When it comes to the impact the pandemic has had on proptech advancement, we’ve touched on it multiple times already, but Housing.com, one of the leading online marketplaces for the real estate sector in India, has released a report on its own proptech innovation with numbers to back the claims up.
The report is called ‘PropTech: The Future of Real Estate in India’ and is filled with eye-catching infographics organizing data showing how proptech has influenced the Indian market, Housing.com’s revenue, and the global market as a whole.
The report stated that investment in proptech companies rose to $551 million last year, which can be attributed to the need for a contactless process when it comes to buying, renting, and selling property. Housing.com reported that $2.4 billion has been invested in India’s proptech industry so far.
The Indian housing market isn’t new to proptech, as it’s been pumping support into technology innovation since the 2000s.
Dhruv Agarwala, Group CEO, Housing.com, Makaan.com, and PropTiger.com, explained:
"Online business platforms that have been on the radar of investors since 2009, have evolved since, from being mere mediums for digital classifieds to offering full-stack solutions towards discovery, advisory, and transactional support.”
Thanks to this regional emphasis on innovation, the Indian real estate sector was not hit as hard as it could have been in 2020 due to the COVID crisis. Now that the ball has begun rolling, Housing.com doesn’t see a need to slow down, and neither does the Indian market.
The report stated that the majority of companies conducting transactions through traditional ways is estimated to be $1.4 billion. Even though this number is staggering, 50% of those deciding to purchase real estate are done so through online means. The report expects that by 2025, real estate portal traffic will reach one billion.