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.

 

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.

 

PropTech for Smart Cities


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PropTech for Smart Cities

Nearly 31per cent of India’s current population lives in urban areas and conetributes 63 per cent of India’s GDP.
With increasing urbanization and high GDP growth, expectations are that another 157 5 per cent (2007 350 Million people) of the
rural population will migrate to urban areas by 2030.This along with China’s urebanization is the single largeest contemporaneous mass migration in Human history. As is obvious, such a migration cannot be maneaged without creating significant urban infrastructure support. Keeping this in mind the Government has initiated an ambitious Smart Cities Mission. The Mission is intended to cover 100 cities.
Technology has to be a key ingredient of any such ambitious mission. The advances in Blockchain, Cloud Infrastructure, Geolocaetion services, Internet of Things (IoT), Artificial Intelligence, Augmented and Virtual Reality (AR/VR) can provide fertile building blocks for the smart cities of future. Below we will cover some of these technologies that can help significantly expedite and enhance the Smart City Mission. Each of these technologies can warrant detailed analysis.
Blockchain can create an information chain that is immutable and indestructible. This can help smart citeies in fully digitizing land records and capturing transactional dam that is sacrosanct.
LoT enabled transportation systems, effective use of data from different sources and processing information in real time to take immediate action can improve traffic flows, effectuate electronic road pricing based on congestion and have a centralized monitoring and command and control system for traffic management. Some of this is already under implementation in cities like London and Singapore.
LoE Internet of Everything) in Health Care, adoption of technology enabled solutions complimented with an array of healthcare management services, will help the healthcare industry in India leapfrog into ‘information age healthcare’. Analysis of digitized patient data can significantly enhance healthcare delivery in Smart Cities.
Networking & Communication critical to many of the technology trends related to smart cities is the underlying communications infrastructure that enables smart cities to connect infrastructure, devices and people and gather the data and deliver services to myriad endpoints.
Big Data & Data Analytics The evolving technology that captures,
manages and analyses this big data and leverages technologies such as cloud computing. Cities are now able to access and use
massive computing resources that were too expensive to own and manage only a few years ago. This is being used in traffic control, garbage collection, resource planning and allocation and for citizen engagement.
Combination of Cameras, Drones and Big Data analytics Can be used in crime prevention and crime control through predictive policing across major cities.A number of police departments are already using these tools. It is fair to assume that these technologies are economic game changers for Governments, City Planners and City Administrators. They will transform and make more efficient how we build, manage and operate our cities in the future.

