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Real estate services firm ANAROCK will soon launch an artificial intelligence and machine learning (AI/ML) PropTech solution “ASTRA” to boost primary housing sales by up to 15%. The AI-based solution is developed by ANAROCK and its data analytics partner G-Square Solutions. It will accelerate housing sales and enhances revenue turnover by 12-15%.
The system’s algorithm analyses customer behaviour data to yield highly accurate leads, thereby boosting marketing efficiency, reducing costs, and delivering an engaging user experience to developers and their customers.
“We began developing the ASTRA Artificial Intelligence models in 2019, configuring multiple models across different types of real estate projects across India. Now in its final development stage, ASTRA will give developers a 20-fold return on their investment in this AI-driven platform,” Anuj Puri, chairman, ANAROCK said.
ASTRA is built on consumer behaviour data from 2.8 million of ANAROCK’s own qualified leads and uses 74 different models to fit different sizes of real estate projects in various stages of completion, across various cities.
“ASTRA uses predictive analysis that processes multiple consumer behaviours and data points to instantly provide the highest quality leads, while sales teams can thus focus their attention on enquiries with the highest conversion probability,”Sunil Mishra, group chief strategy officer, ANAROCK said.
By increasing site visit footfalls and boosting market-led cashflows, ASTRA will also reduce developers’ cost of debt.
PropTech: Future of real estate
PropTech is the future of real estate. According to Deloitte, PropTech start-ups raised as much as $43 billion in funding in 2012 and by 2018, this rose by a massive 82%. Consumer data analysis firm Statista finds that the overall value of global PropTech deals from 2013-2020 was around $33 billion.
PropTech is not just a first-world phenomenon anymore. Even countries like Israel, which now has over 400 related R&D hubs, are now happening PropTech hotbeds. With its wealth of technical abilities, India is adequately placed to become the next PropTech hub.