Title : The First Real Estate NFT in India
Description : It is a real estate offer management and transaction platform that empowers buyers, sellers, their agents and partners to close real estate transactions entirely online. It is also a platform to fractionalize the NFT so that it can bought as an investment.
Manifesto / Vision : I believe in an India where Real Estate management are transparent, fraud less and the barriers are removed. The people should also be able to invest in property without any fear of fraud.
Problems:
A) Documentation: The Indian Real Estate market is plagued by documentation problems. The documents are most likely to be forgeries of the original, duplicates of the original or just plain fakes. The lack of clear title to the property entails litigations between the buyers and the sellers thereby increasing the cost of the property and decreasing the buyer’s faith in the system. There is also the chance of selling litigated / disputed property to unsuspecting buyers. The statutorily required documents are most often than not are not provided.
B) Quality of Construction: The buyer of the property is always misinformed about the quality of construction and completion. They are misled regarding amenities of the property and some times the Vaastu compliance for the discerning buyers. They are misinformed about the compliance of various statutory requirements.
C) Valuation of the property: The valuation of the property depends not only on the quality of constructions but also on the location, market value, competitors, comparable price of the neighborhood property and the closing cost before finalizing the price of the property.
D) Keeping abreast with Technology: Technology has grown by leaps and bounds in the past few years and it has to be leveraged for Real Estate business. From listing a house to closing the sale, real estate sales process consists of many stages. To have a clear view of your sales process, every realtor needs to establish a solid sales process that they must follow in order to keep it organized.
E) There is no provision for fractional holding of Real Estate in India at present as an investment.
F) Sources of Fund: The Real Estate sector is plagued with black money.
G) Trust in the Real Estate Sector: If either of the above-mentioned points are not fulfilled or lacked then the trust in the real estate sector suffers.
Solution :
The documents can be checked, searched, verified and digitized into NFT giving it a unique ID which can not be faked ever in the life cycle of the property. The construction and valuation of the property can be checked, verified and digitized into the above NFT. Fractional holding of property as an investment is possible. The buying and selling of the property is done online with proper money trail. With this, from the buyer’s point of view, a trust in the sector can be established.
Product :
A website built specifically for the above based on NFT and Block Chain technology is the answer. It answers all the problems raised above, at present, as well as which will come in the future too.
Validation :
The whole process can be audited for any discrepancy.
Progress :
The whole thing is in the ideation stage due to lack of capital.
Differentiation :
Such a project is still not available in the Indian Real Estate Sector.
Team :
A team has not been formed and is open for consultation.
Grant Request :
$200,000 is the initial amount which is needed to create and advertise the space.
Funds :
I can invest 10% of the total cost from my part. The rest to be funded by grants, donations and investments in the idea. I am ready for dilution of equity for the same.
Help :
Technical help will be required in creating this space.
Additional Resources :
I have complied articles which can shed light on the tokenization of the Real Estate Sector by way of NFT.