Nikhil Kapur, Head of South Asia for Gree Ventures talks on how BuildSupply with its plans is positioned to take a leadership in the PropTech sector in Asia.


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Nikhil Kapur talks about APAC being world’s most important region for real estate technology and how BuildSupply with its plans is positioned to take a leadership in the PropTech sector in Asia.

The APAC region is home to half of the world’s population and probably the most important when it comes to built world technology.
However, one of the biggest challenges for Tech startups is figuring out a way to get traditional incumbents to invest in their technology.
Neall De Beer, Director at BWT alliance spoke with Nikhil Kapur, Head of South Asia for GREE Ventures, who shared his thoughts on this and other factors driving the PropTech and ConTech markets in Asia.

 

We have moved!


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We have moved!

We are excited to announce we have moved to a new location in Vatika Towers, Gurugram.  We spent the last couple of years in a building a few miles away – while our old office stood us in good stead and we will remember it fondly, we couldn't be
more excited about our new space.
We are now strategically located on the Golf Course Road overlooking the rapid metro. We're excited about the hustle and bustle happening outside our windows and all of the great places within an easy walking distance of the new location.
While we were happy with our space, there were several motivating factors to make a move:
1. Space. We were a team of 3 when we first started in our last office. Today our team size has grown to 39 and that had us gasping for more space. The new office not only offers more square footage, but more importantly gave us the opportunity to rethink our layout.  We were able to start from scratch by knocking down walls and some silos alongside. Overall, we’re all working closer together and that should make us a lot more productive.
2. Location. What a difference a mile makes. The new space has aesthetically designed landscape areas and puts us within easy walking of more than a dozen great restaurants/coffee shops and plenty more.
3. Visibility. Our new office helps in reiterating our growth story and gives us a strong belief in our future direction. It also showcases our belief in investing in our people and stakeholders by having a great creative environment to build and grow together.
It has been an exciting few years for BuildSupply, and we look at this new location as the start of another chapter in our story. We're still working on getting settled in and adding some fauna to our surroundings, and are totally thrilled to be in the new space. We'll soon be hosting an evening for all our stakeholders to hold a toast for new beginnings.
Thanks for everyone's love and support through our journey so far.
The new address is Vatika Towers, 15 th Floor Tower B, Golf Course Road, Gurugram, India

 

BuildSupply won the ‘PropTech Startup of the Year’ award at the Realty PropTECH Summit and INEX Conclave 2019

BuildSupply won the ‘PropTech Startup of the Year’ award at the Realty PropTECH Summit and INEX Conclave 2019

The theme of the conclave was ‘A Fusion of the Finest in Technology & Design’ where various industry pioneers and leaders discussed the role of technology in shaping the real estate sector.
The conclave also hosted a panel on Dawn of Realty: Next Big Thing on Tech Agenda wherein our CEO and Founder, Sameer Nayar was invited to share his views on the role of proptech in the real estate space.
Other eminent panellists included Ajay Ramasubramaniam – Director (India), Zone Startups | Partner, Palava Accelerator by Lodha Group; Ashish Shah – CEO, Radius Developers; Vikram Kotnis – Founder & MD, Sell.Do; Bharat Dhuppar – Group CEO, Raiaskaran; Prasanjeet Dutta Baruah – Vertical Business Head, Facebook; Ramakrishnan P. – COO, Lodha Group.
The panel discussed how technology can shape the real estate and construction industry and why proptech has become so important in this era of machine learning and predictive analytics.
In today’s competitive economy, leading companies are using discipline’s like predictive analytics to compete and sustain. Rather than relying on primitive and intuitive methods when it comes to cost planning, procurement, inventory management, project management etc, managers are using data and technology for analysis and streamlining their processes to improve efficiency, manage risk and increase profits.
With the entry of RERA, the real estate industry that conventionally was perceived to have many fold returns, has shifted its focus towards timely completion of projects thereby turning them towards newer technology for efficient and timely project management. Technology is an enabler for this shift and the industry has to accept the value that it will add in the next years. Technology has the potential to improve the processes dramatically in pre, during and post construction to customer service. The faster we adapt to this notion the better we will be planned for future. The sector also has to extend the use of technology from planning to process streamlining, workflow automation, material buying, cost control etc.
Today real estate development is not different than any other manufacturing business in terms of operating margins. The industry is no longer willing to spend crores on a generic software that does not understand the local context of the market. The need of the hour is industry vertical focused technology solutions. BuildSupply is a leading provider of process management software and has already aggregated over 50 million square ft. of actual live projects on our SAAS platform Cost Manager.
BuildSupply Cost Manager is an end to end process management system specially designed for the real estate sector that helps in planned execution and procurement for projects by introducing standardization and transparency. With modules like cost plan, BOQ, tendering & vendor management, material & store management to name a few, the platform ensures seamless construction process management.
Technological advancements are changing almost every industry. Not just in terms of buying a property, but even in terms of standardising the entire project management process. The real estate industry is in its early stage of technological disruption, thus, it is of utmost importance for it to stay ahead of this curve. Says, Sameer Nayar.

