Chennai 17 December 2021: Brigade REAP, Asia’s first real estate accelerator programme, has entered into a Memorandum of Understanding (MOU) with Crescent Innovation and Incubation Council (CIIC), a renowned technology business incubator based out of B.S. Abdur Rahman Crescent Institute of Science and Technology (BSACIST) in Chennai to foster research and the development of start-ups in the field of Proptech. Through this MoU, Brigade REAP will be responsible for introducing the concept of Proptech to CIIC’s students and faculty through webinars, hackathonsssss and other activities. CIIC will provide Brigade REAP with access to startups, students, faculties and related stakeholders. The aim of the MoU is to identify at least three promising ideas in the Proptech space, which can be scaled into promising businesses.
The first Accelerator program in the Proptech sector was launched today at B.S. Abdur Rahman Crescent Institute of Science and Technology, Vandalur, Chennai in the presence of Mr. W.S Habib, the Director General of United Economic Forum and Past President of CREDAI Chennai, Mr. John Kuruvilla, Chief Mentor- Brigade REAP, Mr. Arif Buhary Rahman- Chancellor, BSACIST, Mr. Abdul Qadir Abdur Rahman Buhari, Pro-chancellor, BSACIST and Mr. M Parvez Alam, CEO & Director- CIIC.
Commenting on the development, Nirupa Shankar, Executive Director, Brigade Enterprises Ltd. said, “The Indian real estate sector is slated to reach USD 1 trillion by 2030 and is expected to contribute around 13 percent to India’s GDP by 2025. Rapid urbanization driven by a fast growing, young demographic middle class and a gradually consolidating real estate scenario are some of the factors that are powering the growth and promising a vibrant future for Proptech in India. We feel that it is the right time to identify startups at the grassroot level itself and provide them with the required mentorship and assistance for go-to-market and further scaling of their businesses. CIIC’s focus on disruptive technologies has been one of the main reasons for us to partner with them.”
Mr. Arif Buhary Rahman, the Chancellor and one of the Director’s of CIIC highlighted that CIIC’s new initiatives into south of Tamilnadu will propagate more technology-driven startups who will require the right facilities and mentorship. This partnership with Brigade REAP will provide the support required for startups which will strengthen the startup ecosystem in TamilNadu.
As part of the MoU, CIIC will identify and incubate startups and Brigade REAP will provide accelerator support to start-ups which have the product and the ability to scale up.
Mr. Abdul Qadir Abdur Rahman Buhari, Pro-Chancellor-BSACIST reiterated that the real estate industry is growing with increasing investments. This partnership between Brigade REAP and CIIC will ensure better opportunities for property technology sector through their customized acceleration and other training programs.
During the one-year term of this MoU, Brigade REAP and CIIC will collaborate and discuss further ways in which the combined objective of fostering the growth of the Proptech sector can be achieved.
Mr. M Parvez Alam – CEO & Director indicated that today, funding for PropTech is at an all-time high according to CB Insights, and the real estate tech sector gains more traction each year. In 2019, funding for PropTech rose 65% from $5.4 billion to $8.9 billion. This shows a huge scope of potential for the emergence of proptech startups. He asserted that several programmes and events are planned ahead to fulfill this partnership, with an aim to bring out startups solving real world problems in the prop-tech sectors.