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Proptech - The future of real estate in India

PropTech is fast changing the traditional real estate industry in India. It is bringing in efficiency, transparency and swiftness in property sale and purchase processes. It has transformed the industry quite a bit already and is becoming even more relevant and useful in the new normal which has been induced due to the pandemic.

PropTech generally means technology applied to the property market for a smoother flow of real estate transactions by bringing in cost and time optimizations with better management of resources. PropTech positively impacts all the stakeholders of the industry and lets them make informed decisions quickly, resulting in higher productivity. The following are the ways in which it is proving to be advantageous to the Real estate consultancy industry:

1) Sales Enhancement

PropTech is of great advantage to the sales and marketing team of a real estate company. It helps in targeting the ads better and assists them in making efforts in the right direction. It lets them discover the right audience better and faster, making the best use of resources like time and costs. This results in quicker sales and closure of deals, thus the Real estate sector can offload the inventory much faster.

2) Better Communication

PropTech has transformed the way communication used to happen in the real estate industry. It has enabled much faster communication between all stakeholders. This has led to saving precious time and even resulted in more trust among them. PropTech also facilitates better documentation of all the communication happening between the parties involved in a real estate deal, thus avoiding confusion and ambiguity. It helps in saving all the correspondence and communication in a lasting manner which is a win-win for all the stakeholders.

3) Better Governance

PropTech is being used by various authorities in better governance. It is being used to demarcate the boundary of one property from another and clearer land records. It has a great future in better management of land and title deeds. The digitalization of land records has already started in certain pockets of the country and will help in bringing discipline in the land and property market.

4) Transcending Boundaries of Distance and Time

PropTech has heralded an unprecedented dynamism to the Real estate consultancy field by doing away with limitations of geographical distance and even that of time. Now a Real estate deal can be struck between people sitting far apart and in different time zones with any difficulty. Technologies like Virtual Reality (VR) and Augmented Reality (AR) are changing the way a buyer would inspect the property. Now there is no need to physically visit the property site. All such activities can be done in the comfort of the home. It is helping inspection to happen in a safe and hygienic way which is more important in corona stricken times like now than ever before.

About Rise Infraventures Ltd.

Making use of PropTech in the right manner is Rise Infraventures Ltd, a real estate consultancy in Gurugram. The company has a well-trained team guiding and consulting the clients to make the right investment decision for the purchase of shops, showrooms, homes and offices. It has a wide range of properties to choose from for investment as well as for end-use. It extends its services to Delhi also. The company has been operating in the real estate field for a long time and has immense experience in real estate investment consultancy.

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