Mumbai, December 2 (IANS). Due to the increasing demand for affordable housing in the country, investment in proptech can grow at a compound annual growth rate (CAGR) of 15 percent to reach $16 billion by 2030. In 2023 it was $6 billion. This information was given in a report released on Monday.
There is an investment of about $ 50 billion in the global proptech market in 2023, in which India stood sixth in the total funding raised. Proptech alone accounted for 6 percent of all recognized Indian startups in 2023.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Technology drives growth across industries. The growing investment in proptech is revolutionary for India, supporting sustainability and benefiting the real estate industry. A growing economy like India Proptech is both beneficial and essential for
The Indian real estate sector is valued at $258 billion and contributes 7.3 percent to the country’s GDP of $3,540 billion.
The report further said that despite the large size of the sector, there is an urgent need for affordable housing. There has been rapid urbanization and rising property prices in major cities, which has made housing unaffordable for many people, including the middle income group.
Nirupa Shankar, Joint Managing Director, Brigade Group, said, “The growing urban housing demand driven by the rise in the number of young professionals highlights the need for strategic infrastructure development, sustainable practices and transformative technology to create affordable, future-ready living solutions. Does.”
Infrastructure development is important to promote affordable housing. The country’s national highway network has increased by 60 percent in the last 10 years. It is bringing Tier 2 towns and outskirts of major cities closer to employment centers and promoting the development of affordable housing.
The report further said that technologies such as IoT, smart sensors and sustainable construction materials are helping to create greener, more efficient buildings.
–IANS
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