Top 10 Best PropTech Companies in India 2022

PropTech refers to the fusion of real estate and technology. From FY 2016 to FY 2018, a total of US$ 242 million was invested in Indian PropTech businesses. PropTech funding in the country increased from US$ 3.4 million in 2018 to US$ 56.8 million in 2019.

Today’s businesses and industries are heavily reliant on technology. Factors such as increased urbanization, digitalization, and an increase in disposable incomes have all had a role in pushing this trend.

Technology has opened up a myriad of options in a variety of industries and areas.
In terms of how far we’ve progressed and extended technologically, Virtual Reality and Artificial Intelligence are just the tip of the iceberg. Real estate, like any other industry, is susceptible to technology upheavals. The global real estate sector’s paradigm shift has had an impact on the Indian real estate market as well.
During this age of digital revolution, the term “proptech” has become a buzzword in the real estate industry.

What is Proptech?

Proptech is a relatively new concept in India’s real estate business. This includes fintech, edtech, health tech, and other comparable technologies. Within their respective domains, they represent technological innovation.

Proptech, on the other hand, is an acronym for “Property” and “Technologies.” The value of technology is clear in any project, whether it is residential, commercial, or construction.
How we look for, acquire, and sell real estate will be revolutionized by a cross-industry strategy. Multiple small-scale companies and businesses will be able to manage multiple projects simultaneously in multiple places with higher precision and efficiency thanks to this software.

The use of Proptech in real estate will simplify operations and management on a broad scale. Despite its ancient history, the phrase is only now becoming popular in the real estate market, particularly in India. Despite recent exponential development, the Proptech market in India is expected to reach $1 trillion by 2030, up from $120 billion in 2017 (INC 42).

India’s Proptech Evolution 

Many of the first Proptech companies, such as Magic Bricks, 99 acres, and others, concentrated on listing commercial and residential properties.
They increased user advantages by removing an intermediary. Furthermore, as time went, online real estate got saturated, resulting in increased competition.

Furthermore, consumer needs have evolved; they now require more information in order to make informed decisions. Proptech has become more important as a result of shifting customer needs, and advanced technology such as artificial intelligence and virtual reality are becoming more common. A substantial market vacuum arose as a result of the amorphous nature of Indian property, driving demand for planned business information and data analytics at the same time.

Previously, users were mostly interested in house hunting. Consumers in India, on the other hand, were looking for a lot more. Proptech data aggregators have formed in response to this unmet market need, delivering real estate market data services. Newer Proptech businesses emerged with developments in technology during this period of search and evolution of Indian consumers’ wants.

Future Proptech Trends 

As the demand for a home buyer and seller information grows, Proptech companies and incumbent real estate players are working to close the communication gap.
Regardless of how specific current trends are, they have the potential to improve the consumer experience in a variety of ways. Some instances are as follows:

1. Artificial intelligence and data automation in real estate
2. Big data and property data digitizing
3. Construction and upkeep utilizing environmentally friendly methods
4. With IoT and IIoT, drones can show 360-degree views.
5. Chatbots for automated client support
6. Property owners can benefit from technology that allows them to run brighter establishments.

Despite initial opposition, Indian real estate is finally integrating and positively incorporating these improvements for developers, brokers, investors, and consumers.
Indian consumers seek comprehensive Lifecycle Support from Proptech businesses, including information on buying and selling data, in order to make precise long-term decisions.

Real Estate Technology Disruption in the 21st Century 

Proptech has aided the progress of Indian real estate as more people become aware of and accept the technology. The growing number of players and the varied tools at their disposal have helped both developers and customers.

Protection not only provides convenience to customers, but it also lowers transaction costs and underlines the importance of the ‘customer.’ As a result of the ‘best match’ between purchasers and sellers of properties, unit sales and rental occupancies are much greater.
Because consumer demand has historically pushed technology adoption, tech-savvy real estate investors are more aware of market inefficiencies. Proptech demand will continue to grow in the future, resulting in more developments and discussions.

Impact of pandemics on PropTech

Despite the PropTech industry’s growth and maturation in the United States over the previous few years, the Coronavirus epidemic would have wreaked havoc on the real estate market. Since the outbreak of the pandemic, new platforms for locating and discovering possible properties have arisen. Buyers can use the platforms to keep track of all the stages required in a property purchase from the comfort of their own homes.

Given the increased usage of technology in the home buying process, such as virtual reality, drones, big data, and artificial intelligence, this segment is expected to develop significantly in the near future. The country’s real estate industry is on track to surpass $1 trillion in 2030, as can be shown.

