Mumbai, Dec 2 (SocialNews.XYZ) Driven by affordable housing, proptech investments in the country are projected to grow at a robust 15 per cent CAGR, rising from $6 billion in 2023 to $16 billion by 2030, a report said on Monday.
The global proptech market saw investments of around $50 billion in 2023, with India ranking sixth in total funding raised. In 2023 alone, Propyech accounted for 6 per cent of all recognised Indian startups.
“Technology drives development across industries. The growing investment in proptech is revolutionary for India, benefiting the real estate industry while supporting sustainability. For a growing economy like ours, PropTech is both advantageous and imperative,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India.
The Indian real estate sector, valued at $258 billion, contributes 7.3 per cent to the nation’s GDP of $3,540 billion.
Despite the large size of the sector, there is an urgent need for affordable housing. Major cities have seen rapid urbanization and rising property prices, which have made housing unaffordable for many, including the middle-income group.
“Rising urban housing demand, fuelled by young professionals, underscores the need for strategic infrastructure development, sustainable practices, and transformative technologies to create affordable, future-ready living solutions,” said Nirupa Shankar, Joint Managing Director of Brigade Group.
Infrastructure development is crucial for boosting housing affordability. The country has added 60 per cent to its National Highway network in the past 10 years. This is bringing tier 2 towns and outskirts of major cities closer to the employment hubs and propelling the development of affordable housing.
Also, the integration of environmental, social and governance (ESG) principles in real estate is becoming essential.
Technologies like IoT, smart sensors, and sustainable construction materials are helping to create greener, more efficient buildings.
“Technology will be a key driver in addressing the affordable housing supply side challenges,” said Vipul Roongta, Managing Director and CEO of HDFC Capital.
Source: IANS
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