BuildSupply raises $3.5 million from Venture Highway in Series A Round


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BuildSupply raises $3.5 million from Venture Highway in Series A Round

Delighted to have our early believers continue to support us in our next phase of growth. Real estate and construction are perhaps the last frontier for tech enablement and we are proud to be at the forefront of that. This is a very large scalable opportunity across the globe and we look forward to building a truly global enterprise out of India.

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Property-tech startup BuildSupply bags Series A funding

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Real estate ecommerce platform BuildSupply raises $3.5 million from Venture Highway

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Former Google executives back Gurugram property-tech startup

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Proptech Startup BuildSupply Raises $3.5 Mn In Series A Funding Round

 

Work Culture – A Key To A Happy Workplace


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Work Culture – A Key To A Happy Workplace

Work culture is one of the key factors in both, the growth of the company and the employee’s morale. It is an ecosystem within the company that can make or break the company. No one wants to work in a toxic environment. It leads to disorientation in the company itself. And if the employees aren’t happy, the company is pretty much bound to fail. If people are not able to relate to each other for the common good of the organization and behave like tourists, no matter how smart or prolific your employees are, it’s not going to work out. The environment in a workplace needs to be the first priority of the organization.
It is also one of the main reasons why many companies fail in the first place. Take the example of a famous music store. In the month of February 2015, the company filed for bankruptcy, after losing sales.
What was the cause of that? You guessed it! The rather unpleasant employee morale that was caused by lack of pay and lack of opportunities resulted in a poor work culture and that obviously affected the customers who were interacting with such employees. It sounds almost surprising how such small things can bankrupt a company as big as them.
That’s why we at BuildSupply make it our priority to keep our employees happy, and we create an employee experience that’s hard to find.
You’ve probably already heard of Andy Grove. He was one of the founders and CEO of Intel Corporation. He helped Intel transform into a world’s largest manufacturer of semiconductors. Aside from Intel, he’s been called the guy who drove the growth phase of Silicon Valley. These are probably the things you’ve already heard about him. But there’s one thing you might have missed about this business pioneer.
Back when Intel was just starting, OKR system was originated by Andy Grove. Apparently, he’s also been referred to as the father of OKR’s. Initially, this system was adopted by Google in their first year back in 1999. OKR system was adopted by many companies later on which include LinkedIn, Zynga, Oracle, and Twitter. But the OKR system is not only for digital companies. Walmart, Target, The Guardian, Dun and Bradstreet, and ING Bank are also using OKR. We can proudly say that BuildSupply is one of those companies.
We follow the OKR system to help us maximize our efficiency. OKR stands for Objective and Key Result. Each individual provides a list of objectives that they would like to achieve that is in alignment with the company’s business priorities. At the end of each quarter of the year, objectives are reviewed by the individuals themselves to see how far they’ve come to achieve.. Since the goals set are quantified and eventually measured by a certain metric itself, it gives them the sense of clarity and a sense of progress. This makes everyone stay motivated and assess themselves comprehensively while being aligned with the company’s big priorities.
We make sure that everyone is happy with what they do, and we make sure we provide an environment that is sustainable. But it doesn’t end there. According to The Financial Times, every business should contribute to sustainable development by delivering economic, social and environmental benefits to all the stakeholders.
That’s why we take CSR(Corporate Social Responsibility) very responsibly, and we do our best to contribute. We believe in giving back to the community and its development whether it is financially, socially or in the form of environmental benefits. Take a look!

