Proptech in India

Prop-tech startups have altered the real estate market, making it more approachable, affordable and transparent for potential buyers and investors.

Proptech operators and technology developers have established a digitally driven sector and ensured its long-term viability. Companies are more motivated to make decisions based on the data that Proptech companies deliver.?

According to a recent survey, India is the second-largest country to use of internet with 658 million users, where 60% of buyers are willing to use digital platforms to explore properties online. As a result, analysts discovered that people between the ages of 25 and 35 are more interested in exploring properties online.?

Furthermore, home automation is becoming increasingly popular because of technological advancements and a surge in demand for millennial and Gen-Z homebuyers. Millennials are estimated to account for around 55% of the market. India's smart home market is already expanding rapidly and is expected to reach $6 billion in 2022.??

Key growth areas in proptech:?

Buyers using digital business platforms can quickly and simply access information about the location, project and cost along with pictures and videos of the property. Furthermore, the platforms are turning into full-stack solutions by adding services for additional activities like loan financing, registration and lease agreements.?

In addition, the newly evolved Proptech platforms leveraged the potential of drones and modern technologies i.e., Artificial Intelligence, Big Data, SaaS and Cloud to revolutionize the sector.??

Another game-changing Proptech innovation that has aided developers and real estate organizations is the increased use of e-signing for lease, rent or purchase agreements, contracts, NOC from various departments and other property transactions.?

Proptech demand will continue to grow, resulting in additional improvements and discussions in the future, more than 50% of real estate buying decisions are taking place through online searches and the internet user base is expected to increase up to 1 billion by 2025?

According to the experts, the Proptech sector has risen at an exponential rate in recent years and is predicted to reach $1 trillion by 2030.?