The pandemic was a watershed moment for the proptech sector in India, leading to swift technology adoption throughout the property industry. There are several companies that were already ahead of the curve in terms of technological integration and have tapped into the increasing demand for more innovative solutions in the segment. They are now riding the AI wave in terms of disrupting the Indian realty space even further.
From transactions, listings and property management to development, proptech startups are already carving their niche throughout numerous divisions of the industry. Reports have highlighted how cumulative investments crossed $4 billion in 2022 for the proptech sector. The segment also looks set to achieve 9.6% of growth between 2021 and 2025, having the potential to touch $100 billion by 2030. Multiple proptech players have also confirmed big-ticket investments for business expansion.
Square Yards one of the leading players in the space, is already planning an initial public offering (IPO) in 2026. The Co-Founder and Chief Technology Officer at Square Yards, Vivek Agarwal, states that digital migration made real estate companies adopt technology to avoid the risks of losing their customers. He also adds that this has led to the emergence and growth of multiple proptech startups, which testifies to their acceptance throughout the industry. He also adds that the space is only starting to explore its full potential, stating that India may eventually see the rise of numerous billion-dollar entities functioning in the real estate and proptech segments.
Square Yards has already been making path-breaking advancements in terms of using AI for virtual interior staging and visualization, along with creating large-scale virtual/digital twins of cities. The brand has also leveraged AI for content generation purposes. Agarwal has highlighted how integrating AI has generated impressive results for Square Yards, mentioning how user engagement has gone up by 50%, along with growth of 40% in user conversion rates.
Clearly, AI is here to stay, with several other proptech startups steadily leveraging the same for a wide gamut of functions, ranging from virtual tours to real-time updates on projects, and more. Going forward, proptech players are expected to increasingly leverage the capabilities of these advanced technologies to make buying/selling and all other related aspects easier and more seamless for their customers.
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Published Date: 31 May, 2024
