How PropTech is Revolutionizing the Real Estate Sector?
Rakesh Reddy, Director , Featured Article on 99 Acres
One cannot disagree with the fact that Technology is altering the dynamics of Real Estate throughout the world. The systematic adoption of advanced technology has opened a whole new realm of opportunities to capitalize on. Real Estate is no exception to this technological disruption with the emergence and adoption of the PropTech segment.
Like the term itself hints, PropTech is a combination of ‘property’ and ‘technology’. This segment highlights the importance of technology in the Real Estate industry, whether commercial, residential or construction. It utilizes technologies such as Artificial Intelligence (AI) and Virtual Reality (VR) that influence how we design, build, research, buy and sell properties.
The incorporation of PropTech in real estate helps simplify large-scale complex operations and streamline data management with more accuracy and efficiency. The PropTech segment in India has grown exponentially in the last few years and is expected to reach USD 1 trillion by 2030. Early PropTech ventures primarily focused on creating online databases of actions like ‘buy and sell properties, whether commercial or residential. By doing so, they could eliminate an intermediary and provide greater user benefits.
As consumer needs evolved and competition for online real estate increased, companies in the PropTech segment began providing more and more data to make effective decisions. As the needs of the industry changed, PropTech became more crucial, and advanced technologies like AI and VR became prevalent. Although the technological landscape is constantly evolving, the goal of PropTech is to consistently deliver high-quality, relevant information and insights for a better stakeholder experience. This includes digitization and automation of property data, sustainable construction technology, the internet of things (IoT), and virtual tours that add enormous value to the Real Estate industry. The PropTech segment has the potential to support the full lifecycle of property construction, management, and discovery.
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