UNLOCKING PROPTECH VALUE & OPPORTUNITIES
This digital uprising within the property market signifies a colossal shift towards embracing innovative technologies, aiming to optimize operations, improve client experiences, and offer better analytics. But what is “Proptech”, exactly? At its core, Proptech is the use of information technology (IT) to help individuals and companies research, buy, sell, and manage real estate. From virtual reality home tours to automat- ed property management systems, Proptech is reshaping the property industry by fostering more efficient and user-friendly processes. Sandeep Sadh, Founder & Promoter - Mumbai Property Exchange, Real Estate Mumbai and Propi.in, said, “PropTech vast potential in real estate is yet to be fully realized, particularly in streamlining the symbiot- ic objectives of developers, brokers, and clients. Amidst evolving regulations like RERA, the challenge lies in maintaining up-to-date communications between developers and the myriad of channel partners, ensuring accurate information dissemination. Accurate data is essential, termed as the new oil, it's crucial for even the smallest players who needs to navigate diverse markets.” Kaustav Das, Delivery Head (Prime & Strategic Business), High- bar Technocrat Limited, shared, “Technology serves as a means to address and enable solutions for business challenges rather than be- ing an end in itself. The immense growth in infrastructure propels the necessity for automation and inno- vation, underscoring the increas- ing role of artificial intelligence and other technologies in enhancing efficiency across various business sectors.” Nitin Gupta, Managing Director & Founder, Maestro Realtek, gave an example, “At Maestro Realtek, we specialize in tackling complex challenges for developers and land- owners, from land acquisition and product design to cash flow and profitability. Embracing a profes- sional, knowledge-driven approach, technology is a crucial enabler for streamlining operations and achieving business goals.” Aditi Watve, President, Anarock Group added, “Automation has rapidly transformed sectors with uniform products, from steel to soap, replacing human labor with ma- chines and eventually AI. However, our industry's distinctiveness, from unique parcels of land to varied project constructions, precludes such standardization.” LIMITATIONS & POTENTIAL OF PROPTECH Expressing his views on wheth- er technology has sufficiently ad- vanced within the real estate sector to adequately capture its distinct diversity, Kaustav Das articulated, “Adopting best practices and incor- porating innovative technologies like BIM, AI, and ML can lead to significant improvements. Numerous customers have effectively utilized automation through ERP systems, demonstrating a compelling business case for following these best practices.” Nitin Gupta expressed, “Technology as a facilitator within the real estate is fundamentally dependent on human expertise for tasks such as land verification and design. Despite its evolving role in improving efficiency, technology cannot replace the nuanced judgment and emotional intelligence inherent to human interaction and decision-making.” Sandeep Sadh added, “Developing technology incurs substan- tial costs, from software creation to platform integration and cloud synchronization, alongside nec- essary investments in advertising exemplified by Zomato's market penetration. The real estate sec- tor's technological evolution is in its infancy, with some traditionalists shunning digital advances in favour of established methods. The challenge lies in convincing stakeholders to adopt technology for data analytics, which can significantly enhance efficiency and conversion rates in property transactions.” Aditi Watve stated, “The integra- tion of technology presents a signif- icant challenge due to the inherent discomfort in change. Persuading stakeholders, such as channel part- ners and procurement managers, to input data into systems like SAP for long-term benefits is an ardu- ous task. Overcoming resistance to technology adoption is a critical hurdle that must be addressed to enhance acceptance.” ADOPTING TECHNOLOGY Aditi Watve talked about concepts like AI, ML and their use in the real estate sector, “Seasoned developers often overvalue their sales expertise, gained through years of practice. Despite their acquaintance with terms like AI and machine learning, they still grapple with the intricacies of these advanced technologies.” Kaustav Das shared, “Implementing Enterprise Resource Plan- ning (ERP) is a comprehensive pro- cess that necessitates a parallel change management strategy, incorporating stakeholder identification, impact assessments, and extensive training. Despite initial challenges with SAP, including ensuring data quality and timeliness, user-friendly interfaces have significantly improved the experience since 2007. Leveraging peer pressure and leadership scrutiny during quarterly reviews effectively enhanced project engagement and compliance with SAP standards at various sites, including remote hydro power projects. Sandeep Sadh added, “We have streamlined data aggrega- tion by centralizing vast datasets and integrating a chatbot across our website, enhancing lead generation and management without the necessity of a calling team. This innovation extends to our partners via a custom chatbot service, which captures leads ef- ficiently, currently in refinement before wider industry application. Utilizing AI, we analyse the MMR property data collected by our team, simplifying complex information for consumers and pro- viding developers with valuable market insights through data-driven decision-making tools.” Elaborating on how to address the customers’ perspectives, Nitin Gupta said, “As a consumer, my concern will primarily be with effi- cient solutions rather than the pro- cesses that deliver them. Zomato exemplifies this focus, operating not as a technological marvel but as a masterclass in supply chain efficiency. Likewise, the evolution of real estate marketing over the past two decades has been re- markable, transitioning from news- paper advertisements to digital platforms as a primary means of lead generation. With technology now at the forefront, tradition- al print advertising has become obsolete and serves merely for brand recognition. Technological advancement has enabled con- sumers to experience a 360-degree virtual tour of properties, essen- tially simplifying the home-buying process.” PropTech is forecasted to be a trillion-dollar sector within 7-8 years and choosing the right partnership is crucial to bridging identified gaps and propelling growth- Aditi Watve Implementing technology requires organizational impact assessment, identifying change barriers, communication & training for seamless change management- Kaustav Das Technology per se does not mean some magic wand, which will solve your problem. Technology is always an enabler- Nitin Gupta Adoption of user-friendly tools and standardization are crucial for consistent growth. This ease of use can definitely lead to a trillion-dollar impact- Sandeep Sadh
Tags : Sandeep Sadh Mumbai Property Exchange Propi.in Kaustav Das High- bar Technocrat Limited Nitin Gupta Maestro Realtek Aditi Watve Anarock Group