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Shivam Tomer

Shivam Tomer
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https://www.ipropunited.com/
Talks about : Real Estate News, Investment Tips, Proptech, Loan tips and Property Tips
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Proptech constantly revolutionizing the real estate sector

By
Shivam Tomer
-

The real estate sector is known worldwide for contributing to economic activities and the country’s development.  the real estate sector is traditionally categorized as one of the largest employers in various activities and processes such as construction, design, development, advisory, financing, sales, etc. The real estate sector is emerging with promising opportunities for entrepreneurship over the last couple of decades.

The real estate sector is now thriving with innovation, making it one of the fastest-growing fields. Real estate entrepreneurs especially in proptech, are taking advantage of the stream of new technological developments to digitalize the property industry. Numerous real estate companies are changing the existing systems and processes of the industry with innovative business models.

Proptech entrepreneurs offer several solutions for the real estate markets. Numerous property search tools, innovative buying solutions, new renting practices, selling alternatives as well as new concept agents, and landlord solutions offer customers easy access to reviews, visuals of how the property looks every season, tools to rate the property’s infrastructure, and many more such benefits.

App and web-based listing platforms for residential properties provide various search services to house owners and house seekers without or with minimum brokerage fees and hidden charges. 

Such companies enhance the renting and selling processes by offering a variety of innovative solutions to owners and seekers with no brokerage fees or very little in the way of hidden costs. 

In this field, many ventures like Covie, Awfis, and Smart work convenience of co-working spaces to businesses. There are also companies that are providing home designing and buying application functions and many provide a 3D view of the accommodation, which helps the consumer have a better idea of the space. 

Working-class people and students are the common groups that usually search for accommodation within their budget. Some the companies such as Zolo, Covy, and Stanza Living are providing co-living accommodation facilities to students and early professionals. Similarly, there are companies providing solutions in the field of Mortgages. 

Conclusion

In India, the real estate market sector is huge, lot of companies today are trying to diversify their operational locations and services to target the consumers that will be using their services from co-living to co-working.

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Proptech firms have a rich future with approx. $1 Billion expected in investment by 2025

By
Shivam Tomer
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According to a report by CII and Colliers, Investments in proptech are supposed to double in 2025 compared to 2020, as coordinating with technologies in the real estate sector is at a growing pace. The investments in proptech firms are expected to reach USD 1 billion.

Confederation of Indian Industries (CII) and property consultant Colliers India mentioned in a joint report ‘Real Estate 3.0: Technology-led growth’ that the pandemic has encouraged technology in the real estate sector, which allows service for remote working, simplifying construction and focuses on the betterment sector. 

It added that technologies like Internet of Things (IoT), Virtual reality (VR), and Artificial Intelligence (AI) were in use pre-pandemic. However, in the last two years, such technologies are being utilized in ample. Focusing on health and wellness, the consultant said that smart building materials with automated air quality systems are extensively popular and accepted.

The report said that technologies offer ample opportunities in proptech. The investments in Proptech are expected to be USD 1 billion in 2025 from USD 551 million in 2020. 

Technologies brought more transparency to the Indian real estate market. Colliers India added that the term proptech is been widely used in recent years with the pandemic encouraging technology innovation to an unseen extent level. 

Proptech was largely limited to residential marketplaces and a few entities dealing in commercial real estate in India, while largely focusing on commercial properties and listing residential.

The report said that technology has now invaded every aspect of real estate, from design and planning to construction techniques to managing building facilities and properties.

the consultant said that proptech seems to grow significantly in the upcoming years, as the improving technologies ease the transactions, and bring transparency to the process. 

The consultant also put into consideration the challenges in adopting the technologies such as privacy and data security, cost implications for occupiers and developers, and heavy reliance on power supply.

The report prompted that reduced demand for manual labor could lead to layoffs of employees, along with the increased need for specialized labor. 

Akhil Saraf, Founder, and CEO, Reloy, said building technology can increase the value of the asset class for real estate while reducing costs. He added that there are various challenges across all aspects of a builder from construction technology and tracking to sales, marketing, and CRM efficiency. Real estate requires unique technology to realize the underlying value as it is a high-value product with a long product lifecycle. 

