| | AUGUST 20224It is believed that as much as Rs.1,20,000 crores are spent annu-ally 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 pen-etrating the once-tech-repellent industry. The epitome of this pen-etration was when the Real Estate renting and buying platform, NoBroker, became the first property tech (proptech) and real es-tate 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.Sujith VasudevanManaging Editoreditor@ceoinsightsindia.comThe Age of PropTech Editorial Vol 04 · Issue 5 - 1 · AUGUST, 2022 Publisher Alok Chaturvedi Managing Editor Sujith Vasudevan Manager - DesignPrabhu Dutta A.R.N RayNoidaRohit Raghubanshi Garima Anandadvertise@ceoinsightsindia.comEditorial queries editor@ceoinsightsindia.comTo subscribeVisit www.ceoinsightsindia.com/subscribe/ or send emailto subscription@ceoinsightsindia.comMagazine Price is Rs.150 per issue.Editor Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of InfoConnect Web Technolo-gies India Pvt. Ltd., and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2022 InfoConnect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher. Design Girish M Dinesh KumarVP - Sales & Marketing Amrit SinghCirculation Manager Magendran Perumal Editorial Keerthana Kantharaj Sthitaprajnya Panigrahi Roopalatha H Tanuja Akkanavar Shirly Pabisha T
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