Proptech & Indian Real Estate
The Rise of New Sensibilities
Property Technology, also known as PropTech, can be defined as the application of platform economics and information technology to the real estate market. Real estate technology has been used for many reasons, such as making transactions quicker, reducing paperwork, and an efficient working system.
Though PropTech has already disrupted the Residential Real Estate Sector, it is also vital in commercial real estate!
PropTech has also played an important role in revolutionalizing commercial space by enhancing the workspace experience. Workspace real estate is one of the many businesses that are at the forefront in India. The office development process has entered a new paradigm in the last few decades. This has resulted in huge demand for commercial real estate. The commodity is expensive and hence requires to be utilized effectively. This has helped in the evolution of office designs and has had a positive impact on the efficiency of employees at the office.
For large campuses with thousands of employees, a lot of experimentations with the F&B tech and cafeteria apps have been going in India. This ensures a seamless and easier experience of food management in workspaces.
In India, many organizations and developers have started adapting to the newest technologies. Like the cloud and mobile-based visitor management system, which ensures a smoother and secure experience for visitors. Effective solutions such as desk and meeting room management are being implemented at various organizations for a connected workplace. This will increase productivity at work and help with utilizing valuable workspace effectively.
IoT sensors have been impressively helping transform the workspace to enhance the experience for employees and visitors. Other major technologies, such as machine learning, artificial intelligence, among others, have been quite useful too in driving efficiencies and delivering satisfying employee experiences.
As per the reports by the major surveys, the Indian market is one of the most dynamic markets for PropTech. According to the number of deals made in the segment, India also ranks high in the Asia-Pacific region list. In the last five years, investments and transactions worth 928 million dollars were made in the real estate sector - the highest in the Asia-pacific region.
About a decade ago, the residential and commercial segment of the Indian real estate sector was hit by the PropTech revolution. This led to several developments and resulted in a standardized system of many aspects, such as the real estate markets and online housing portals, among others.
Today, PropTech has become a large potential market, and enterprising entrepreneurs and businessmen have realized it. Investors have started focusing on cost control and revenue maximization. This can be easily achieved by using PropTech and its end to end process management software.
Here is a list of the prominent PropTech trends in the country:
Virtual Reality is one of the most successful PropTech trends in India. VR comes with several benefits, such as allowing the buyer to visualize the property before completion. Another benefit is the 360-degree tour of the property and its surroundings through a device without leaving the comfort of one's home. Slowly, Virtual Reality has been becoming a prominent part of real estate, all thanks to the engagement-based and highly immersive nature of working.
Blockchain technology has already proved itself in the Finance technology Industry. But over the past few years, it has shown tremendous results in the real estate sector as well. The amount of data present on the internet has been rapidly increasing. The existing technologies failed to process the huge amount of data, and that gave birth to blockchain technology. In the real estate sector, most of the transactions take place online, which needs to be done with complete security. Blockchain has helped secure the property transactions and ensured the buyers and developers complete security from fraudulent practices.
Internet of Things
The Internet of Things (IoT) is defined as the interconnectivity of objects, including people. The Internet of Things has helped the real estate sector by introducing home automation devices, which has made the utilization of urban spaces more efficient. In connection with the home environment, artificial intelligence, along with sensor-based technologies, are used to offer a number of services.
Business Intelligence Tools
Business Intelligence tools use analytic tools to make forecasts, determine the value, and gather useful information on a wide variety of aspects related to the real estate sector. The elimination of operational inefficiencies, maximization of revenue, and improving the organization's general performance are some of the aspects that business intelligence tools have completely transformed. The business intelligence tools can also predict customer preferences from their previous history of purchases.
Customer Relationship Management (CRM) Software and Chatbots
The chatbot technology is backed by artificial intelligence when used in the real estate industry. It helps in generating leads and later converting them into potential customers. Several organizations use chatbots to provide 24x7 customer services, such as query solving and instant replies. These help in conducting follow-ups to customer reviews and queries and identify what the consumer needs.
Customer Relationship Management (CRM) Software is used to automate processes used for keeping up with customer needs and preferences. The software is also helpful in tracking and following up on social media campaigns for the organization.