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“Planting hope in the form of trees.” – Planting Trees.

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“Spreading love to those who need it the most.”- Visiting Umeed for Animals Foundation.
On a lighter note, everyone gets worked up and stressed while working, let alone trying to read about it. Life is about maintaining the balance between work without compromising on your non-work part of life.
That’s why at BuildSupply, we do it differently. Work-Life Balance is a story of the past, we believe in work-life integration and we do it in such a way that we learn to prioritize and integrate both work and our personal life to achieve best results.
Just to break the monotony of the continuous work, we create an ambiance of various fun activities every week. We take these fun activities, pretty seriously. Take a look!

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Foosball Tournament

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Cricket Tournament

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Kite-Flying
We believe in making memories along the way and with a work culture like ours, you are bound to experience work like never before.

 

First Impressions – Word From Our Employees


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First Impressions – Word From Our Employees

We’re built to size each other up quickly. Even if we’re presented with lots of evidence to the contrary, we’re attached to our initial impressions – which is why people are aware of the impression they make. But it usually becomes a fake persona.
We at BuildSupply believe that impressions should be as truthful as they seem. That’s how we build trust and eventually create a work culture suitable for everyone. A work culture which makes you want to work like never before i.e. Happily.
We understand you might need more than our word to believe. Have a look at what our current employees have to say!
“ I’ve joined BuildSupply recently and the culture here is different from anywhere I’ve worked before. In my line of work, we face a lot of struggles and hurdles that we come across while dealing with our customers, what I appreciate about BuildSupply is I’ve been given the freedom to make my own calls in such situations since our tasks are all result oriented. As long as I bring in the desired results, I’ve got the freedom to decide how I work. ” – Rahul Sinha (Analyst – Customer Success)
“ The environment feels like a family. Everyone is working closely with each other. Also given the number of people who work here, we all know each other personally which makes everyone approachable and honest with each other, which then helps with efficiency. I also like how even the CEO is approachable on a daily basis, and you get a chance to work with the best people. “ – Saikat Chatterjee (Analyst – Customer Success)
“ When I first visited the office, I was a little apprehensive about working here, but as soon as I met the founders of the company, there was no doubt in my mind anymore. Their vision about how they wanted to move forward with the company made me feel like a part of something big. After I joined, I felt like they are on the path to achieving that vision and overall it’s an amazing place to work with amazing people. ” – Amrita Sengupta (HR Manager)
“ Since my first day here at BuildSupply, I’ve been learning a lot even at this stage in my career. The exposure that BuildSupply offers is very distinctive and it is such a great source of knowledge about the industry. Also, coding can sometimes get exhausting and there’s no place better than BuildSupply to get rid of that since there are so many fun activities conducted here. It just makes up for a complete package. “ – Divya Bhateja (Lead Software Engineer)
“ I instantly felt the comfort of home when I started working here. You would rarely find a place that you felt comfortable within a split-second. I believe that I have made the right decision working here with the most knowledgeable people. Also, I deeply admire how they have set passion as a priority for getting hired and why shouldn’t they, this is a place for passionate people. ” – Hardik Arora (HR Executive)
“ I have high hopes for this company from the first day I joined. The vision of the founders is unique and authentic. They know how to drive the company towards success, and extensive knowledge of the industry and working with such personnel, I almost feel flattered if not honored. The product that we create is an example of that. It’s a very unique solution that this company offers that no one has thought of before and that is why I believe in BuildSupply. ” – Aarin Garg (User Experience Designer)
“ I think that the work-life balance is pretty good here for a tech developer. In many companies, that’s not really an option. What I do find interesting is the peer review system. It gives you insight on how your team members figure out problems and what their thinking process is. It also makes you realize who you are working with, which contributes to increasing coordination and efficiency.” – Nishant Hooda (Sr Software Engineer)
“ First off the bat, my whole experience here has made me learn a lot of things that I believe I wouldn’t have the opportunity elsewhere. You get to work on end to end development. I think that’s pretty rare to find and I often get the satisfaction of knowing how much I’ve contributed to the product. BuildSupply also offers flexible working hours, and that’s one of the perks that I like and there’s a lot more that makes BuildSupply a perfect place to work. ” – Chaitanya (Sr Software Engineer)
“ I like how everyone is really cooperating around here since there are no cubicles and no typical office like structure, it’s fairly easy to feel comfortable around. Usually, in companies, the technical team don’t interact with the customers or clients, whereas in BuildSupply, we are given a chance to directly understand queries from the customer. That’s why I think it’s such a great workplace. ” – Renu (Sr Software Engineer)
This is what our employees had to say about us and we’d love to extend that list with your name on it. We look forward to seeing you join our journey!
It’s a win-win for everyone. Go on, give us a call.

