Proptech, or property technology, is a significant new advancement in the real estate industry, merging digital solutions and software and technology. The aim of bringing proptech into the limelight is to maximise lead generation, sale purchase, research, marketing and management of properties. Proptech is the budding sector in the real estate market of india that will transform the sale purchase, technological share and innovation in the real estate industry. 

Indian real estate industry will continue to grow and is expected to contribute about 15% of the country's total GDP. Technological advancements in the real estate industry are further divided into both residential and commercial development that will make new projects more sustainable, pocket friendly and sale quality within a given genre a good yield.

Proptech companies are expanding into different domains and horizons in the real estate market of india. Still, few companies, like no brokers, are associated with residential real estate, market Bering online listing and lead generation platforms, home rental and documentation services, and online brokerage services and while in the commercial real estate market, companies like My Workspace are running coworking and fractional ownership platforms wherein builders and companies offer various properties in which people with small ticket size can invest and reap results.

Impact Of Proptech In Real Estate Market Of India

Proptech companies disrupted the traditional business of the real estate industry, and digitisation in the real estate sector changed the business operations, which include tenants, investors, brokers and developers. These stakeholders reap the benefits in various ways.

Investors

Improved market research updates of new leasing, buying, or selling developments are readily available to investors within no time to improve decision-making.

Proptech firms provide a free process of securing contracts with the best interest rate, price analytics, and other investment features, minimising risk and improving decision-making while providing more information.

Developers

Improved transparency in lead generation results in solid networking opportunities, making sound business and increasing sales of their inventory.

Efficient use of technology in construction management can save additional costs on resources. Maintenance and repair costs are saved.

Brokers

Automated lead generation reduces the paperwork and cost.

Technology such as IOT and VR can be used to display properties to the clients.

Secure payment and remote contact improve the buying experience of the clients.

The Driving Future Of Proptech

PropTech is drastically changing how the Indian real estate industry does business. It makes real estate development and sales faster, agile, efficient, and transparent. Additionally, the advent of digital communication, visualisation, and sales has made real estate sales location-neutral.

As the pandemic struck the country, there was an abrupt increase in the number of established PropTech startups in India. After the pandemic, the number of proptech startups in India grew by 48% (2020 to date). The development of PropTech is becoming more and more popular in India. PropTech startups are expected to continue growing this decade, with an annual rise in new businesses of between 22% and 25% expected as the real estate sector grows to reach $1 trillion.

Conclusion 

proptech is the driving factor of the real estate market in Noida. The incubation of new technologies and advancement in construction led to more setup in the real estate sector with their most innovative tech-enabled solution to change the dynamics of the real estate market.