Real estate consultant CBRE has partnered with the non-governmental trade association and advocacy group National Association of Software and Service Companies (NASSCOM) to launch the second edition of the proptech challenge in the real estate industry, DISRUPTECH 2.0.

The primary objective of this initiative is to highlight emerging startups that are creating innovative tech solutions to empower the real estate industry.

The programme will also provide mentorship and guidance from industry experts to the startup community.

Additionally, the partnership aims to support startup companies and unlock the potential to transform the real estate sector through creative, inventive, and disruptive ideas.

The event will begin in June 2023 and will conclude in October 2023.

The entries for the challenge will be divided into categories that would be focused on ESG, fintech, construction technology, and indigenous tech for the local market.

Winners under these categories will be selected at the end of this initiative and will be recognised and mentored by CBRE experts.

"The pandemic has emphasised the importance of technology in the real estate sector, and this initiative will enable budding startups to revolutionise the industry with their innovative solutions. We believe that this collaboration will help accelerate the growth of proptech in India and enable us to address the emerging needs of stakeholders more efficiently and effectively," Anshuman Magazine, Chairman and CEO, India, South East Asia, Middle East and Africa, CBRE said.

We are witnessing real estate startups mushrooming from various sub-segments such as sales, construction, finance, and sustainability, Kritika Murugesan, senior director of NASSCOM added.

"The initiative is a positive step towards not just catalysing a sustainable ecosystem for proptech startups in India but will also demonstrate the applications of emerging technologies and innovations that can simplify the process of property purchasing in the country," she said.

Currently, NASSCOM comprises over 3,000 member companies across India.