Proptech is set to be a one trillion-dollar market in the next seven-eight years so there is a lot of scope of Proptech in real estate, said Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East, and Africa at CBRE as he announced the winners of the second edition of Proptech challenge, ‘DISRUPTECH 2.0’.
CBRE South Asia Pvt Ltd, is a real estate consulting firm in India that has organized the challenge in partnership with nasscom startups. Delhi-based PropTech start up Strawcture has emerged as the winner, while Enlite (Mumbai) and SuperBolter (Bengaluru) have been first and second runner-ups, respectively.
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Speaking on the occasion, Magazine said that the future of Proptech is huge in real estate in India and challenges like ‘DISRUPT 2.0’ reflect the CBRE's dedication to a tech-savvy and future-ready real estate industry. He said that the future of Proptech is very bright in Indian real estate because it has started just five-seven years back.
“There is a lot needs to be done be it on construction side, be it on financing of real estate or be it on transacting in real estate so there is a lot of scope for innovation. We have to make the real estate sector more efficient in cost, efficiency in process and most importantly making it easier for consumers to participate in real estate market and all the Proptech companies will help there. We expect in next 7-8 years this Proptech market alone to be at one trillion-dollar,” he said.
He said that nearly 400 startups from 45 cities participated in the proptech challenge. Bangalore, New Delhi and Mumbai collectively accounted for 53 percent of the total startup entries. Startups in ESG, Fintech, construction technology, and indigenous tech domain engaged in the challenge.
Strawcture Eco, which won the challenge, is a research led biomaterials manufacturing company that makes functional, more insulated and 100 percent carbon negative building materials by envisioning waste fibers as the key source of raw materials to build products.
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