The rise of Proptech in India: Revolutionising the real estate landscape

In recent years, India has seen incredible growth in PropTech, revolutionising the country’s real estate market. Entry of few property technology companies brought PropTech in India under the spotlight, which helped in bringing efficiency and transparency in buying and selling of real estate property. It is anticipated that the Indian real estate sector would grow to $1 trillion in value by 2030 from $200 billion in 2021 and account for 13% of the country's GDP. PropTech startups collected approximately $2.4 billion between January 2021 and March 2023. This includes 69 early-stage startups raising $145 million and 39 growth-stage enterprises raising $2.25 billion.

Challenges in the Indian Real Estate Industry

The Indian real estate industry has been through several turbulent times like fragmented markets and lack of transparency. Introduction of real estate technology worked as a solution to all these problems. PropTech simplified buying and selling and searching of property. It also made transactions seamless and transparent. Real Estate Technology companies, like Aurum, provide features like virtual tours, high quality imagery, and detailed property information, elevating the buying experience.

The Rise of Proptech in India

India’s PropTech story started in the mid 2000s with the entry of few real estate technology companies. In past five years, PropTech has grown and evolved manifold and has seen startups in brokerage, construction, AI, AR, VR, IoT, SaaS and other spaces PropTech funding reached its peak in 2018 at $1.28 billion. It continued in 2019, but the lockdown due to Covid-19 had a major impact in 2020. The amount raised was reduced to about $500 million. This saw a comeback in 2021, but the slowdown in the financial environment, again, impacted fundraising in 2022 and 2023. Similar to other economies, Indian real estate is still in the early stages of technological adoption. However, the PropTech market is seeing growth. PropTech has a significant influence on all facets of real estate, from transactions, planning, and design, through building methods, rental and property administration. The PropTech sector is predicted to experience continued growth according to the stakeholder, by 2023. The last couple of years the Indian real estate market has seen turbulent times but 2022 saw a comeback. There was a rise in demand, supply, sales and capital investment.

Major Property Technology Companies

The real estate sector is one of the fastest growing industries. With the rise of ProcTech, buying and selling of properties has transformed massively and startups are vital in this change. The property technology companies are bridging the gap between buyers, sellers, and property owners and making the entire process seamless and efficient.

Catering to New Demographics

The rise of PropTech in India and the Real Estate Technology companies align with the changing demographics and needs of the millennial generation. Audience, now, is more tech-savvy and seeks convenience, digital experiences and transparency. Companies like Aurum cater to their needs by providing user-friendly platforms.

Conclusion

The Indian Proptech market has grown gradually and consistently despite the obstacles. The sector has experienced an increase in investment. But, it is unclear how it will respond to the difficulties like current financial winter and worries. However, as internet usage increases it looks that the future will be determined by factors like sustainability and innovation.

The future seems bright for the Indian Proptech sector and hope PropTech companies are prepared to make the most of the %1 trillion opportunity.

Aurum is emerging as a game changer in the Indian Real Estate sector. It addresses the obstacles and provides a better way of buying and selling of properties. With increased transparency, efficiency and convenience. Aurum PropTech is revolutionising the Indian property market, benefitting both consumers and industrial professionals. As technology continues to evolve, the growth of Aurum Proptech as well as the PropTech industry is expected to accelerate further, shaping the future of the Indian real estate landscape.