Seeking SPACE

Real Estate and Platforms

During Covid induced lockdowns , we were bound to the First Place (Home) without second place (Work) and Third Place (Social Life) through #WorkFromHome and #ZoomSocials. Lot of us learnt and executed home improvement through DIY and many a times the results were not so encouraging. Anyways, we have moved on and need for new space is back to the original levels. According to PropTiger.com Report

"The driving factors behind the uptick in housing sales over the last two years are pent-up demand from the COVID-affected period, growing appetite for homeownership, revival in the economy post-pandemic, and the evolving need for more spacious homes. We anticipate that the upward trend will persist, making the 2023 calendar year even better than the previous year in terms of sales performance.,"

Vikas Wadhawan, group CFO, REA India & Business Head PropTiger.com.

You may want to read an earlier issue on Platforms and Homes where I have discussed role of tech and specifically Tech-Platforms through three dimensions- First, an Operating System aka OS for Homes ; Second, enabler to live in home and Third, community level services !

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DTW

During the Week, Chandrayaan-3 made final manoeuvres for soft landing at Moon's south polar region. As much as it is a scientific expedition, it is also a show of strength by India in space research and growing competition in and for the space economy. According to a report in Business Standard- “… private sector is upbeat as Chandrayaan-3 is likely to give a further push to India's space economy which is expected to grow beyond $40 billion by 2040 from around $8 billion now. Based on government estimates, India's share in the global space economy of $360 billion is hardly around 2 per cent.”

I have written earlier about space economy especially through “Where” which is the new business opportunity and multiple enterprises are geared up for leveraging Indian Space Ecosystem to realise the dream of #5trilliondollar #economy . Anyways, space seems to be the new Wild West and companies/governments seem to be scrambling for control. Anyways, for the newsletter, let us head back to earth and discuss the real estate sector.

Tech Enabled Real Estate Industry

I believe that the future of the Platform enabled real estate sector could be seen as SPACE: Streamlined Transactions, Property Management, Accessibility, Customer-Centric Approach, and Enhanced Data Analytics. These technology platforms are making real estate more accessible, efficient, customer-centric, and data-driven, revolutionising the way stakeholders engage with this critical industry.

Streamlined Transactions: In today's real estate landscape, streamlined transactions are at the core of platform-driven success. These platforms leverage digital technologies to simplify the buying, selling, and renting processes. From online document signing to secure payment gateways, they minimise paperwork, reduce delays, and enhance the overall efficiency of real estate transactions. This not only saves time and resources for all parties involved but also fosters trust and transparency within the ecosystem. PropTech platforms in India, like NoBroker, have streamlined transactions by eliminating the need for brokers. They provide a platform for direct buyer-seller interactions, allowing users to finalise deals and complete transactions online. This has significantly reduced brokerage fees and simplified the buying and renting process.

Property Management: Property management has evolved significantly with the aid of platforms. These solutions provide property owners with tools to remotely monitor, maintain, and even automate tasks related to their properties. From smart locks to energy-efficient systems, platforms enable efficient property management, making it easier for landlords to offer top-notch services and for tenants to enjoy a hassle-free living experience. Housing societies like mine and many other apartment complexes in India are increasingly adopting property management platforms like mygate , ApnaComplex etc. These platforms enable residents and management committees to efficiently manage maintenance, security, and amenities. Residents can pay dues online, book facilities, and report issues, enhancing the overall living experience.

Accessibility in the context of platform-enabled real estate businesses refers to the enhanced ease with which individuals can access and engage with real estate services and information. It signifies the removal of traditional barriers and the introduction of digital tools and platforms that make it simpler for people to find, explore, and interact with properties, property-related data, and real estate professionals. This improved accessibility could include features like user-friendly property search interfaces, mobile apps for property viewing, virtual property tours, and easy communication with agents or property owners. Essentially, it's about making real estate services more convenient and readily available to a broader audience, thereby democratising access to the real estate market. Indian real estate platforms, such as 99acres, magicbricks.com, makaan.com, housing.com, commonfloor.com, and many more, have made property search and viewing accessible to a vast audience. They offer mobile apps, virtual property tours, and extensive property listings, making it convenient for users to explore and shortlist properties from anywhere in the country.

Customer-Centric Approach: Successful real estate platforms prioritise a customer-centric approach. They understand the unique needs and preferences of both buyers and sellers. By offering personalised property recommendations, responsive customer support, and easy-to-navigate interfaces, these platforms create a positive and tailored experience for their users. This approach not only fosters user loyalty but also drives word-of-mouth referrals. India's real estate platforms, like Magicbricks, prioritise customer-centricity by offering personalised property recommendations based on user preferences and search history. They also provide features like 'Ask & Answer' forums, expert advice, and customer support to address users' queries and concerns.

Enhanced Data Analytics: Data like in any other platform is the lifeblood of modern real estate platforms. They collect and analyse vast amounts of data to gain insights into market trends, property valuations, and user behaviour. These insights empower users with the information they need to make informed decisions. Moreover, platforms leverage artificial intelligence and machine learning to continually refine their algorithms and provide more accurate property recommendations. Indian real estate platforms, including Square Yards and Global MNCs like CBRE, JLL etc leverage data analytics to provide business users with insights into property market trends and property valuations. These platforms use data-driven algorithms to estimate property values and offer comprehensive market reports to help users make informed decisions.

To conclude, platform businesses are ushering in a new era for real estate. From simplifying property transactions to optimising management, these platforms are reshaping the way we interact with physical spaces. The future of real estate is digital, and platform-driven innovations are the architects of this transformation.

OTW

Over the weekend, I was in Kerala to be part of Harita and Harikrishnan Wedding at Thrissur. It was an awesome experience to be in God’s Own Country and soak in the Malayali Wedding Rituals. Some of the visual stories appear in my Instagram account.

Amongst the wedding festivities, I could figure out a 10K with Fort Runners Palakkad courtesy, Dr Anup Rajan, my fellow 5 hour Full Marathon Pacer at NMDC Hyderabad Marathon and watch SuperStar Rajni’s latest blockbuster Jailor in a single screen theatre in Thrissur.

Here’s the ecstatic crowd even in second week. Of course, one of the loudest cheers was when Mohanlal, one of the doyens of cinema, made his entry.

And before you make any assumptions, I watched Jailor in Tamil without subtitles and no, I do not understand Tamil but then ….
Needless to say, both the additional experiences were cherry on top of an awesome weekend.

I Love You

Shailendra

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OTM

Opportunities through MountainSpeak are available with Digital Green.

I would be in Gurgaon over 24-25 August 2023 and would be glad to get your insights on Digital Green during the our Regional Consultation on “Digital Transformation and Sustainability: Charting a Collaborative Digital Green Future for MSEs”.

Click on the following LinkedIn event to get more details.

https://www.linkedin.com/events/digitalgreenregionalconsultatio7098525619629543424/

This consultation hosted by IBS Gurgaon would involve representatives from regulatory bodies, government agencies, non-profit organisations, digital technology and sustainability consulting service provider companies in and around NCR.
We would like to invite you or any other expert in Digital Green to participate in our forthcoming regional consultations across the country. Please use this google form link to let us know your availability.