Usage of land in India is mostly based on spatial economic theory. Basic perception is that land close to the city centre is used most intensively and the value of the land decreases outwards. Inadequate usage of technology and research is keeping landowners in lack of insights in future use of land and thereby failing to allow maximum possible appreciation of price of land. Even developers are lacking proper answers for “what if” scenarios in planning projections. Real Estate in India is going through a major change at the moment with the advent of RERA. With a sustained increase in paying capacity and advent of easier home loans, the demand is also on an all time high.
As per RERA, it will be mandatory for all commercial and residential real estate projects to register with the regulatory authority for launching projects. Punishment up to three years or fine of 10% of the estimated cost of the project can be imposed by the regulatory authorities for non-registration of projects Mandatory uploading of project details by the developer on the RERA website, including layout planning and completion schedule. Every builder will have to register with the state regulator.
Every builder will have to register with the state regulator. The final rules specify that developers of ongoing projects will also have to deposit 70% of the funds collected, but which have remained unused, into a separate bank account within three months of applying for registration. is aimed at providing security to buyers and ensuring that construction is completed without the builder transferring the funds to another project.
So who is the benefiter of all this technology driven disruption in the Real Estate sector? Certainly data driven companies in real estate that are trying to modify the way in which transactions in this sector take place have a clear edge over the other players. One such company is REstate
REstate provides a complete end-to-end solution for every aspect related to real estate starting from land and ending at end user, and using technology, data research, financial engineering and discipline, in the process; thus creating a new brand of builders, realtors, and landowners with a global potential.
REstate aims to organize and facilitate organization in every domain in real estate business against every stakeholder, keeping in mind the negatives associated with their respective domains and the possibility of scope of organization, which arises from the same.
REstate was started in July 2016. Since then it has undergone extensive market research which enables it to see the real estate industry from a different perspective. It has successfully tried to come up with solutions which are a mix of conventional knowledge and data backed knowledge which has empowered it to focus on the perspective of the end user for the first time in this industry. The current team of REstate includes a top banker and graduates from top technology and management institutes, IITs and IIMs. REstate is currently functional in offline space with some multi million dollar projects in pipeline. It acts as the front face of mid-sized builders and provides them research enabled guidance and finance, with access to its land bank, while also acting as the front face for landowners and providing them liquidity and fair value for their land.
Their team currently has a total experience of 50 years in real estate and 10 years in entrepreneurship.