The PropTech industry in India attracted over $551 million in 2020, surpassing the aggregate of previous year – $549 million, shows a report by leading online real estate portal Housing.com.
The report titled ‘PropTech: The Future of Real Estate in India’ by the Elara Group-owned online real estate advisory portal shows that investments in the PropTech segment grew marginally up to $551 million in 2020 from $549 million in 2019. Investments in the segment during the year were at their peak in 2020 since tech-based start-up companies began entering the real estate segment in India. So far, $2.4 billion have been invested in India’s PropTech industry across 225 deals as on date, the report says.
The reportpoints out a majority of business are still conducted through the offline mode in the property brokerage business in India, estimated to be a $1,400-million ($1.4 billion) industry. However, the growth of PropTech in India is also indicated through the fact that even with the actual transaction culminating offline, over 50% of the real estate buying decisions take place through online searches, the report says.The report also points out that virtual property purchases are becoming more popular in the country. In a pan-India survey, 37% respondents said they were willing to close the deal completely online after one site visit. And, 47% respondents said they will be open to doing so after multiple site visits. During the online survey, 60% participants said they are willing to use digital platforms for exploring options to buy or rent homes.
