What is proptech and why you should know more about it
News Desk | Bengaluru | 13 JANUARY 2023
Proptech, short for property technology, is the application of technology in the real estate industry. This can include everything from online platforms for buying and selling property, to building management software and virtual reality tools for property viewing. In recent years, proptech has been growing rapidly in India, as technology becomes more prevalent in the country and more people look to buy and sell property online.
Up, up and up!
The Indian proptech market is expected to grow at a CAGR (compound annual growth rate) of over 20% during the forecast period 2020-2025. This is due to a number of factors, including the increasing use of technology in the real estate industry, the growing number of people looking to buy and sell property online, and government initiatives such as Digital India and Smart Cities.
One of the biggest drivers of proptech in India is the increasing use of technology in the real estate industry. In the past, buying and selling property was a time-consuming and complex process that required a lot of paperwork and face-to-face meetings. Today, however, technology has made it possible to buy and sell property online, with the use of platforms like Proptiger, Magicbricks, and 99acres. These platforms allow buyers and sellers to search for properties, view listings, and even complete transactions online, making the process faster and more efficient.
Online shows the way
Another driver of proptech in India is the growing number of people looking to buy and sell property online. With the rise of e-commerce and the growing use of technology in daily life, more and more people are turning to the internet to buy and sell property. This trend is particularly strong among younger generations, who are more comfortable with technology and more likely to use online platforms to buy and sell property.
Government initiatives such as Digital India and Smart Cities are also driving the growth of proptech in India. The Digital India initiative, launched in 2015, aims to make India a digitally empowered society by providing access to information and services online. The Smart Cities initiative, launched in 2015, aims to create 100 smart cities across India. Both of these initiatives are helping to create a more digital India, which is driving the growth of proptech.
In addition to these drivers, proptech in India is also being driven by a number of other factors, including the growing number of start-ups in the space, the increasing investment in proptech by venture capitalists, and the growing number of partnerships and collaborations between proptech companies and traditional real estate companies.
In conclusion, proptech is a rapidly growing industry in India, driven by a number of factors including the increasing use of technology in the real estate industry, the growing number of people looking to buy and sell property online, and government initiatives such as Digital India and Smart Cities. The Indian proptech market is expected to grow at a CAGR of over 20% during the forecast period 2020-2025. As technology continues to become more prevalent in India, it is likely that proptech will continue to grow and become an integral part of the Indian real estate market.