022 as per the discussions.