Real estate consulting firm CBRE has partnered with IT industry lobby Nasscom to come up with a "Proptech Challenge" to identify budding startups working on innovative building technology solutions for the real estate sector, the organisations said in a statement.
The "Disruptech" initiative aims to support emerging businesses with the potential to transform the real estate market with creative, innovative and disruptive thinking, CBRE said. The organisation will identify and mentor these small companies to help them scale and be part of Nasscom's flagship 10,000 Startups programme.
According to CBRE, digitisation is taking precedence across the sector at a rapid pace. More than 90% of the occupiers and developers are aiming to bring a technological shift in their business operations within the next five years, it said.
“This initiative in the real estate market supports the various concepts that are working towards disrupting the commercial real estate space. It is imperative to become technology ready and encourage businesses working towards a digital transformation that will make it technology ready,” said Anshuman Magazine, chairman and chief executive for India, South East Asia, Middle East and Africa at CBRE.
Digitisation has resulted in a more coherent relationship between developers and occupiers with the former fine-tuning their strategies to be in line with occupier’s expectations on technology and infrastructure, CBRE said. Cost efficiency has remained as a major aspect in improving processes and business efficiency, it added.
“We will nurture the real estate segment in the Indian startup ecosystem, creating the next generation of startups. This platform will provide opportunities to not only present emerging technologies and innovations but also entry into our 10K startup ecosystem,” said Srikanth Srinivasan, membership head at Nasscom.
The organisations are inviting startups with an idea and in search of a platform to present to a wider audience, the statement said.