Digitisation of land records will multiply property market potential ten-fold: Square Yards CEO Tanuj Shori
New Delhi: Technology adoption in the real estate field can open up tremendous opportunities for the stakeholders of the industry and digitisation of land records will multiply property market potential ten-fold, said Tanuj Shori, Co-founder and CEO, Square Yards.
While speaking at an online Digital India Town Hall, Shori said, “There can be a 10 times jump in the real estate market with the adoption of technology in the real estate domain. There are many areas within the real estate industry where technology can be adopted like digitisation of land records”.
Regardless of the fact that the majority of Indian households’ wealth is invested in the real estate sector, accessing land records and related information is very difficult. Not only individual home-buyers, even real estate developers who have all the means have to make a lot of effort to get proper and authentic information. Most industries and sectors are now adopting digital mode to reach out to their customers, but until land records and property transfer and registration process is digitized, real estate will not be able to get benefited.
The town hall with tech entrepreneurs was organised by online news platform Yourstory.com, coinciding with the completion of 5 years of Digital India initiative of the central government.
Ravi Shankar Prasad, Union Minister for Communications, Electronics & Information Technology and Law & Justice was the guest of honor and other panelists were Vijay Shekhar Sharma, CEO of PayTm, Sujeet Kumar, Co-founder of Udaan.com, Mukesh Bansal, Co-founder of Cure.Fit, Naveen Tiwari, founder and CEO of InMobi and Harshvardhan Luni, Co-founder and CEO of Lending Kart.
Shori explained that with the adoption of technology, Square Yards has been able to grow and expand to 10 different countries and aims to become the only ‘Global Brand In Real Estate Sector’ with origins in India. “There are many regional players in the world but no global brand in the real estate sector. We hope to become a global brand by conquering western and other emerging markets,” said Shori.
Square Yards is currently present in more than 25 cities in 9 countries. It plans to start operations in many more global cities in the near future. It has been one of the early adopters of technology in the real estate field which has helped it to grow so fast in the 6 years of its existence. The company aims to integrate technology in all facets of its functioning, giving unparalleled usage and transactions features to its customers and real estate developers. The company has been the pioneers in the field of Proptech and Fintech and even offers software solutions to the developers for streamlining their sales and distribution functions. The company has started offering these software solutions even to overseas realty estate players.
Square Yards has been at the forefront of technology usage in the property domain and has launched ‘Azuro’ which is the first property management service in India. Azuro takes care of aspects like looking for tenants, conducting background checks of the tenants, automating the rent collections process, maintenance and inspection of the property on the exit of the tenant.
The Fintech arm of the company Square Capital has tie-ups with several banks and NBFCs and provides financing options for a range of properties in a technology-enabled environment which is quick and hassle-free.