2020- A Year, When Proptech will move from Periphery to the Core
In the past few years, there has been a growing importance of Proptech as numerous start-ups are emerging related to technology in Real Estate. It is estimated that between 2013 & 2019, around USD 11.5 billion has been invested in the global Proptech space. Likewise, the Indian Proptech space is also up for growth. Currently, the industry is at a nascent stage, as out of the total USD 11.5 billion spent globally on Proptech-related start-ups, just around USD 300 million has been spent in India. However in the times to come, the Proptech space in India is set to grow, stemmed by the rise in institutional money, the growing significance of machine learning & AI in the realty space and a pressing need to bring customer satisfaction at the core.
The year 2020 is expected to be a landmark year for technology in the Real Estate Industry in India. Proptech will shift from the periphery to the core as there will be new innovations in the property transaction space. The focus will be more towards an easier transaction cycle, shorter liquidation time alongside customer comfort.
There will be a proliferation in Digital Content in the realty space as well. It will not just be limited to digital advertisements & search ads. Virtual Reality (VR), digital walkthroughs, & Augmented Reality (AR) will start finding more practical usages & would no more just be within the contours of a theoretical discussion. The growing use of VR & AR can impart a revolutionary makeover to the industry, as it will simplify the search & discovery space. Now iterations of site visits will not be required & one can do the process over their handheld device, desktop or laptop.
Likewise, machine learning & Artificial Intelligence will also see a more practical application. One of the practical applications of AI & Machine Learning could be to use it for property valuation by pulling in a wide range of data points.
Due to the innumerable advantages that accompany the adoption of tech-enabled models, the adoption of Proptech is expected to bring about a transformation in the Indian Real Estate space. With evolving homebuyer preferences & rising interest among developers to tap into greater markets, innovation in Proptech will be a major game-changer for the sector.