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Who are realtors, how do they work, and what are their working patterns?

By
Shivam Tomer
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A Realtor can be a real estate agent, a broker-associate, a managing broker, an exclusive buyer’s agent, etc. They are members of the National Association of Realtors India (NAR-INDIA), which is the top representative body and advocacy group for those in the Real Estate Transaction Advisory encouraging realtors to follow the highest professional and ethical standards in the industry. Realtor is actually a trademarked term. Both the real estate agents and realtors are required to pass agent licensing requirements in their state but the realtors have to additionally pass the NAR Code of Ethics course which makes them apart from real estate agents.

Why choose a Realtor?

Realtors are professionals who work as real estate agents and help buyers to find their desired properties.

Realtors work to sell the property at a suitable cost. They dig deep to analyze the market and try to provide the best price tag to the buyers. 

Realtors are experts and they know the applicable strategies to drive more traffic to the real estate property. 

They provide services like finding the right property, negotiating the terms and conditions with the seller, helping them in purchasing, provide legal assistance to buyers when it comes to getting title deeds transferred into their name after purchasing properties from sellers. 

Realtors ensure that clients get the best interest from the realtors’ services and can provide enormous benefits for the responsibility of selling a home. 

They better understand the needs and desires of the buyers and are familiar with current market trends and portfolios. 

They possess the best negotiating skills and ease the buying or selling process for their customers. 

They generally keep themselves updated with the latest information regarding the new properties that are started by various builders associated with them.

17 standards that a realtor must promise to uphold:

  • Treat all parties honestly and put the interests of buyers and sellers before their own.
  • Investigate and disclose when situations reasonably warrant it and refrain from exaggerating, concealing, or misrepresenting material facts about a property.
  • Cooperate with other agents unless it’s not in the best interests of the client.
  • Disclose any personal interest or if they represent family members who own or are about to buy real estate. 
  • Should not provide any recommending services in a transaction where the agent has a present or contemplated interest without disclosing that interest.
  • Should not collect any commissions without the seller’s knowledge, nor accept fees from a third party without the seller’s express consent.
  • Refrain from taking fees from more than one party without all parties consent.
  • Do not commingle clients’ funds with their own money.
  • Ensure that all written documents are easy to understand and make sure everyone has a copy of anything they signed.
  • Do not discriminate in any fashion or for any reason on the basis of religion, sex, handicap, familial status, sexual orientation, race, color, gender identity, or national origin.
  • Be competent to conform to standards of laws and refuse to provide services for which they are unqualified.
  • Avoid false advertising and marketing.
  • Do not practice law unless the agent is also a lawyer.
  • Cooperate with the Realtor board’s investigative proceedings if charges are brought against them and present all evidence as requested.
  • Agree to no false or misleading statements for other agents, and agree to not file unfounded ethics complaints.
  • Do not solicit another Realtor’s client who has already signed an agreement, nor interfere in a contractual relationship.
  • Submit matters to arbitration for settlement instead of seeking legal remedies in the court system.

Qualities that any real estate dealer must have, such as –

  • The realtor should have a huge source of selling the real estate property. 
  • Try to contact the dealer through the online portal if the dealer has an online presence. 
  • A  genuine real estate dealer does not charge huge amounts from the clients and always charge a negotiable amount for genuine buyers. 
  • An authentic real estate dealer performs a simple working pattern that helps the clients significantly.  

The person is required to be a member of National Association of Realtors’ local real estate associations, pay a one-time application fee, pay annual membership fees to maintain their Realtor status, and must adhere to the National Association of Realtors’ strict Code of Ethics. 

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Proptech startup Settlin raised $1 million from investors for its growth

By
Shivam Tomer
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The company mentioned in a statement, it has raised about Rs. 7.7 crores in a pre-series A round from Powerhouse Ventures, Dinesh Agrawal (founder and CEO, IndiaMart), angle investor Murugavel Janakiraman (Founder and CEO of Bharat Matrimony) and Rajesh Sawhney (founded-GSF Fund) and others.

