NEW TECH FRAMEWORKS FOR FUTURE READY REAL ESTATE
The rapid adoption of PropTech is poised to equip the Indian real estate industry for a more technologically advanced future. Sarthak Seth, Chief Marketing Officer, Tata Realty & Infrastructure Limited, stated, “The PropTech industry in India has experienced significant growth from the early 2000s to 2015. COVID-19 has served as a major catalyst for tech adoption within the sector. In today’s times, PropTech's business model consists of multiple aspects from sustainability and construction to finance and marketing that contribute to its core. Thus, utilizing technology in real estate not only increases efficiency but also enhances transparency for consumers.” Informing about his unique commercial real estate listing platform, Kartik Iyer, Business Strategy, KeyDemand, said, “Key Demand is a commercial real estate platform that connects brands with suitable suppliers, allowing them to detail specific requirements. Operating in over 230 cities across India, it caters to various industries and ensures a retail brand's expedited market entry. Our platform, based on an established framework, targets marketing campaigns for developers, brokers, and suppliers in the residential sector. We provide retail brands with a thorough online method for sharing requirements and expanding networks, facilitating store closures, and increasing revenue. Comprehensive reporting tools are available for multiple users and top management. In summary, our solution presents an innovative means of meeting store opening demands and fostering business growth for retail companies. Many property listings on existing platforms are often unreliable. To address this issue, our platform restricts access between brokers and verifies each listing meticulously. We ensure that the information comes directly from verified sources, utilizing a top-down approach.” Touching on the key aspects of his company, Digvijay Chayhan, CBO, Technology, Insomniacs, said, “As consultants for real estate developers, we've adapted our technology offerings alongside the industry's adoption of innovations. Our various platforms assist developers in delivering virtual experiences, targeting the right audience, automating marketing, and managing customer data more effectively. For instance, at Prestige, we handle the entire digital transformation portfolio for residential, commercial, and retail. We are shifting our focus from simply selling to catering to the end user’s needs from the start of the land acquisition process. By imagining your target audience at this early stage, you can create an ecosystem that transforms the customer experience entirely. This strategy is proving to be successful amidst the current market, where many are seeing success upon opening.” Discussing how responsive clients are to a solution that can be implemented within 24 to 48 hours, Rahul Bansal, Co- Founder, Propacity shared, “To provide context to the psychology of the developers, let me share my example. I and the other co-founders are from small towns. These cities did not provide the opportunities for comfort and prosperity that are desired, so we moved to a Tier 1 city. Tier 2 and 3 cities cannot match their Tier 1 counterparts in terms of infrastructure because developers do not have the capacity, capability, or intent to build them. This is not because they are lacking the necessary resources, but because they do not know have the technological prowess to implement large sale projects. During our technological awareness journey, we found traditional business owners to be attentive yet hesitant towards adopting tech tools. Upon observing larger businesses' success, their acceptance grew. We assess individual needs and adjust our approach for optimal results. Gradually, clients become more eager to explore further features and advantages of our platform.” Puneet Bansal, Co-founder & Chief Product Officer, Rdash, stated, “Our company Rdash is a construction management platform that functions an operating system for various construction companies, from general contractors to design studios. Its main goal is to facilitate collaboration among stakeholders and streamline workflows, leading to significant time and cost savings on projects. Having personally experienced the benefits of Rdash with a 15% budget reduction and improved efficiency at our contracting company, we are confident in its potential. The platform typically offers 7-12% savings on project budgets and a 25% reduction in time when fully adopted. However, it is essential to note that achieving these results requires a phased adoption process. Ultimately, Rdash aims to enhance efficiency and deliver measurable results in the construction industry. In recent discussions with construction companies, we've observed a new generation eager to integrate technology into their operations. They are driven by a desire for increased efficiency, visibility, scalability, and the welfare of their workers. However, they worry about their employee's reception of newly introduced technology. Designers and engineers should prioritize ease of use to make these innovations more accessible.” Sriram Kuchimanchi, Founder & CEO, Smarter Dharma, added, “Another crucial aspect is sustainability, which is often overlooked in the construction industry, metro or a smaller city. Globally, in 2018, climate change perception shifted, resulting in a surge for sustainable solutions. Business leaders acknowledged the impact and sought ways to mitigate it. Revenue increased with growing awareness and emphasis on measurable results. In India, on a positive side, it is becoming a large priority for non-construction companies. In real estate, addressing sustainability during the design stage can increase cost efficiency and reduce carbon footprint, proving it's not necessarily more expensive. We encourage the industry to transition from CSR to ESG, focusing on improving the sustainability of their buildings rather than external efforts. Our goal is to help businesses reduce operational embodied carbon and create a tangible impact on sustainability. Our patented algorithms aid builders in assessing project sustainability, influencing design choices, and demonstrating long-term stakeholder value. Post-COVID, the demand for sustainable construction has soared, particularly in South India. However, only truly innovative projects can stand out and achieve success in this competitive market.” On the aspect of investment in Proptech, Abhishek Prasad, Lead IDEA Labs, JLL, said, “Indeed sustainability has become a big consideration for all across real estat and other industries. For investors too, a technology that focuses on making sustainability an integral part of the building design phase is a lucrative investment option. Additionally, technologies that can address discoverability, connectivity, and scalability issues in the construction processes are of interest to the investors. The Proptech companies working on digital transformation for builders and creating scalable, replicable solutions are also preferred by investors. At Idea Lab, we support start-ups by providing mentorship, access to our ecosystem, and leveraging our global experience. Many start-ups under our guidance have achieved significant annual recurring revenue. Our validation helps them gain a broader customer base and understanding of the market. This fosters growth for both our company and the start-ups we support. Ultimately, we aim to fill gaps in our capabilities with these innovative start-ups, while also investing in them through our venture capital fund.” Smaller developers have the intent but not the right tools to scale their business. We found that traditional business owners to be quite receptive, yet hesitant towards adopting tech tools -Rahul Bansal , Propacity Comprehensive sustainability efforts encompass water, energy, waste, and materials, tailored to cities' specific needs. Our patented algorithms aid builders in assessing project sustainability, influencing design choices, and demonstrating long-term stakeholder value -Sriram Kuchimanchi, Smarter Dharma The real estate sector has long been disorganized and slow to adopt technology. Proptech companies should develop solutions catering specifically to the unique needs of the local market -Puneet Bansal ,Rdash Prop tech founders often struggled with adoption in the real estate industry, but there has been a shift in perception towards technology post-COVID -Kartik Iyer,KeyDemand The increasing presence of CIOs in real estate companies has greatly benefited prop-tech start-ups. As a result, conversions have become easier, and long-term client relationships have been fostered -Digvijay Chayhan,Insomniacs Developing a scalable startup in the nascent prop tech industry involves understanding its ongoing growth and potential challenges- Abhishek Prasad, JLL Developing an ecosystem that covers all aspects of the real estate journey helps convey a deeper understanding of the industry to potential clients- Sarthak Seth,Tata Realty & Infrastructure Limited It is important for the tech investments to reach into tier two and three cities, which present untapped opportunities of growth.
Tags : Digvijay Chayhan Insomniacs Sarthak Seth Tata Realty & Infrastructure Limited Kartik Iyer KeyDemand Rahul Bansal Propacity -Puneet Bansal Rdash