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Written by Jack » Updated on: November 19th, 2024
The adoption of various cutting-edge technology-based real estate solutions and services is projected to propel the India Proptech Market's growth.
According to TechSci Research report, “India Proptech Market - By Region, Competition Forecast & Opportunities, 2018-2028,” the India Proptech Market is expected to register robust growth during the forecast period, 2024-2028. Proptech, which stands for Property Technology, is an umbrella term used to describe technology-based solutions for the real estate industry. The Indian Proptech market has witnessed significant growth in the last few years and is expected to continue on this trajectory in the coming years.
Proptech, or property technology, refers to technological tools used by the real estate sector to improve the way real estate is bought, sold, studied, and maintained. Big data, artificial intelligence (AI), machine learning, virtual reality (VR), augmented reality (AR), the Internet of Things (IoT), 5G, and blockchain are all examples of proptech. As the India government places a higher emphasis on real estate and technology adoption, new technologies and ideas are entering the market. Proptech has a promising future in India. A booming real estate market and a surge in entrepreneurship may result in a thriving proptech business that upends how property is now managed. This industry presently has very few businesses, but it should develop soon. As the real estate industry and proptech in this sector evolve, the next few years should present exciting prospects.
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In India, real estate and technology are rapidly coexisting, which is consistent with the country's recent expansion in the real estate industry. The current surge in digital technology is being driven by the rise of numerous property kinds, such as residential, commercial, hotel, and building management services. The India PropTech Market is being driven by the installation of smart property management systems. The country's real estate industry is upgrading its business models and responding to the expectations of a new generation of clients with the help of proptech solutions. Many parts of the real estate sector, including leasing, sales, marketing, and property management, are becoming more reliant on smart technology. The local real estate sector is evolving, and PropTech technology is intelligently and efficiently improving customer experience.
The infrastructure is expanding in accordance with the need for data protection, as data is a critical component for real estate developers. Monthly transactions, as well as a variety of important information such as rents, true selling prices, and secondary market transaction prices, must be thoroughly tracked. Customers may discover more about the property and the terms of the transaction procedures by utilizing PropTech. The database may only be accessed by authorized technology users who use the given credentials to validate the papers' validity. Unauthorized users are not permitted to access the database under any circumstances since doing so would break the database's integrity constraints. The need for secured database has resulted in the Proptech Market’s nationwide expansion.
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India PropTech Market By Solutions (Business Intelligence, Facility Management, Portfolio Management, Real Estate Search, Asset Management, Enterprise Resource Planning, Others), By Applications( (Residential (Multi Family Housing, Single Family Housing, Others), Commercial (Retail Spaces, Office Spaces, Others)), By Deployment (On-Premises, Cloud), By End Users (Housing Associations, Real Estate Agents, Property Investors, Others), By Region, Competition Forecast & Opportunities, 2018-2028,” has assessed the India Proptech market's future development potential and provides data and information on market size, structure, and projected market growth and assists decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in the India Proptech market.
Key market players in the India Proptech Market include:
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“The Indian Proptech market has seen significant growth in the last few years, driven by the increasing demand for affordable housing, the need for transparency in real estate transactions, and the growing adoption of digital platforms. With the current developments in proptech, startups may more carefully choose their area of interest, pinpoint their ideal market, and put the best strategies into action to achieve their objectives. Agents and investors are anticipated to continue to be interested in cutting-edge technology even after the necessity for masks and social distance has subsided since PropTech has enabled real estate firms to thrive despite the pandemic. The ongoing focus on property technology in future innovations is predicted to increase over the forecast period, 2023-2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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