Landmark achievement by the new startup revolutionizing Indian real estate sector

CIOReview Team | Friday, 14 September 2018, 09:08 IST

Landmark achievement by the new startup revolutionizing Indian real estate sectorListings of India has been able to add over 500+ top brokers and real estate agents across the country on their innovative Internet Data Exchange technology platform within few months of their launch and also boasts of crossing USD I Billion (Rs. 6700 crore) worth of different property listings.

The long term growth story of Indian real estate industry remains intact despite the recent downturn which is already over the trough according to most market analysts. Besides the renewed impetus of the government to galvanize the sector in order to provide affordable housing to its citizens, the idea of smart cities and urban development programs are rendering positive outlook to this sector. In a country with population of 1.25 billion people and economy growing at around 7 percent, the fundamentals for sturdy momentum of real estate business are indisputable. The focus of the government on this important sector was obvious when it decided to introduce legislations to correct certain inherent anomalies which will also help to regulate the sector better, make it transparent and provide the desired framework for its healthy growth.

The operations of the real estate property business in India are largely traditional and quite outmoded. It still revolves around brokers or agents who have to be approached locally for selling, buying or renting the property. This practice obviously has numerous limitations since most brokers are typically confined to their geographical area (towns/cities) of operations and the transparent collaborative link between brokers of different cities is minimal.

In developed countries like US, Australia and European countries, the internet technology platforms have been successfully used by brokers or agents to list their properties in suitable platforms which help them get better exposure of the properties. The characteristic details of the property are also inserted by the brokers (along with photographs as well) which makes it easier for the interested buyer. The seller has the advantage of getting widespread exposure to get the right price and the buyers can shortlist the options for best matching properties using price or location criteria in different city.

Addressing the media, the CEO and Co-founder of Listings of India, Mr. Pramod Attarde said, "The real estate sector in growing Indian economy has many opportunities and there is ample scope for implementing proven as well as successful technologies from the developed nations here, with careful ingenuous adaptations, to create a win-win smart environment for all stakeholders: buyers, sellers, brokers, agents etc in the real estate market."

According to Mr. Attarde, the encouraging response that the company has received from the real estate market is elating. The brokers and agents have realized the benefits that can be achieved from transparent and collaborative approach using the latest technologies. The company expects to rope in many new members into its fold in near future from different cities of the country and add new properties here.