India’s real estate industry leaders have announced their support for the new ‘Built World Technology Alliance’, which has been founded to accelerate the digital transformation of India’s real estate sector. The alliance is also being touted as India’s first CRETech community.
The move comes as part of a global trend to explore CRETech (the converge of property and technology), or ‘PropTech’ as it’s known in Europe.
“Built World Technology Alliance is a collective of real estate investors and developers, venture capital funds and technology companies”, said Robert Marten, Co-Founder of the Alliance. “The Alliance shares in a mission to accelerate the digital transformation of India’s real estate sector, revolutionize the safety and efficiency of construction and to improve the performance of workplaces.”
The formation of alliance can be seen as an opportunity for startups and VCs to disrupt the Indian real estate sector and the digitally transform its incumbents. Emerging technologies such as Internet of Things (IoT), automation, Virtual Reality, among others should be seen as ‘technology as an opportunity’ rather than ‘technology as a threat’, says Robert Marten, Co-Founder of Built World Technology Alliance, in his blog whhile ephasizing the use of these emerging tech in real estate industry.
“New technology always takes time to enter into people’s consciousness,” says Hemanth Velury, CEO of VR innovator Virtual Spaces. “As it becomes more mainstream, acceptance levels will get higher.”
Indian real estate industry leaders Yash Gupta, Anuj Puri and the RMZ Family Office are supporting the first Annual Event of the Built World Technology Alliance under the banner of their new CRETech venture capital fund Blue Sky.
Blue Sky Ventures, a new venture capital fund from Yash Gupta, Anuj Puri and CapitalM (RMZ Family Office), also lending support to the alliance and its annual event.
The Alliance’s inaugural event – Built World Technology Show – will be hosted in partnership with Blue Sky Ventures on 20-21 February 2019 at CoWrks Worli in Mumbai.
“We are very optimistic about the future of CRETech in India and encourage leaders of our real estate, venture capital and technology communities to join us in exploring new opportunities,” said Yash Gupta, Partner at Blue Sky.
The infusion of emerging tech in Indian real estate sector started showing its signs when, in 2016, Bengaluru-based Brigade Enterprises, a 30-year-old Indian real estate firm, launched India’s first real estate-focused startup accelerator programme named “Real Estate Accelerator Program (REAP)” with an aim to work exclusively with the tech startups serving in real estate industry.
The accelerator has recently on-boarded 5 Real Estate tech startups for its 4th Cohort. With over 80 start-ups having applied to the program, 11 Start-ups were shortlisted out of which 5 were inducted into the program.
Earlier this month, Info Edge (India) invested about Rs 30 million in Zippserv, a Bangalore-based technology-driven real estate risk assessment platform.
Source – Build World Tech Alliance Blog | Via – Rebecca King, Co-Founder at Built World Technology Alliance India, United Kingdom
[Top Image Via – QuantInsti.com]