PropertyPistol is on a mission to create a revolution in the real estate space with its excellent capabilities in technology in order to streamline and align the three key stakeholders in the sector – the buyers, the developers and the brokers.
With employee strength of over 1000 people and strong presence across major locations in India, PropertyPistol has already captured a 1.8% market share in the top metro cities in India and has become a major contributor of business to top developers across India.
Manish Joshi from NewsBarons connects with Ashish Narain Agarwal, Founder & CEO, PropertyPistol who informs ‘In the short to medium term, one can expect a fair price rise in the property rates’.
NB: How is Indian real estate going to fare in 2022?
Ashish: Indian real estate has stood the test of time and has been resilient throughout the pandemic even though there were instances of sentiment dips and an unassured future. The year 2022 has been eventful so far for the sector. While the journey may not have been very smooth, the sector does not seem to be deterred with it. Barely into a quarter of 2022, the real estate sector bore the brunt of the Russia-Ukraine war with increased price of raw materials for construction and a scare of the inevitable inflation thereby, which triggered the MPC to increase the repo rate. What’s startling is the fact that despite the increased repo rate that prodded the home loan rates to spike, the home buying sentiments was not severely affected. In terms of commercial real estate, the large-scale investments by institutional investors is surely going to help this segment keep the momentum on.
NB: What are the prominent trends in the real estate market?
Ashish: Some prominent trends in the real estate market are:
• Corporatization is fast catching up in Indian real estate. Big corporations and trusted brands are into the mode of buyouts and takeovers thereby taking a major positioning. It is valuable and relevant for the home buyers owing to the brand value, trust factor and confidence that the buyers bestow on big brands and corporations.
• Infrastructure development in Tier 2 and 3 regions of the country has been pivotal in resolving the connectivity and accessibility issues. A lot of interior regions which were considered far or inaccessible are now preferred by developers and home buyers alike. This is also a primary reason for retail real estate to boom in the country.
• Spacious or independent homes with large and extra rooms to cater to myriad requirements like office, school, recreation, etc. have gained more prominence post the pandemic. People have realized the uncertainty that the future holds and have started considering real estate as a financially reliable asset for an investment offering steady returns as compared to other risk-induced, volatile options.
• With the flexibility of space being an urgent requirement during the pandemic, the demand for affordable and mid-segment homes offering lavish amenities and spacious flats in the interior regions, increased immensely.
• More people prefer ready-to-move-in homes as they do not pose any risks of delayed possessions and are usually considered a safer investment option.
NB: How is PropertyPistol trying to bring a difference in Indian realty?
Ashish: PropertyPistol is aiming to revolutionize the Indian real estate sector through its unique technology offering – PropertyPistol Syndicate. We realized that there is immense potential in the vast real estate broker community in India that is spread across every nook and corner of the country. These brokers are the most relevant part of the chain because they act as key touchpoints for homebuyers and developers alike. This community is the least utilized and if managed well, it can create a lot of value for the sector. In order to cater to this need gap, we developed the idea of PropertyPistol Syndicate which is a first-of-its-kind broker aggregation and engagement platform that invites all the Indian real estate brokers to register on the app free of cost and explore the endless possibilities on the app to make their business quick, transparent and seamless. This has ensured a drop in the rate of deal loss due to borderless access to markets and collaboration with homegrown brokers across India.
The power of technology is such that it has helped cross-border transactions as smoothly and efficiently as a transaction dealt with in person. It will empower a broker to such an extent that they will be very comfortable operating from any corner of the country and yet be able to deliver their best. It will ensure a broker’s reach and visibility are expanded beyond his own area of business and not limited to a certain boundary. A unique cohesiveness between the brokers will also open up a plethora of property options for the homebuyers as they are assured of being served exactly as per their requirements.
NB: Could you please share details of the growth journey of PropertyPistol?
Ashish: PropertyPistol started in the year 2013 and has strength of over 1000 employees. The company has been catering to all the top regions in the country along with a presence in Dubai, Abu Dhabi and Qatar.
PropertyPistol has sold inventory worth over INR 5500 crore in the period between FY 2021 – 22 and Q1 of FY 2022 – 23, with the quarter of Jan 2022 – March 2022 being the best one in the company’s history. With technology being the major growth driver, the company’s Gross Transaction Value (GTV) has increased almost 10 times and the number of units sold has gone up to almost 7 times.
The company has already captured a 1.8% market share in the top metro cities in India and has become a major contributor of business to top developers across India.
NB: What are your growth targets in the next 3-5 years and what are your plans to achieve this goal?
Ashish: Our clear objective is to become the choicest platform for brokers to get connected and aggregated both from resale/rental as well as primary sales segments. If today, we are selling 10% of the developer’s inventory, we aim to reach 25% – 30% of the same very soon. To cater to this requirement, we are aiming to ramp up our expansion plans to several more regions in the country and also internationally. We are also planning to scale up our senior management team to help us strategize for us to be able to achieve this objective. While there have been quite a few milestones that PropertyPistol has achieved, we look forward to several more in the coming years. We strive each day to improve our service offerings, analyzing the barriers and challenges, overcoming our limitations and trying to offer the best we can to our customers.