Propagate 2023: Charting the path forward for Indian real estate

NT Correspondent

Bengaluru: Brigade REAP's annual flagship initiative, Propagate, a pioneering real estate accelerator program in India dedicated to PropTech, recently brought together industry leaders, influencers, and emerging startups with a focus on advancing intelligent solutions for positive climate action.

The initiative aimed to propel innovation and sustainability within the real estate ecosystem. During her opening address, Nirupa Shankar, Joint Managing Director of Brigade Group, highlighted the remarkable growth of PropTech in the Indian market over the past seven years.

She noted that PropTech startups now constitute 6 per cent of all startups in the country, having secured approximately USD 2.9 billion in funding since January 2021.

The sector boasts four unicorns and ten 'soonicorns'—startups on the verge of achieving unicorn status. Funding in PropTech has surged by 49 per cent, with a significant focus on construction technology and sustainability.

Shankar emphasised the need for increased tech investments, especially in construction, to address real estate's impact on CO2, energy, and water issues.

PropTech is transitioning towards diverse B2B solutions. In a notable and candid discussion with real estate visionaries Irfan Razack the Chairman and Managing Director of Prestige Group and M R Jaishankar the Executive Chairman of Brigade Group, both expressed optimism about the boundless potential of the Indian real estate market, driven by rising disposable incomes.

They underscored the crucial role of technology in accelerating construction processes, reducing costs, and sustainably enhancing labour efficiency.

Jaishankar asserted that India possesses significant technological prowess and arbitrage advantage, predicting a faster growth rate in technology adoption and spending compared to the GDP rate.

He emphasised the need to triple investments in technology and support startups in the construction technology segment. Razack echoed these sentiments, emphasising the responsible use of technology for collective benefit and underscoring its pivotal role in shaping the future of the real estate sector.

Pavitra Shankar, Managing Director of Brigade Group, shed light on technological transformations within the real estate sector. She highlighted the extensive use of technology at Brigade, including virtual site visits, drone technology for project monitoring, and sustainability initiatives.

Shankar expressed interest in technologies that could revolutionise land records, bringing about complete transparency.

Ashish Puravankara, Managing Director of Puravankara Group, stressed the marathon-like nature of PropTech, encouraging startups to focus on long-term goals for sustainable outcomes.

He emphasised the role of technology in streamlining construction cost estimates and managing environmental factors such as air quality and water.

Propagate 2023 featured sessions on adopting sustainability, startup showcases, discussions on the state of the PropTech ecosystem in India, and a virtual reality showcase.