Representative image of man searching for apartments and houses online with mobile device.
Credit: Getty Images
Property Technology (PropTech) is likely to become a trillion dollar industry in the next seven to eight years, led by disruptive innovations, especially by startups, Anshuman Magazine, India head of real estate consulting firm CBRE, said on Tuesday.
“We have to make the real estate sector more efficient in cost, efficiency in process and most importantly making it easier for consumers to participate in real estate market and all the PropTech companies will help there,” said Magazine, chairman and CEO of CBRE for India, South East Asia, Middle East, and Africa.
“We expect in the next 7-8 years this PropTech market alone will be trillion dollars,” he added.
He said CBRE actively works with startups involved in property technology.
In a bid to promote innovation in PropTech, CBRE in collaboration with NASSCOM Startups, conducted the second edition of PropTech challenge ‘Disruptech 2.0.’
Nearly 400 startups from 45 cities participated in the challenge. Out of these three have been selected as winners.
New Delhi-based research-led biomaterials manufacturing company Strawcture Eco has been recognised for its innovation in making construction panels from straw.
Founder of Strawcture Eco Shriti Pandey said the stubbles that are burnt by farmers can be used for making panels. “Stubble burning is causing a big impact on the environment. We have come up with solutions,” Pandey said.
On support to startups, Magazine said CBRE provides help to startups on multiple fronts including in access to funding, mentorship and access to markets and clients.
The startups that have emerged winners of ‘Disruptech 2.0’ are Bengaluru-based firm SuperBolter that provide innovative solutions for design of houses and Mumbai-based Enlite, which provides cloud-based wireless building management systems.
“Startups in the real estate domain are likely to be the next big thing as they are driving growth of a sustainable ecosystem in India,” said Kritika Murugesan, Senior Director, NASSCOM Startups.
“With the Indian real estate sector being one of the biggest drivers of the economy, we expect startups in this domain to come up with technologies and innovations that promise to redefine and simplify the real estate ecosystem,” Murugesan added.