Housing becomes first to make real-time demand-supply real estate data public
After venturing into the PG accommodation sector early this year, Housing.com’s data science lab has launched real-time demand-supply monitoring tool which aims to help Indian real estate optimize its resources. The real-time demand-supply monitoring tool (RDSMT) is an elegant, map-based colour coded visual representation of the result of demand and supply interaction in the property market.
Localities that show a dearth in demand have been highlighted in varying shades of blue, while those in need of supply have been denoted in yellow and red. Ideal localities with a balanced market have been displayed in green.
How it works?
In case there is high demand for a particular configuration (for example, furnished 2 BHK in Bandra), the operations and sales teams of Housing are alerted to arrange for more inventory in that locality. Should supply exceed demand in an area, Housing drives demand into micro markets using BTL activities.
“A classified platform’s job is to optimize demand and supply and we were shocked when we realized that no one has been working in that direction. The real-time demand-supply monitoring tool is easy to understand real estate indicators for the common man,” adds Head of Data Science Lab Abhimanyu Dhamija.
Importantly, such actionable data (RDSMT) has been thrown open to the public for the very first time by any real estate aggregators.. “It had been the privilege of real estate firms and banks till date. Living up to its ideal of transparency and authentic information, the company has decided to make it public. This data has been fuelling the mechanism of marketing, sales and operations at Housing.com,” adds Abhimanyu.
Earlier in 2013, the Mumbai-based company had launched the first custom made 3D models of new projects to help people discover the projects which are still under construction in an interactive manner. Housing.com had raised $2.5m of funding from Nexus Venture Partners including two smaller rounds. It competes with companies like 99acres, Magicbricks, Commonfloor among others.
Recommended read: Housing.com has grown from 12 to 850 members in less than two years