Anarock to launch AI-led proptech tool

BENGALURU: Property advisory Anarock plans to launch an artificial intelligence (AI) and machine learning (ML) driven proptech solution, Astra to boost primary housing sales by up to 15%.

The service will roll out for active commercial adoption by September.

Developed by Anarock and its data analytics partner G-Square Solutions, Astra aims to accelerate housing sales using algorithm that analyses customer behaviour data to yield 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,” said Anuj Puri, chairman, Anarock.

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 12,500 units thus sold will add ₹6,000 crore of additional turnover annually. Astra uses predictive analysis that processes multiple consumer behaviour 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. It also analyses less-probable leads to isolate those likeliest to result in transactions."

Astra is built on consumer behaviour data from 2.8 million of Anarock’s own leads and uses 74 different models to fit different sizes of real estate projects in various stages of completion, across various cities.

Property technology or proptech has gained momentum as the pandemic unfolded prompting real estate firms to adopt digital tools like never before.

Consumer data analysis firm Statista found that the overall value of global proptech deals between 2013-2020 was around $33 billion.

“Astra comes bundled with hands-on training and 24/7 expert tech support and is a fully secured platform developed through our proprietary AI and ML tools," said Gurpreet Singh, director and 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,” he added.

While Anarock will apply the basic Astra model as its primary sales driver going forward, developers can invest in advanced versions customized to projects it is mandated with.