'RealTech' startups are innovating technology solutions to accelerate growth in real estate
Despite the stress on a digital economy, digitisation is almost non-existent in the Indian real estate sector. This industry which is predicted to touch $ 180 billion by 2020, invests less than 1% of its total revenues into technology.
And to change this dynamic are start-ups looking to leverage technology, to help build solutions for realty.
"Technology can disrupt innovation in real estate," says John Kuruvilla, chief mentor, Brigade Real Estate Accelerator Programme (REAP).
At a time when large real-estate projects usually take 20% longer to complete and run 80% beyond budget (McKinsey estimates), technologically-sound approaches crafted by start-ups can stem the challenges, feel experts.
According to Apul Nahata, mentor-in-residence, Brigade REAP, technologies in realty can impact smart communities, sustainable buildings, supply chain logistics, cleantech, etc. "Like in other sectors, digital experiences in realty can deliver seamless, real-time experiences."
Emerging start-ups in RealTech are channelising data analytics, Internet-of-Things (IoT), cloud, etc., to build scalable solutions for the construction business that can help companies improve efficiencies, optimise costs, and deliver within budgets as well as on-time.
From a startup like Natura which focuses on vertical gardens that can reduce the need for air-conditioning, and improve workplace productivity, to the IoT-based parking solution start-up PParke; entrepreneurs are developing business solutions to suit the multiple needs of real estate.
Shampa Ganguly of PParke has helped devise a sensor that tracks parking occupancy, helping owners of parking lots monetise their available space and reduce parking woes for drivers. "The sensor (which is connected to the cloud), when installed in parking zones, tracks data on parking availability. Through an app, information on parking availability in a particular zone is then shared with drivers and car-owners looking to park." She adds that PParke will work with smart-city projects in India. "We will also expand overseas to the far East and South-East Asia."
Providing another cloud-based solution to real estate is N Ramaswamy, managing director of DesignSense Software Technologies. Their product Ayoga, is a cloud-based collaboration platform to help realty companies get attuned with the Real Estate (Regulation and Development) Act. "The tools in Ayoga streamline project planning, documentation, site execution, project communication, all in real-time," says Ramaswamy.
Simplifying the design structure for architects is Altaf Ganihar of Snaptrude, which is an intelligence-enabled rapid modelling software for real estate. Ganihar converts architects' hand-drawn sketches and floor plans into 3D models.
"Start-ups need mentorship to fine tune their business models and build a connect. RealTech start-ups are creating sustainable businesses that are attracting investments from builders. When the business fundamentals are strong, funding flows in automatically," says Kuruvilla.
...& ANALYSIS
- Entrepreneurs are developing business solutions to suit the multiple needs of real estate
- Technologies in realty can impact smart communities, sustainable buildings, supply chain logistics, etc
- The real estate industry invests less than 1% of its total revenues into technology
- To change this, start-ups are looking to leverage technology to help build solutions for realty
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 "RealTech")
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