The real estate brokerage industry in India is projected to be worth $1,400 million, or $1.4 billion. According to Housing.com’s analysis, the majority of business is done offline. PropTech has clearly developed in India since, while the actual transaction takes place offline, more than half of all purchasing choices are now made online. By 2025, there will be a billion internet users, presenting significant prospects for enterprises in this sector.
Because technology is transforming the industry in so many ways, all stakeholders are establishing greater opportunities.

Tech-enhanced cost-effectiveness

In terms of cost-effectiveness, technology also helps the sector. Industry participants can more easily control expenses by utilizing contemporary tools. Taking charge of the charges has never been easier. As a result of the cost savings, they may give their customers lower prices for their properties.

Thanks to technology, the sector could not have envisaged completing its objectives ten years ago. Real estate professionals are introducing a new degree of professionalism, and the sector is becoming more transcendent, thanks to the use of technology. Developers can bring new paradigms in customer service in addition to achieving deadlines and delivering excellent building. Technology will continue to advance, and businesses will adopt more technology to increase their efficiency.

PropTech’s impact on the real estate industry

In real estate, a PropTech company employs technology to boost asset returns, eliminate friction, and promote transparency. However, unlike other industries, real estate has been slow to adopt the technology. Real Estate is undergoing a paradigm shift as a result of AI and the debut of 5G, which threatens to disrupt the entire RE value chain. PropTech investments have flourished as a result of the COVID pandemic.

Several factors motivate real estate companies to look into digital investment opportunities and collaborate with PropTech, resulting in the balance of power in the real estate industry shifting from traditional developers to higher-performing and more technologically savvy New Age Real Estate Companies. A glimpse into the disruption of Real Estate by PropTech has been attempted.

Development

Traditional data such as occupancy rates or property prices were blended with intuition by the early decision-makers in the property development industry. Developers may now acquire better insight into previously unobtainable data thanks to advancements in big data analytics and a race to establish Data Lakes. – Nontraditional data sources, such as traffic data gathered from GPS devices, might be utilized to spot regional trends.

Future real estate constructions will be inextricably linked to Internet technology from the start, revolutionizing the design, building, operation, and use procedures in the process. Construction has always been a pioneer in terms of innovation, resulting in stronger, taller, and more energy-efficient structures, safer construction sites, and increased worker productivity. The venture is receiving a lot of attention from construction professionals and investors.

Conceptualizing & Design

The creation of intelligent wearable devices will be made easier as bandwidth becomes more readily available. IoT’s growing use brings new insights into how people use space and how utilities are managed. The installation of huge data centers and micro antenna networks required for 5G networks will also influence future building designs. Wellness being quantifiable thanks to new technologies will have a tremendous influence that goes beyond energy conservation.

Construction

Construction, despite being one of the most labor- and resource-intensive businesses on the planet, has the least amount of digitization. With enhanced quality and unfathomable speeds, robotics and 3D printing will change the building business. Drones will help to improve present technologies.

Customer Journey

In a non-digital procedure, digital customer experiences refer to interactions with many persons. Technology such as augmented reality, virtual reality, and bots will be used to improve and replace these encounters. This method has been entirely disrupted by technology, which now allows people to search for apartments, homes, offices, and hotels online with a single click of a mouse.

PropTech has made the process of purchasing and selling real estate much easier. Buyers may search and compare a large number of properties, while sellers can swiftly advertise their homes. The renting procedure and banking transactions have both improved in a similar way. The introduction of Augmented and Virtual Reality, as well as increased bandwidth, will totally transform the user experience, giving unprecedented convenience and transparency.

Ownership

Blockchain will transform real estate by enhancing and removing different inefficiencies. The use of blockchain technology allows an object’s ownership to be completely tokenized, allowing it to be “split” and acquired in smaller digital amounts. There is also the potential for blockchain technology to minimize fraud and promote transparency. Most people cannot afford to invest in real estate since it needs a significant amount of money, skill, and hard work.

Companies that provide innovative real estate investment services have addressed this problem by allowing investors to purchase “shares” in a property or real estate project, as well as other tools, platforms, and support services that improve transparency, efficiency, and accuracy throughout the entire investing process.

We witnessed C2C equity lending platforms earlier this year that provided new investment opportunities by linking lenders and borrowers while also giving banks with a supplementary or alternative method of providing capital to firms. Individuals and corporate institutions can use these platforms to get loans for remodeling, buying, construction, or investment projects.

