Real estate is an immovable asset and hence traditionally it has always relied upon personal interactions among the myriad stake holders in the real estate industry; property sellers, property buyers, property agents, loan providers, etc.
Proptech simply is the use of technology in the world of real estate. Of course with the evolution of internet, mobile tech and other aspects of communication, real estate search especially has come a long way. One can easily search for various properties; understand the prices, availability, etc. from anywhere in a matter of seconds. The integration of Proptech started with very simple elements like searching for properties through multiple permutations including location, size, budget, features, status (under construction/ready possession, etc.)
This major upgrade in the Indian real estate industry through Proptech gave property buyers, property sellers (real estate developers, real estate owners) and property brokers a way every easy way to reach out and close transactions from thousands of miles away. Now with the emergence of smartphones and 3G/4G revolution, property apps and affordable internet prices, searches for real estate online in India have gone through the roof and this is a great opportunity for the entire Indian real estate sector to capitalize on this penetration by improving further.
Proptech in Indian real estate
As real estate in India has evolved in terms of the property developments, real estate sales and marketing have evolved too thanks to Proptech in Indian real estate. Proptech is a huge enabler for almost all the parties involved in a property transaction including property developers, sellers, buyers as well as property agents.
As we embrace the reality of social distancing in a post-pandemic life, the usage of online tools will increase exponentially to buy and sell everything including real estate. Indian real estate can benefit hugely if the use of Proptech is done smartly to help customers buy and property owners sell real estate without too much of a fuss. Instead of just being platforms of discovery if real estate portals and property websites in India could evolve into end to end transaction facilitators for real estate then the amount of real estate transacted online in India could simply grow multifold.
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