NEW DELHI: Proptech firm Settlin raised 1 million USD for expansion and growth. Settlin is planning to expand its presence in Bengaluru and also digitization of its further operations.

Settlin is into brokerage for resale homes, it provides doorstep execution of residential property resale transactions. It manages the entire translation which includes legal verification too, it maintains and physically inspects the property.

Settlin recently launched its app named Settlin on the google play store.

Settlin shared “plans to use the new funds for expanding within Bengaluru, and fortifying their consumer-tech platform.”

The company’s statement mentioned that it aims to finish 24,000 visits in Bengaluru, in the upcoming 12 months which will lead to over 800 property sales worth over Rs. 600 crores.

“The residential resale market is three times that of new sale, and holds the key to truly organise the entire real estate transactions industry, forever. This ever growing sector remains unorganised and complex to crack because of its multiple moving parts.” commented Ashish Srivastava, Co-Founder and CEO, of Settlin.

According to housing.com proptech industry in India attracted over USD 551 million in 2020 and in 2019 USD 549 million.

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ASK Property Investment Advisors (PIA) raises fund worth Rs 610 crore to invest in realty assets

By
Shivam Tomer
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“Domestic investors account for half of the real estate fund raised, while international investors make up the other half. We want to raise Rs 2,000 crore for the fund “Sunil Rohokale, group managing director and chief executive.

 

MUMBAI: ASK Property Investment Advisors (PIA) announced on Monday that it had completed the initial closing of a real estate fund worth Rs 610 crore. According to ASK PIA‘s chief executive and managing director Amit Bhagat, the new fund would invest in established residential markets including as Mumbai, Pune, Noida, Gurgaon, Bengaluru and Chennai.

“Domestic investors account for half of the real estate fund raised, while international investors make up the other half. We want to raise Rs 2,000 crore for the fund “, Sunil Rohokale went on to say.

According to an official statement, ASK PIA’s Real Estate Fund IV is the firm’s sixth real estate fund, and private equity investments in income-generating commercial, industrial, residential, and data centres have expanded dramatically in recent years, owing to foreign capital inflows into India.

Sunil Rohokale, group managing director and chief executive, stated that the residential market is already growing and would continue to develop in 2022. According to him, the group’s strengths are identifying suitable developers, relevant micro markets, and entering at the right price.

End-user demand combined with reducing inventory on one hand, and job creation along with income growth in the service industry, IT, financial services, and allied industries on the other, are the driving forces behind continued demand in the residential sector, according to the company.

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Farmhouses built without nod razed by DTCP- Sohna

By
Shivam Tomer
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Spread over 50 acres of land, a farmhouse colony in Sohna was razed by the Town and Country planning development on Thursday.

Farmhouses built without nod razed

The builder of the project, named “Nature Valley” in Kirani and Bhogpur villages of Sohna had already built boundary walls, guard rooms, road network, light poles and other amenities and was planning to sell the farmhouses constructed on one-acre land.

On Thursday, a farmhouse colony built on 50 acres of agricultural land in Sohna was demolished by DTCP.

According to complaint, the developer completed the construction, laid roads and erected electricity poles but cables were not connected yet. He was planning to sell farmhouses and also constructed one farmhouse as a sample to seek the attention of investors.

The builder had no permission from any department to construct any farmhouse. As per norms, developing farmhouses without permission is equivalent to developing illegal colonies, said RS Batth, District Town Planner (enforcement)

It was found during the investigation that developer was hiding the facts regarding the permissions and approvals from investors to make a sale. Also, he was promoting illegal farmhouse colony through social media to attract the investors.

The officials said they knocked down three farmhouses, road network, boundary walls and guard rooms with the help of earth movers in presence of police officers. “The department is getting details about the builders and will recommend for FIR against them. Even if the farmhouses have been sold, the department will get details from revenue department and lodge complaint against the wrongdoers,” the official said in an interview with Economic Times.

