The Indian real estate market has significantly transformed in the past few years. From brick-and-mortar broker offices to digital marketplaces, the industry has witnessed a shift towards technology-driven solutions. Proptech, a term that describes the use of technology in real estate, is revolutionising the way real estate is bought, sold and managed and has made the sector more efficient, transparent and customer-centric.
Streamlining real estate processes: With the emergence of prop-tech, buying, selling, leasing and investing in real estate has become completely digitalised, starting from a decade ago when websites that just had property listings to now, where it has become commonplace for property to be sold using virtual tours. As a result of the increasing demand for both residential and commercial spaces in India and the growing use of technology, the Indian real estate market is expected to reach USD 1 trillion by 2030.
Emerging technologies changing the face of real estate: One of the significant developments in prop-tech is the use of Virtual Reality (VR) and Augmented Reality (AR) in selling and leasing of property. Almost all builders’ and brokers’ websites now offer a video walkthrough of the property and surrounding areas, which can be viewed from the comfort of one’s home. This technology has made it possible for buyers to browse multiple properties without physically visiting them, saving time, effort and money. According to a report by Anarock, the virtual reality market in India is expected to reach USD 1.6 billion by 2025.
When combined with the use of Big Data, Artificial Intelligence (AI) and Machine Learning (ML), builders, property managers and brokers can target and personalise marketing and advertising based on user preferences, budgets and use cases. Advances in AI now include generative artificial intelligence (AI), a powerful technology that is making waves across industries with the ability to create new and realistic content, generative AI is being used to design and visualise architectural spaces, interior designs and even virtual staging of properties.
Generative AI adds another dimension to the transformative potential of Proptech, enabling creativity and innovation in the sector. According to a report by IMARC Group, the AI market in India is expected to reach USD 3,935.5 million by 2028, exhibiting a growth rate (CAGR) of 33.28 percent during the period 2023-2028.
