The Indian real estate sector, traditionally driven by brokers, physical site visits, and paperwork-heavy transactions, is undergoing a tectonic shift. Thanks to the influx of cutting-edge technology, what was once a slow-moving, opaque industry is now becoming smarter, faster, and more transparent. From virtual reality walkthroughs to blockchain-based property records, the real estate landscape in India is rapidly evolving—and with it, the fortunes of many forward-thinking entrepreneurs.
The Digital Transformation of Real Estate
Over the last decade, technology has emerged as a game-changer in real estate. Platforms like MagicBricks, 99acres, and Housing.com digitized listings and made home-hunting easier, but that was just the beginning. The next wave of innovation is far more profound.
Take Artificial Intelligence (AI) for instance. It’s now being used to analyze buyer behavior, suggest properties based on preferences, and even predict market trends. Augmented Reality (AR) and Virtual Reality (VR) tools allow potential buyers to experience properties remotely, cutting down the need for travel and making decision-making quicker.
Smart contracts, enabled by blockchain, are simplifying and securing property transactions. These digital contracts minimize the risks of fraud and delays, long considered the banes of property dealings in India.
One of the more silent revolutions has been in data analytics. With tools that monitor real-time price fluctuations, neighborhood growth, infrastructure development, and demand-supply dynamics, buyers and investors today are better informed than ever.
Real-Life Success: The Story of Square Yards
One of the most compelling Indian success stories is that of Square Yards, a Gurugram-based proptech startup founded by Tanuj Shori, a former investment banker. Started in 2013, the company has grown to become one of India’s largest integrated real estate platforms, operating in over 20 countries.
Square Yards combines real estate with cutting-edge technology—offering virtual site tours, AI-driven property recommendations, and digital transaction management. The platform not only facilitates buying and selling but also assists with mortgages, rentals, and legal processes.
In 2021, Square Yards received the “ET Best Brands 2021” award by The Economic Times, recognizing its contribution to building a more tech-driven real estate ecosystem in India.
From AutoCAD to AI: Builders Get Smarter
Not just buyers—builders and developers are embracing technology too. Companies like Lodha, Godrej Properties, and Prestige Group are leveraging AI-driven project planning, BIM (Building Information Modelling), and drone surveillance to ensure faster construction, reduced costs, and improved quality.
Godrej Properties, in particular, has earned praise for integrating green building technologies and digital sales channels. Their flagship project in Mumbai, Godrej One, utilized real-time analytics and AR-based visualizations during the sales phase—resulting in 75% of the units being booked even before physical construction was completed.
In an interview with Business Standard, Mohit Malhotra, MD & CEO of Godrej Properties, noted, “Digital platforms now contribute more than 30% of our sales. The pandemic accelerated tech adoption, but we’re doubling down because we see a digital-first future.”
Virtual Reality Turns Dreams into Realty
During the COVID-19 pandemic, when site visits came to a standstill, VR became the real estate industry’s savior. Developers began offering 360-degree virtual tours of under-construction properties. This wasn’t just a temporary solution—it permanently changed how people explore homes.
Hyderabad-based proptech startup PropVR is a standout in this space. Co-founded by IIT alumni, PropVR creates immersive 3D models of properties, allowing buyers to walk through an apartment using just their smartphone or VR headset.
In a 2023 feature by The Hindu Business Line, PropVR was highlighted as one of the Top 10 Startups to Watch for its work with real estate giants like Brigade and Sobha. The company’s work in making real estate more accessible to NRIs has also earned it accolades from the Confederation of Real Estate Developers’ Associations of India (CREDAI).
Blockchain: The Future of Land Records?
Land records in India have historically been a messy affair. Duplication, forgery, and loss of documents plague many property transactions. Enter blockchain.
In 2021, the Maharashtra government launched a pilot project using blockchain to digitize land records in select districts. According to a Times of India report, this initiative reduced land registration fraud by 90% in those areas and brought transparency to the entire process.
Private companies like Zebi and Primechain are now partnering with state governments and real estate firms to develop blockchain-backed land registries, lease agreements, and even tokenized real estate investments.
The Rise of Smart Homes
Another visible impact of tech on real estate is in the increasing demand for smart homes. From app-controlled lighting and climate to voice-enabled security, today’s buyers—especially millennials—are looking for homes that are not just spaces, but experiences.
Bengaluru-based Oakter, founded by IIT graduates, provides plug-and-play smart home devices. In 2022, the company won the National Startup Award in Electronics for its home automation solutions. As developers like Tata Housing and Prestige start integrating such solutions into their projects, smart homes are fast becoming a default expectation.
A Word of Caution: The Digital Divide
While urban India is riding the tech wave, rural and Tier-3 cities still lag behind. Lack of digital literacy, poor internet infrastructure, and reluctance to trust online platforms remain challenges. However, startups like RuralVista are working to bridge this gap by offering vernacular real estate apps and WhatsApp-based property listing services.
Looking Ahead
The real estate industry, once considered archaic and resistant to change, is now a breeding ground for innovation. With government support, investor interest, and entrepreneurial spirit, Indian real estate is finally aligning with the country’s digital ambitions.
As Tanuj Shori of Square Yards said during a 2023 CNBC-TV18 interview, “Technology is not replacing agents or developers—it’s empowering them. The winners of tomorrow are those who embrace tech today.”
And indeed, in the high-stakes game of Indian real estate, the smart money is on smart technology.
