CBRE partners Nasscom to launch proptech challenge

New Delhi: Real estate consultant CBRE on Thursday said it has partnered with tech industry body Nasscom to launch a proptech challenge programme with an objective to support and mentor startups.

In a statement, CBRE India said that the partnership with Nasscom is for the second edition of its proptech challenge 'DISRUPTECH 2.0'. "The primary objective of this initiative is to highlight emerging startups that are creating innovative tech solutions to empower the real estate industry," the consultant said.

The programme will also provide mentorship and guidance from industry experts to the startup community. The partnership aims to support startup companies. DISRUPTECH will begin in June 2023 and conclude in October 2023. The entries for the challenge will be divided into categories that would be focused on ESG, fintech, construction technology and indigenous tech for the local market. Winners under these categories will be selected at the end of this initiative and will be recognised and mentored by CBRE experts.

Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE, said, "The pandemic has emphasised the importance of technology in the real estate sector, and this initiative will enable budding startups to revolutionize the industry with their innovative solutions." This collaboration will help accelerate the growth of proptech in India, he added. Kritika Murugesan, Senior Director, 10000 Startups, Nasscom, said, "The momentous shifts in 2022 have widened the scope of proptech from property aggregators to VR platforms to on-site robotic inspections."

The integration of emerging technologies has made the sector rebound from the period of lows during the pandemic to leaning heavily on technology to streamline operations for more efficient and sustainable growth, said Murugesan.

"We are witnessing real-estate startups mushrooming from various sub-segments such as sales, construction, finance, and sustainability," she said. According to Housing.Com data, between 2009 and June 2022, proptech companies in India received a total of $3.42 billion in private equity funding. Investors are betting big on proptech firms as the use of innovative technologies such as artificial intelligence (AI), the internet of things (IoT), and virtual reality has increased significantly in the last three years in the real estate sector. In November 2021, NoBroker raised $210 million from investors and announced it has become the first proptech unicorn. Recently, HDFC Capital Advisors increased its stake in proptechstartupLoyalie IT Solutions (now renamed Reloy) to up to 9.6 per cent from 7.2 per cent. In January, Landeed raised $8.3 million (over Rs 67 crore) to expand its business. Brick&Bolt has raised $10 million (about Rs 80 crore) from investors. Nasscom is the premier trade body and chamber of commerce of the tech industry in India and comprises over 3000-member companies.