PROPTECH FOR SMART & SUSTAINABLE PROPERTIES
As per Sapna Srivastava Editor Realty+,“Real estate in terms of technology intervention still lags notably with proptech being adopted in a piecemeal manner.” Ramashrya Yadav, Founder & CEO, Integrow Asset Management agreed, “A significant shift is needed in how property purchases are experienced, not just the initial sales but also the post-delivery property servicing requires a platform to bridge the gap between developers and resident’s communities, ensuring utilities and management are effectively handled." According to Kaustav Das, Head - Delivery, Highbar Technocrat Ltd, “The construction inefficiencies can be addressed with BIM enhancing project management technologies like AI chatbots and big data to personalize services for the current DIY millennial buyers. The construction process necessitates ERP system that integrates additional modules for project management and client engagement.” Jay Shah, Founder & Principal, Kaizen AI, said, “For estate sector, instead of pushing the new innovations, we should first delve into their existing methods and enhance them with clear, proven value and demonstrate this through tangible successes rather than simply expecting adaptation without evidence. By demonstrat- ing tangible results and taking a percentage of the value created, we not only win them over but also secure their loyalty.” Kaustav Das shared his experience, “We deliver value to our clients through solutions like ERP systems which encompass the entire customer lifecycle. Our expertise automates processes from initial contact to post-sales. maintenance, integrating functions such as cash flow, project management, and compliance to enable more efficient decision-making capabilities.” Ramashrya Yadav spoke about his initiatives, “We aim to differentiate ourselves from the private equity frenzy by buying a listed company and investing 350 crore into PropTech ventures. As a result, we've taken a dominant share in the SAS market, and secured majority stakes in Myre Capital and Integrow while leaving room for founder involve- ment. Our holistic ecosystem now ranges from property transactions to financing.” Sapna Srivastava added, “Indeed, in the proptech segment, we need to create an ecosystem of technology offerings, where all segments of real estate can benefit through a collaborative engagement.” ACCELERATING TECH ACCEPTANCE Jay Shah: We have to live with the fact that real estate is still resistant to technology. So, work around it. Instead of talking technology, show the value prop- osition for their business. Kaustav Das: Businesses wants to hear how their pain points are being addressed. Also, those who have adopted technology, they have an impatience to get re- sults. A lot of mindset change is required. Ramashrya Yadav: The devel- oper community is overly fragmented and has local associations. A national level, unified body like NASSCOM could greatly benefit the industry, which currently makes up less than 2% of the $3.6 trillion listed space. Sapna Srivastava: Proptech isn’t an attractive space for investors for now, probably because real estate sector is vastly unorganised. With growing maturity, we are soon going to see Prop-tech becoming an appealing investment avenue. BRIDGING THE GAP Mentoring, governance, and financial support are essential for proptech segment. Integrating technology, capital, and various sectors is crucial since real estate developers currently lack full technology engagement. The lack of a common language hinders communication between developers, technologists and the wider community. The change management should be handled efficiently for fruitful implementation of technology in client’s organization. Effective after-sales service is crucial for properties worth a lifetime savings of a buyer, in many cases. This is where proptech has huge potential opportunities- Sapna Srivastava By reversing the burden of proof onto ourselves as technologists, we can encourage adoption by proving how new tools can efficiently improve upon what's already in place- Jay Shah There's an urgent need for technological solutions in the vast but overlooked secondary market, which is substantially larger than the primary market- Ramashrya Yadav While real estate tech-savvy players have intent for technology adoption, there is still a significant communication gap between technologypartners and businesses- Kaustav Das
Tags : Sapna Srivastava Editor Realty+ Kaustav Das Ramashrya Yadav Jay Shah Integrating technology capital Kaizen AI Highbar Technocrat Ltd Integrow Asset Management project management technology SAS market