 

Automating and Streamlining Real Estate Development Workflows


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Automating and Streamlining Real Estate Development Workflows

Advancements in technology are gradually replacing the outdated processes and operational tactics of the traditional real estate industry with innovative methodologies. A select few real estate technology companies have begun rolling out technology-based platforms in order to facilitate the operation and management of real estate assets and the construction process.

 

One Year of GST: How it has Impacted the Real Estate Industry


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One Year of GST: How it has Impacted the Real Estate Industry

Delivered on July 1, 2017 as a masterstroke poised to iron out the complexities of multiple taxation in India, GST (or Goods & Service Tax) completed one year of its implementation recently. The idea was to create a unified tax regime, or one single tax to subsume all the various levels of taxes such as central excise duty, VAT, OCTROI, service tax, etc. Naturally, it has had a great impact on various sectors and industries in the country, including real estate.
The highlights of GST’s ‘one nation, one tax’ policy at its launch included the introduction of Input Tax Credit for real estate developers which can be availed by them in lieu of the taxes paid on construction material and services, facilitating a quicker recovery of the sector, and easing business transactions. So, how has GST in construction and real estate industry fared so far? Let’s take a look at the key pointers that summaries its impact:
The reduction in GST from 12% to 8% of properties up to 60 sq. m. carpet area in the affordable housing segment under the Pradhan Mantri Awas Yojana (PMAY), has not had a significant impact on reduction of tax burden for home-buyers, even after taking into account 1/3 rd abatement towards the cost of land.
Developers’ construction costs have seen a marginal fall due to elimination of double or triple taxation as they are now entitled to Input Tax Credit against the construction material purchases. This has made construction cost management easier.
However, as mentioned earlier, the ineffectiveness of anti-profiteering provisions means that end-users have not received the benefit of this Input Tax Credit system. Only when the base property price will go down and developers start passing on tax credits to customers will this move bring some relief to home buyers.
Under GST regime so far, while under-construction projects have been charged a GST of 12% with complete input tax credit, ready-to-move properties with valid completion certificates are not taxable for home-buyers. This has led to a decline in home-buyers investing in under-construction properties which were earlier considered to be lucrative. On the other hand, ready-to-move properties are gaining favour in the market since they offer immediate possession, attract no GST, and provide relief from uncertainty of construction-linked home loan EMIs.
After one year of complex tax filing mechanisms, the builders and developers are seeking a more streamlined, simplified and structured process, especially for legal protection against defaults.
GST has definitely brought transparency and accountability to the real estate sector by minimizing shady transactions. Investor sentiment has also seen a surge thanks to tax predictability, streamlining, and the emergence of warehousing as an important real estate asset class.
Thanks to GST and RERA, realty IPOs have returned to the equity capital market after a gap of eight years. As GST continues to become much more streamlined and refined, the real estate sector will witness more formalization.

 

How is Technology Forging a Path in Real Estate in India?


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How is Technology Forging a Path in Real Estate in India?

