I t is believed that as much as Rs.1,20,000 crores are spent annually as real estate brokerage in India. Remember, we are talking about a massive chunk of money spent by real estate buyers, including the middle class. It is no wonder that technology is penetrating the once-tech-repellent industry. The epitome of this penetration was when the Real Estate renting and buying platform, NoBroker, became the first property tech (proptech) and real estate startup to achieve unicorn status.

The industry is undergoing a significant digital transformation. The aspiring real estate entrepreneurs and even established enterprises in the industry need to take a cue from the success saga of NoBroker and how they used the right technology to fix a problem faced by millions of real estate buyers. The technology penetration in the industry is currently focused on three major aspects: improving the client-tenant experience throughout the property lifecycle, helping stakeholders to make informed investment and property management decisions, and on the construction front, process automations and robotics are making a foray. Artificial intelligence (AI), virtual reality (VR), augmented reality (AR), and the internet of things (IoT) are playing their parts.

The use of these technologies in real estate is still in its nascent stages; however, with rapid innovation, including the emergence of new, sustainable construction technologies, the future seems bright enough. The real estate sector in India is expected to reach $1 trillion in market size by 2030, up from $200 billion in 2021, and contribute 13 percent to the country's GDP by 2025. It clearly indicates the sector's growth trajectory and potential and the immense opportunities that lie ahead.