Real estate startup Square Yards makes transaction records public to ensure transparency
Gurugram-based real estate startupannounced the launch of industry-first, comprehensive data intelligence capabilities on its portal.
Now, users can check the last transacted property prices in any project or locality in the top 10 cities of India as per the actual government registration records, Square Yards said in an official statement. The company has made this data available for 1.4 lakh buildings/projects, covering 8.6 million transactions, it added.
Tanuj Shori, Founder and CEO, Square Yards said,
“We have brought the gold standard of transparency in Indian real estate. For decades, real estate consumers in India have suffered from lack of standardised pricing mechanism, and had to argue and negotiate about prices in the dark based on what market movers told them. By making these records public, we aim to remove the information asymmetry and build the most comprehensive “Housing Dictionary” for the Indian real estate ecosystem.”
According to the company, with this initiative, buyers, sellers, tenants and landlords will have unbridled access to standardised and reliable real estate data that was previously unavailable. It claims that homebuyers can see the past transactions of a building or locality of their interest before negotiating with a broker; renters can get the accurate value of recent lease deeds of the building or society they are planning to rent. Property owners, on the other hand, can see their building’s sale and lease transaction history to get a realistic valuation of their property.
Square Yards claims to have been investing heavily in its data intelligence platform that has 8.6 million+ data points on 15+ unique denominators to analyse transaction data (sale/lease), mortgage, government value, land ownership, land information, zoning, reservation, road-width, building permissions, and RERA details – on a GIS-enabled interface to support pre and post transaction diligence. The platform has mapped data metrics of Mumbai, Pune, Bengaluru, Gurugram, Noida, Hyderabad, Thane, and Navi Mumbai.
The company is also piloting India’s first Digital Title Search and Property e-Valuation platforms with some of the leading banks in India.