Growing influence of Proptech on residential and commercial real estate
Today, every step of the real estate life cycle is tried for redesigning with the help of technology. There has been a growing buzzword in the Indian real estate industry related to Proptech. The term has been derived from two words ‘Property’ and ‘Technology’. It implies technological-driven product and services in every aspect of the real estate industry. Today, every step of the real estate life cycle is being relooked and tried for redesigning with the help of technology. The industry has typically been very capital and labor intensive, with almost present formulas and formats of working. As the industry has been one of the highest employment generators, many professionals are looking at the sector with technology lenses. The inclusion of technology has started from the very basic of land procurement. For example, various government authorities are in the process to digitize land records. Additionally, land chrematistic is now available online (Google maps, geotagging, etc.) and can be analyzed and compared. On the other hand, the development process in the commercial, as well as residential space, has witnessed innovations. Even in the industrial and warehousing sector, technology is playing a very important role in terms of developing an ultra-modern and state-of-the-art project. The projects are not only catering to customer specific needs, but these are very cost-efficient and highly durable.
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