On Wednesday in the report of TOI it was stated that illegally constructed farmhouses in Sohna are under DTCP radar and are likely to face action this week.

Following spike in complaints regarding construction of illegal farmhouses violating Haryana Development and Regulation of Urban Area Act and strict directions from DTCP chief, the enforcement team began knocking down all the illegal constructions on Thursday.

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PMAY-Urban: Government approves construction of 16,488 more homes

By
Shivam Tomer
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In a meeting held on Monday received nod for houses to be constructed under Beneficiary-Led Construction (BLC) and Affordable Housing in Partnership (AHP) verticals of PMAY-U

Government approves construction

On Monday, for the socio-economic development, the government approved the construction of 16.488 houses in urban areas under the Pradhan Mantri Awas Yojna, taking the total number of houses sanctioned so far to over 1.13 crore.

The decision was taken at a meeting of the Central Sanctioning and Monitoring Committee (CSMC) attended by officials from four states and union territories, said the Union Housing and Urban Affairs (HUA) Ministry in a statement.

The houses approved in the meeting on Monday are proposed to be constructed under Beneficiary-Led Construction (BLC) and Affordable Housing in Partnership (AHP) verticals of PMAY-U.

“The demand for sanction has saturated in all States/UTs and work should be done expeditiously towards completing all the projects within stipulated time,” HUA Secretary Durga Shanker Mishra said while addressing the participants.

In a general statement, the ministry said the construction of PMAY-U houses is in various construction stages.

“With this, the total number of sanctioned houses under PMAY-U is now 113.06 lakh; of which 85.65 lakh have been grounded for construction and more than 51 lakhs have been completed and delivered to the beneficiaries,” the statement further stated.

The secretary also insisted the states and union territories to engage in ‘PMAY(U) Awards- 100 Days Challenge’ enthusiastically, according to the statement.

“Our major focus should be how can states/UTs make their cities saturated. Completion of projects should be aimed at,” Durga Shanker Mishra said.

Durga Shanker Mishra also said that states and union territories should register stakeholders as “Technograhis” in large numbers so that they learn about globally innovative technologies and conform their use in Indian context.

First Published on: Aug 17, 2021, 8:59 IST

Slum rehabilitation in merged villages: PMCC-SRA surveys

By
Shivam Tomer
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The Slum Rehabilitation Authority (SRA) and the Pune Municipal Corporation (PMC) have started a survey of slum pockets and probable rehabilitation locations. The inspections will be carried out in a phased manner in all areas merged into the PMC limits, officials said.

Slum rehabilitation in merged villages

A team of officials from the Slum Rehabilitation Authority (SRA) and the Pune Municipal Corporation (PMC) recently surveyed the slum areas and 23 villages that have been merged into the city civic limits last month which are in dire need of rehabilitation. Ashok Pawar, the local MLA, said that slum rehabilitation will be a part of Wagholi’s overall development. It is very important in the socio-economic development of any city. The officials also that the inspections will be carried out in a phased manner in all areas merged into the PMC limits.

“We are in touch with the SRA officials and the civic administration.” Pawar said in an interview to Economic Times. Meanwhile, Manjari is another village merged into the city limits and their residents are also looking forward to rehabilitation program.

In a general interview, the local resident, Sunil Ghule said, “The PMC and the SRA should conduct a detailed survey and come up with a proper rehabilitation plan to prevent illegal encroachment by slumdwellers.”

To execute all of the rehabilitation projects, the surveys will help prepare a list of slum pockets and probable sites, officials said.

The officials should initiate a process to identify slums from merged areas as “declared slums”, said Hadapsar resident, Sanjay Tupe.

The head of SRA Pune, Rajendra Nimbalkar in an interview with Economic Times, said, “We held discussions with all stakeholders, including local gram panchayat representatives, slumdwellers and others.”

He further said that the surveys will also be conducted in other merged areas as well. “We also want local representatives to come up with proposals.”

First Published by: Sarang Dastane

First Published on: Aug 15, 2021, 12:37 IST

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