PROPTECH TRENDS AND OPPORTUNITIES FOR 2024
The wave of proptech stands poised to tackle enduring issues in India’s property market. As Sabyasachi Chatterjee, Senior Director - Head Technology and Transformation, JLL expressed, “PropTech has grown immensely in the last two decades. As per the latest statistics, there are more than 10,000 proptech companies globally and around 26% of these companies are now into AI.” Abhishek Kiran Gupta, CEO & Co-Founder, CRE Matrix, said “Most Indians will purchase a home only once. Our platform empowers indi- viduals and businesses alike, with crucial data on properties and market prices to make informed decisions.” Akhil Saraf, Founder & CEO, Reloy, added, “Reloy mitigates the dis- connect between a developer and a homebuyer by fostering a personal connection in sales, thus enhancing builders' referral networks.” Ankur Prabhakar, Director, Real Estate & Construction Sector Risk Advisory - Deloitte added, “Technological advancements, includ- ing enterprise software that unites stakeholders and IoT for real-time data capture, are revolutionizing the industry and expediting building processes.” Rahul Bansal, Co-founder & CEO, Propacity shared, “Our platform addresses the complex chal- lenge of real estate transactions in India, recognizing brokers' enduring role and aiming to enhance their digital journey and operational expertise. We are cultivating an eco- system geared towards fostering dependable agents nationwide.” Sunil Mishra, MD & CEO –Growth Businesses & Chief Strategy Officer, ANAROCK Group, added, “Our proprietary CRM and AI-driven models, including Astra and Phoenix, have significantly increased sales by providing a comprehensive view of customer interactions and identifying overlooked opportunities, con- tributing to a significant portion of our revenue. The integration of these tools exemplifies our inno- vative approach to addressing the key challenges faced by the real estate sector.” THE CHALLENGES & OPPORTUNITIES Sharing his insights Rahul Bansal articulated, “Despite the early stages of India's property technol- ogy (PropTech), it's pivotal to foster awareness, application, and acceler- ation by demystifying tech benefits for developers, akin to banking's digital transformation. Ultimately, ensuring PropTech's use cases res- onate and are rapidly deployable will determine its integration success and scale development efficiency.” Sabyasachi Chatterjee added,“The advent of 4G and 5G technolo- gies has significantly expanded Prop- Tech's reach, fostering an environment conducive to both application devel- opment and consumption.” Abhishek Kiran Gupta said, “De- cades ago, share trading was commonly conducted on paper; howev- er, this process has transitioned to a digital platform. The inevitable advent of blockchain technology and its swift adoption in India will pave the way for real estate transac- tions via apps, mirroring the online purchase trends for everyday items observed on platforms like Amazon.” Ankur Prabhakar commented, “Contemplating cost reduction in real estate, one must consider material expenses and operational costs, notably energy consumption. Adopting technologies such as 3D printing, robotics, and intelligent au- tomation systems can significantly lower construction and maintenance expenses, enhancing economic scales and efficiency.” Sunil Mishra said, “Generative AI is revolutionizing customer engagement through intelligent chatbots that integrate project specifics and CRM data for personalized interac- tions. McKinsey predicts a potential $3-4 trillion addition to global GDP from Gen AI alone, influencing sec- tors such as customer service and software engineering.” Akhil Saraf shared his opinion, “Post RERA builders are working to ensure the quality and on-time delivery. The next step is the customer delight as referrals come from happy and satisfied customers. By creating digital amenities inside the housing societies that optimises convenience for all is the next leg of growth.” We are developing an innovative application akin to "Shazam", but for real estate, that informs users about a property's rent, occupant, and history simply by pointing their phone at it - Abhishek Kiran Gupta There will be a significant shift wherein the obligations of housing market intermediaries will intensify, leading to the consolidation of the industry- Rahul Bansal The advent of Vision Pro and Quest 3 on Apple and Meta's platforms heralds a significant surge in ARVR prominence, soon to revolutionize real estate- Akhil Saraf Generative AI is expected to revolutionize various business operations, from legal and HR to sales and customer engagement within the next few years- Sunil Mishra I anticipate the integration of AI and machine learning to significantly streamline sector operations, as evidenced by Digi Yatra initiatives- Ankur Prabhakar Numerous service providers in the IoT sector have proposed retrofitting solutions that could potentially cut energy use by as much as 30% through advanced technology- Sabyasachi Chatterjee
Tags : Rahul Bansal Propacity Sunil Mishra ANAROCK Group Ankur Prabhakar Deloitte Akhil Saraf Reloy Abhishek Kiran Gupta CRE Matrix Sabyasachi Chatterjee JLL