Around the world, the real estate sector is known for its contributions to economic activities and the country’s development. Traditionally, we categorise the real estate sector as one of the largest employers in various activities and processes such as construction, design, development, advisory, financing, sales etc, but in the last couple of decades the real estate sector is emerging with promising opportunities for entrepreneurship.
Currently, the real estate sector is thriving with innovation, making it one of the fastest-growing fields. Real estate entrepreneurs, mainly in proptech, are taking advantage of the surge in new technological developments to bring digital transformation to the property industry. We see numerous real estate companies with innovative business models which are changing the existing systems and processes of the industry.
Today, proptech entrepreneurs offer several solutions for the real estate markets. There are numerous property search tools, innovative buying solutions, new renting practices, selling alternatives as well as new concept agents and landlord solutions. All these offer customers easy access to reviews, visuals of how the property looks every season, tools to rate the property’s infrastructure, and many more such benefits.
There are many notable startups in the space that are app and web-based listing platforms for residential properties and provide various search services to house owners and house seekers without or with minimum brokerage fees and hidden charges. Such companies are adding value to the renting and sales processes by bringing a lot of innovative solutions to owners and seekers.
This domain has also seen many ventures like Covie, Awfis, Smart Works, and IndiQube which provides the convenience of co-working spaces to business. There are also companies that provide home designing and buying application functions. Many also provide a 3D view of the accommodation, which helps the consumer have a better idea of the space.
Students and working-class people are the most common group that usually seek accommodation in their budget.Zolo, Covy and Stanza Living are some of the players providing accommodations for students and early professionals in the form of co-living facilities. Similarly in the field of mortgages, you have companies like Square Yards providing solutions.
To conclude, the real estate market in India is a large sector, and a lot of companies today are trying to diversify their services and operational locations to target the population that will be using their services- from co-living to coworking.