Relentless Execution Focus


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Relentless Execution Focus

1. Share with us your company profiling and latest technological advances in your products, projects and services in brief?
Build Supply is a very distinctive and an innovative SaaS enabled platform that is the most advanced and comprehensive end to end ERP solution available for the Real Estate and Construction Industry. We provide solutions for intractable problems in Real Estate and Construction process management. We have created a transparent, efficient, seamless management and purchasing experience for the construction industry offering best practices, standardized specifications and a comprehensive database of line items and associated rate analysis.
Our product “Cost Manager” was commercially launched in January 2017. This is a cost management and procurment software specifically designed for real estate and construction projects in India. We created a standardized database of line items, which is now upto 13 million line items and is helpful to be used across all asset classes like residential.commercial, hospitality etc. The product has modules for creating Cost Plans, developing BoQ’s, Procurement, E-tendering, Billing and Invoicing, Vendor Management, Material Store and Planning in the system. These modules enable an owner to track project expenditure, helps them scale up their operations, project time lines efficiently and increase profits by monitoring costs, material procurement and time schedules. There are detailed system generated reports pertaining to Project Summary, Cost comparison, Package Costs, Bid Comparison, Cost Component, Resource plan and a lot more in real time. Therefore, you can not only maximize profits, but also save a lot of time.
Today, we are working with some of the largest and most prominent real estate developers in India like Godrej, Vatika, and Puravankara. We have around 50 million sq.ft of projects, that will be developed with the support of our ERP systems.
2. Give us your opinion on the construction sector using concepts of technology for better, smart and efficient launches to deliver promising growth potentials?
Well…being the second largest employer in the nation, the sector is much under penetrated in terms of technological adoption and automation. But this is changing fast with stricter government policies and RERA being implemented. The developers currently are under much more pressure than ever before to speed up work and be more transparent in their execution. These factors have led to huge increase in the demand for tech intervention including digitizing work flows, data backed decision making and predictive analytics.
Digitizing workflows has substantial benefits – One of the key advantages of digitization is for project managers to be able to receive real-time notifications of movements in KPIs wherever they are at a site, en-route, etc., so they can take immediate action when necessary. Digitizing work flows offers real estate and construction companies a fast and efficient way to achieve visibility into real-time profitability and project management, as well as an easy way to enhance productivity, project delivery, and improved practices.
Also, Project billing takes place at specific milestones, real-time tracking of labour, petty cash, and equipment usage is the best way to protect against budget creep and inaccurate reporting. Digitizing these workflows enables real time tracking and eliminates the need for manual data entry.
Hence, Investing in the most advanced technologies for tracking project costs and monitoring project timelines has become essential, and it’s marking a turning point for an industry that has often been considered slow to change.
3. Discuss your future business plans and strategies, related to the use of technology in the company in various practices?
We are getting a great response from the market in terms of SaaS adoption and penetration of our SaaS product. As I mentioned earlier we have close to 50 Million square feet on the sytem now. Further, we are planning to increase the range of our services with the launch of a reverse auction module in the next couple of months. This feature as the name suggest will be like a conventional auction but in reverse. The vendors will bid their services and products on a live real time platform to be awarded by the developer based on matched terms and conditions. In the long term, we are projecting our business to evolve as full-fledged marketplace where the developers can procure the required services and material directly from our systems skipping various steps and associated margins in the supply chain. This will be a very interesting development for the proptech sector and our customers would be the one getting maximum benefit out of this.
We also currently have close to 10,000 vendors on our system. Most of these are SME’s that have limited access to financial products and services. We are looking at creating a marketplace of financial services for this group as well. This will enable the SMEs facing a financial crunch to manage their balance sheets more effectively and will help them grow their businesses. We will also roll out additional credit services offerings for this group.
4. What are your views on the budget announced for the industry and give us a few details on the related financial ambitions as a key player?
The Industry has witnessed revolutionary changes with the RERA Act since late 2016 and with the government’s focus on affordable housing in this budget, the future will belong to companies that work trasparently and can create scale in their businesses.
The finance minister has said that the government will create a dedicated Affordable Housing Fund (AHF) in the National Housing Bank, funded from priority sector lending shortfall and fully serviced bonds authorised by the government of India. He also added that in line with the government’s “Housing for all by 2022” program, more than one crore houses will be built in rural areas under the Pradhan Mantri Awas Yojana (PMAY) Scheme.
None of this will be possible without the ample use of technology so we feel this opens up a great market for us. There are 12000 developers registered with CREDAI pan-india. I think they all are potential clients for us.
Therefore, we see it as a balanced one with the government focusing on affordable housing being great for a grwoth push but it will take a couple of years for it to come to fruition as the companies will have build up their team and infra to execute on this scale.
5. Is there is anything that you would like to share with your audience at large – the motives and principals of the company to remain competitive in near future?
According to me, market driven products and customers-first approach are the key components for any business to remain profitable and competitive in the long term. BuildSupply was created to fill a very major gap in the industry that no one was addressing. And to do a good job of servicing our customers we need happy employees. No matter how big your company is or how much funding you have, your customers are your only ‘true investors’ and the employees of a company are the ‘true partners’. Tying these principles back with a focus on relentless execution is our mantra for success. These core principals will help keep us competitive for a very long time and become market leaders.

PropTech – The Big Trends changing Real Estate


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PropTech – The Big Trends changing Real Estate