Property Management

In the real estate market, landlords’ methods of providing services to tenants are undergoing considerable structural changes. Landlords used to collect rent, but they’re increasingly becoming service providers. Property As a Service is becoming increasingly common, in which the renter is relieved of all administrative and overhead tasks in exchange for a customized property service.

This innovative notion is changing the way we live, work, and shop. PropTech solutions strive to help property owners and landlords manage their assets more efficiently, quickly, and with more flexibility by offering products and services that help consumers save time, money, and make their lives more affordable.

In this article, we’ll look at the top 10 best PropTech companies in India:

1. Magic bricks

Magicbricks.com is a website that allows property buyers and sellers to search for properties in India and ask questions about any property-related difficulties. Property news, home loan problems, legal & taxes issues, expert opinion, and property trend analysis are all covered in the site’s Property Pulse area.

The Buyer’s Guide part is a real estate eBook that walks you through all of the important phases and stages of buying a home, as well as providing answers, quick suggestions, and professional advice on what to look for and how to manage the process. The Prop Index tool provides property buyers and investors with thorough information on changes in residential apartment pricing and supply in India for a number of significant cities, with more cities being added on a regular basis.

2. NoBroker

To make real estate transactions more efficient, No Broker has created a peer-to-peer property listings platform. Customers may utilize the No Broker platform to purchase, sell, or rent a home without having to pay any brokerage fees, and they can simply search all of the available homes.

3. Settlin

Settlin is a full-stack real estate transaction platform that brings a tech-driven, scalable, buyer-centric solution to the end of the resale value chain. Users may search 4x more properties using its online-offline-online methodology, which is curated with 80 parameters and helps them close the transaction in 5 visits. In essence, its legal help ensures that the user completes the sale deed and registration within four months, at a cost that is half that of the industry average. Over the last year, 15 greeters have completed 4000 visits thanks to the pay-per-visit approach.

4. Furlenco

Furlenco is a monthly furniture rental subscription service that allows users to rent furniture on a monthly basis. The startup’s solutions are simple, affordable, and provide access to high-quality furniture with the added benefit of being able to swap it out based on the client’s needs.

5. Stanza Living

Stanza Living is a technology-enabled co-living environment designed for students and working professionals who are relocating. It provides a high-quality shared living concept with the goal of transforming India’s multibillion-dollar student housing and co-living market by putting the new-age migrant customer at the center of product and service design, development, and implementation. With 55,000 beds under control across 14 cities, it claims to be India’s largest shared housing startup.

6. Square Yards

Square Yards is a global real estate transaction and aggregator platform powered by technology. Square Capital, Square Connect, and Square Marketing Technologies are among the company’s offerings. The company’s digital loan and mortgage platform is called Square Capital. Square Connect is a one-of-a-kind property broker mobile aggregation platform. It gives these brokers access to a bigger inventory of main real estate. Square Marketing Technologies, often known as Square Martech, is a digital marketing firm that offers end-to-end services.

7. Prop Tiger

Prop Tiger is a Prop Tech firm created by Harvard Business School, IIT, and ISB alumni with decades of combined real estate experience in India and overseas. Noida, Gurgaon, Mumbai, Pune, Bangalore, Chennai, Kolkata, and Ahmedabad are among the cities where it has a team of real estate professionals. The crew at the startup is knowledgeable about all elements of buying a home. They will assist you in narrowing down your alternatives, selecting the best house for you, and completing the final paperwork associated with the transaction.

8. Liv space

Liv space connects customers with interior designers, services, and items for their homes. The internet buying site is a one-stop shop for finding dream house ideas, decorating, and furnishing. It also offers full-service interior design. Canvas, the company’s exclusive design-to-installation platform for the interior design industry, was released. Its goal is to give homeowners a one-of-a-kind experience while also making the job of interior designers easier.

9. Nest Away

Nest Away is a website where people may book vacation rentals. Users can register on the platform and search for homes using the location filter. Its portal also allows users to book properties of their choice. Owners can market their homes by entering needed information such as address, photos, cost, and area. It has a mobile app for both Android and iOS smartphones.

10. Infra Market

For the real estate and building materials industries, Infra Market has created an online marketplace. Client requests are summed up on its centralized platform, which is then matched with its supply chain, along with appropriate credit alternatives and an effective delivery tracing facility, to provide clients with fair pricing and a great technological experience.

 

Article Proofread & Published by Gauri Malhotra.