Startups Driving the Digitization of Indian Real Estate

A social activist and a sports person himself, Abhishek is a strong real estate professional with over 12 years of cross-functional experience in the industry.

Currently, the real estate market has bounced back exceptionally post the COVID pandemic and is at its peak performance. The buying power of the buyers has increased a lot lately, as they now prefer buying bigger houses even by using EMI or housing finance options. While this is in terms of lower and mid-range properties, the major growth in demand over the last few years has been the luxury residential properties segment, which has grown by around 30-40 percent over the two years. As a result, we are now witnessing a large number of companies launching a flurry of luxury residential real estate projects across the country. A key factor driving this demand for luxury residential properties is the customer-focused regulatory frameworks & policies rolled out by the government and the stringent ways in which these guidelines are being followed by both real estate companies as well as the regulatory bodies.

Digitization & Other Tech Advancements

The recent advancements in technology have played a vital role in the overall growth of the real estate industry in India today, especially the proptech (property technology) segment. Earlier, the builders and brokers promoted their product in conventional ways, wherein the property could not be sold unless it is fully constructed. But today, tech advancements such as AR/VR and other digital marketing techniques are helping builders to give their consumers a virtual imagery of the property well before it is fully constructed, which is helping them immensely to promote their properties. Further, CRM technologies and solutions are now helping marketing teams to track and manage the leads in a very efficient manner, enabling them to convert leads into successful sales in the most convenient way. In terms of construction too, new advancements such as Mivan Construction Technology have gained widespread prominence in recent times.

CRM technologies and solutions are now helping marketing teams to track and manage the leads in a very efficient manner, enabling them convert leads in successful sales in the most convenient way

Startup Innovation in Real Estate

The ongoing digital revolution has pushed brands across all industries to have a strong online presence in order stay competitive in the market, and real estate is no different. As a result, almost every company in the industry not only has its website, but a few established real estate firms even have a mobile application of their own. To cater to this rising demand, many startups have now forayed into the web & app development industries to offer services that are not only tailor-made but also have very user-friendly interface. Going a step further, many tech startups are now integrating advanced technologies such as AR/VR into the company's website and mobile application, sparing the customers from the hassles of physically having to visit the property. Most importantly, one major area of real estate where the startups have really brought-in a lot of innovation today is in terms of CRM and sales lead management, which has resulted in 60-70 percent of the sales now happening from the leads generated via digital channels alone.

Making Real Estate Investments Transparent & Easy

Owing to the tremendous growth curve that Indian real estate is showcasing over the last few years, we are seeing a large number of digital market startups that have taken birth in the market focusing primarily on real estate. Also, online real estate platforms are acting as the bridge between the builders and customers by enabling the builders to list all the details of their properties onto the platform. On the other hand, these platforms are enabling the customers to search properties based on their preferences by giving them the option to filter the properties based on a particular location, price range, condition, builder, number of bedrooms, and many other critical aspects. This way, these new age digital real estate startups are easing the life of individuals aspiring to make investments in this sector.