Technology is changing every industry. Real Estate and Construction have been slow to adapt to the changes in technology. One particular report puts the sector at just above agriculture in terms of tech adoption. On average Real Estate and Construction companies spend less than 1.5% of their topline on software. This number is greater than 3.5% for most mature industries. Adoption of technology across Enterprise Resource Planning, Project and Construction Management and Sales/Customer Service are not management consulting buzzwords anymore. They are essential for the survival and potential growth of any large-scale Real Estate business. Globally, companies are looking at 2-3% of project costs as the budget for software technologies to create cost and time efficiencies. BuildSupply is at the forefront of this change in India and is working with smart companies like Godrej Properties, Vatika, Omaxe, Puravankara and Nelson amongst others in using technology to create scale and efficiency across their platforms.The Real Estate and Construction industry is the single largest Non-Farm employer in the country. As per a recent report the sector is expected to be at about $180 BN in size by 2020. Despite the large scale the sector still operates in an antiquated fashion providing enormous scope for PropTech companies to create solutions that provide transformational efficiencies.
The sector has also seen significant regulatory change in the last twelve months with the implementation of RERA and GST. These combined with the Government’s strong focus on Affordable housing, Smart Cities and Large industrial corridors (like the MIDC) make it imperative that Technology becomes a key enabler for any participant who wishes to create scale and efficiency in the sector.
Over the last few years funding for Tech companies in the Real Estate and Construction sector, more commonly known as PropTech, has been rising steadily. By late 2016, Venture Scanner was tracking 1,258 Real Estate Technology companies across 61 countries, with a total of $28 billion in funding. The MIT Real Estate Innovation Lab holds a database of over 1,600 Real Estate Tech start-ups. India is the single largest market in Asia for PropTech in terms of number of deals. A total of 77 deals worth USD 928 million have been reported in the PropTech space since 2013 in India.
We are listing below the top technologies that will fundamentally change the Real Estate and Construction Sector. We at BuildSupply have been utilizing these technologies in various forms to service our clients.
Blockchain is an immutable, decentralized database of completed transactions stored in an encrypted block. Many such blocks are linked in a database in a chronological order making the block chain. Once added a block cannot be changed and is shared and validated by the nodes in the block chain network. Thus the information becomes immutable and indestructible. Some major applications of Blockchain in Real Estate are below:
1. Validating transaction/sale data from MLS (Multiple Listing Services) like Housing.com, 99 Acres, PropTiger etc for property related information
2. Title Records can be completely digitized and validated
3. Mortgage Transactions can be streamlined and an ecosystem created by enabling people to securely and efficiently share data and money
Cloud Computing provides computing hardware infrastructure as a service. This primarily includes server space hence making physical servers redundant for most companies. Using the Cloud you don’t have to worry about hardware infrastructure and can focus on deployment and the software infrastructure
1. SaaS based Process and Project Management systems are a product of the Cloud. This type of a software platform allows real time collaboration across varied uses in construction like Planning and Estimation, Procurement, Invoicing and Billing, Resource Planning and Time Planning.
2. A cloud based platform allows a real estate organization to both access and capture information about potential and current clients for their Lead and Marketing Management/Customer Relationship Management
Drones are unmanned aerial vehicles that can fly indoors, through densely populated areas, around buildings at low altitudes and to places where it is not possible to reach easily.
1. Drone cinematography can create very interesting visual tours of buildings that can help in the sales process. For eg aerial panoramas can be used to showcase views from specific floors before construction
2. Drones can also be used for monitoring progress, safety, material/tools delivery and inspection of construction sites
AI (Artificial Intelligence) provides software systems capability to build opinions and take decisions based on the learning performed on live and historical data. AI is the core building block for intelligent systems.
1. Building Management System can be powered with AI to control and monitor all mechanical and electrical systems and processes in different types of buildings like commercial, residential, industrial and airports etc
2. Location Analytics using GPS (Global Positioning Systems) can provide very rich data that can help create AI for pricing, logistics, delivery mechanisms and site infrastructure amongst other uses.
Augmented Reality (AR)/Virtual Reality (VR) is adding digital elements to real life systems or creating simulated environments.
1. AR/VR technology can be used for developing virtual design and save significantly on prototype costs. It showcases the exterior and interior of properties that aren’t built yet so that clients can get a clear look at what’s being offered.
2. AR/VR allows potential buyers or tenants to visualize the new properties on a screen or handheld and significantly enhances the user experience. It allows you to create stunning 3D real estate tours and get properties stage
Internet of Things (IoT) is the network of devices capable of connecting with each other and sending/receiving data making them members of a digital echo system.
1. IoT help customers significantly in creating Smart Homes to help manage a variety of systems in the context of a building. Users can now collect and analyze data for Energy systems, HVAC, Plumbing, Firefighting, Mechanical and any other building related systems
2. IoT enabled devices can also help predict and service a variety of functional issues in the buildings like energy usage, fixing pipes or mechanical systems and much more
As is obvious from the above that technologically will fundamentally change the real estate and construction sector. The successful companies in the next cycle will be the ones that adopt technologies as an integral part of their workflows.

Adoption of Modern Technologies in Construction Industry


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Real estate players turn to start-ups to build a better tomorrow

As land prices are dropping or showing flat growth across several markets in India, plunging the country’s real estate sector into a state of despair, players are now focusing their binoculars towards startups as they look to quickly adopt technologies to improve efficiencies, reduce costs and offer more modern solutions to their buyers.

 

Germination of BuildSupply


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Germination of BuildSupply

Being a hard core real estate guy who had nothing to do with technology to being the Founder of an ERP Solution company ‘BuildSupply’, which is one of the early entrant in the real estate ERP solution segment, Sameer Nayar is trying hard to help the realty developers in creating the economies of scale and scope.

 

Real estate players turn to start-ups to build a better tomorrow


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Real estate players turn to start-ups to build a better tomorrow

As land prices are dropping or showing flat growth across several markets in India, plunging the country’s real estate sector into a state of despair, players are now focusing their binoculars towards startups as they look to quickly adopt technologies to improve efficiencies, reduce costs and offer more modern solutions to their buyers.