The Transforming Impact of PropTech in Driving Sustainability in the Real Estate Industry

Abstract

The real estate industry is undergoing a transformative shift driven by the integration of property technology (PropTech), including artificial intelligence, big data analytics, and Virtual Reality. This study aimed to analyse the role of PropTech in reshaping the real estate industry and its potential to pave the way for a sustainable future within the industry. The sample for the study comprises residential real estate developers, architects, and property managers in the state of Uttarakhand, who are using advanced technologies to manage their real estate business activities. The study analyses the role of the adoption of PropTech, including artificial intelligence, big data analytics and virtual reality, in the real estate industry in enhancing efficiency, transparency, prediction of customer demands, customisation and utilization of resources of businesses operating in the real estate industry, ultimately leading to sustainability within the real estate industry. The study concludes that the adoption of advanced technologies is transforming the real estate landscape by providing multiple benefits, such as predicting markets, valuing properties, personalizing searches, and empowering developers with customer insights. These benefits facilitate data-driven decision-making and create a more responsive industry that would pave the way for real estate professionals and policymakers to navigate the evolving real estate industry on a sustainable basis.