In the 21 st century, no business or industry can remain untouched by technology for long. This disruption by innovation is taking shape in the Indian real estate sector as well, if the latest numbers are anything to go by.
Since 2013, proptech in India has seen 77 deals being made, amounting to US$928 million. This reported figure of deals is the highest in the Asia-Pacific Region, thereby lending weight to the notion that the real estate space in the country is really forging a path through technology. In mid 2000s, property technology arrived in India with the emergence of online property marketplaces. This growth story has now expanded with the introduction of real estate software solutions and other mobile technologies.
The advent of technology
The rapid adoption of multi-fold property technology provided by leading edge tech companies in the space is turning out to be a key differentiation for developers, construction companies, and real estate and construction consultants across various segments.
For too long, real estate buyers and builders have grappled with unorganized and inefficient project management. Now, real estate consultancies, armed with real estate ERP solutions (Enterprise Resource Planning), cloud based SaaS (Software as a Service) offerings, project management and customer service, have entered the picture. Implementation of large-scale and end-to-end ERP solutions has helped real estate businesses to optimize time management, project costs, resource allocation, inventory management, procurement strategies, and overall operational efficiencies like never before.
The innovative capabilities of drones, Augmented Reality (AR) and Virtual Reality (VR) are also bringing finer property purchase experiences to the citizens who can now keep a tab on project completions or review potential residential prospects. Drones are also paving the way for RT mapping and better surveying. Then, there is also the prospect of big data and machine learning that is enabling better efficiencies in prospecting, customer service, procurement, and logistics.
Multi-dimensional benefits
As real estate players in India begin to allocate the globally-accepted 3% project costs to software implementation, massive reduction in cost, planning, and operational inefficiencies has taken place. Online property platforms are enabling the growing smartphone and internet-equipped population to interact with real estate sellers and brokers in a seamless, hassle-free way. Consequently, much needed transparency and customer satisfaction has been brought to the industry.
Finally, technology has resulted in faster completion of better and smarter real estate projects, especially on a national scale. This dovetails splendidly with the government’s infrastructural development programmes of smart cities, affordable housing and industrial corridors, and is also attracting more investment in the sector.
Come 2030, and India will be the 3 rd largest real estate market in the world according to industry estimates by KPMG and NAREDCO. By that time, real estate will also contribute to over 15% of India’s GDP. Given the way technology has proliferated the sector of late, it is safe to conclude that property technology or PropTech is playing a major role in bringing India closer to these excellent numbers.

 

5 ways ERP can help your business


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5 ways ERP can help your business

While the set of processes, services and products might be unique for every business, the operational problems faced by them are usually similar. The business landscape nowadays is pictured by high customer expectations, intense competition and unpredictable economies. The key to risk minimisation, survival and success lies in creating simplicity in the face of adversity and minimising the already existing complexity of operating a business. It is common for businesses to become more complex and difficult
to manage especially when growth strikes in.
When different parts of a business tend to work in isolation it directly affects the bottom line of the business. As more resources are required to accommodate growth the segregation of work flows results in high cost of inefficiencies. The effective solution to such a problem is Enterprise Resource Planning or ERP systems.
PropTech innovation is disrupting the processes in the real estate industry as well. Such efficient systems can help your business reduce costs, provide greater transparency and make your business more time efficient. Here are some of the ways an ERP or work flow process automation can help your business:
1. Superior information management: Manual operations of cost estimation, resource planning and contract tendering become extremely difficult as the business grows. Since performance and measurement are the key evaluations to determine business growth and set up future goals, an ERP system helps to do so efficiently by automating the entire process. It allows for shared access to data anytime anywhere that can help you take informed decisions on one hand and provide a transparent reporting system on the other.
2. Improved workflow: With the help of ERP software, all working operations get streamlined and employees are able to work efficiently due to improvement in workflows. It also eases the process of information extraction and hence, leads to improved productivity.
3. More transparency and security: Security is one of the most important aspects of any business. Making sure that important business information is accessible only to a few trustworthy people is extremely important to maintain the integrity of the business. A good ERP software will have a very detailed system for permissions and access for different roles in the organisation. With different authorization channels and restricted access, security is efficiently maintained.
4. Elimination of Redundancies: It is common for businesses to have multiple data storage locations; hence there are chances of data duplication, also known as redundancy that in turn can lead to inconsistency and confusion. With the help of a cloud-based ERP software, this problem can easily be rectified.
5. Better customer satisfaction: Customer satisfaction is the main focus of every business. ERP helps achieve that by helping not just in the maintenance of up-to-date information but also by facilitating real-time updating of data that in turn helps in dealing with customers efficiently.
Apart from the above mentioned benefits, an ERP software also helps manage all the other processes such as procurement of contracts, planning and execution, human resources, auditing, billing, project management, raising invoices, etc., all in one place. The role of ERPs, especially in construction and real estate is commendable. The best real estate software and the best construction software systems can greatly improve the time and cost efficiency of projects.