AI-driven platform has a potential to add Rs 6K cr turnover, says Anarock chairman Anuj Puri
Mumbai, July 21 (The CONNECT) -Anuj Puri-led tech-driven real estate services consultancy ANAROCK will soon launch India’s first Artificial Intelligence & Machine Learning (AI/ML) PropTech solution ASTRA to boost primary housing sales by up to 15%.
Developed over two years by ANAROCK and its Data Analytics partner G-Square Solutions, ASTRA accelerates 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 engaged user experience to developers and their customers. ANAROCK is the first Indian real estate services firm to offer this cutting-edge Digitech solution to its developer clients.
Anuj Puri, Chairman, ANAROCK said, "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.”
Sunil Mishra, Group Chief Strategy Officer, ANAROCK said, "To put it in numbers - when used by India's top players who command 50% of market sales share, ASTRA will increase sales by at least 10%. The additional 12500 units thus sold will add INR 6000 Cr of additional turnover annually. 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. But that's not all - ASTRA further analyses less-probable leads to isolate those likeliest to result in transactions."
“ASTRA, a Sanskrit word, will provide an additional armour for our Indian developers, thus giving a superior experience to their home buyers,” adds Mishra.
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.
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 USD 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.
“ASTRA - literally a high-impact weapon of victory for developers as the Sanskrit name implies - comes bundled with hands-on training and 24/7 expert tech support and is a fully secured platform developed through our proprietary AI & ML tools," says Gurpreet Singh, Director & Co-Founder, G-Square Solutions. "Developers retain complete control of their leads data. The system does not require customer contact details to analyse leads - rather, it crunches data of micro-market catchment dynamics, local price sensitivity, historic sales trends, and the impact of upcoming infrastructure and local policies. By increasing site visit footfalls and boosting market-led cashflows, ASTRA also reduces developers' cost of debt.”
While ANAROCK will apply the basic ASTRA model as the Firm’s primary sales driver going forward, developers can invest in advanced bespoke versions customised to projects mandated with ANAROCK. ASTRA will roll out for active commercial adoption by September 2021.