Property Digital Assets Platform RealX Opens for Public Access
Thursday, November 9, 2023 5:39PM IST (12:09PM GMT)
Enables people to invest in properties starting INR 5000 and hold it as Digital Asset with unique technology and legal framework that gives Digital Asset owners full and direct beneficial right to the property invested
India:
RealX, a Digital Assets platform that allows investors to invest in properties starting INR 5000, opened its platform for public access today. Three months back, RealX made a bold claim to have established a legal and technical framework that enabled direct beneficial ownership of properties. This framework was unique as it involved full property lifecycle from fully digital property onboarding and subscription, regular primary registration (at sub-registrar’s office), Creation of the full Digital Asset (mirroring the property characteristics) and then Issuing (or minting) tokens that represent beneficial, legal enforceable rights on the property.
This whole framework has taken some time but has been developed completely in house by the company keeping it within the extant of existing base laws to secure the asset ownership in favour of the investors, such that their rights are protected. RealX further leverages the core tenets of Blockchain to issue beneficial rights over the property ensuring that the core property asset characteristics cannot be unduly tampered with at a later date, in turn ensuring the investor interest remains protected as a Digital Asset as well.
Said Manish Kumar, Co-founder and CEO of RealX “We had announced exactly 3 months back that we have closed one transaction in our framework. That established the core capability of the platform. And now we are glad to open the platform for public access with the first public accessible transaction that enables everyone to invest.”
The platform is live now with a land property asset. The asset is accessible within half an hour drive from the main Hinjewadi junction and gives you a feel of being out of Pune while being within PMRDA limits. Investors can expect reasonable appreciation as the area develops and RealX expects the investors to hold the asset for a few years after which the property can be liquidated (on investor assent) and the outstanding Tokens can be brunt after transferring the gains to the investors holding the tokens at that time.
Says Neera Inamdar, Co-founder and COO of RealX “We are excited to open the platform on occasion of Diwali and Dhanteras. People now have access to invest smaller amounts of capital into quality properties curated by us, and the whole process of discovering, investing, holding the asset, gaining income from it to even exit from the investment will be Digital. We’ve spent years developing this model and we hope people will like it and encourage us.”
Devang Sheth, Cofounder and CBO of RealX says, we have a healthy pipeline of uniquely crafted assets that we intend to bring on the platform. We allow property sellers to configure the pricing and minimum investment and we expect to list a range of property types that will be available to our customer investors at various investment sizes starting at INR 5000 and possibly going up a few lakhs too for higher value properties.”
RealX professes investors should study the property details carefully before investing. It has also onboarded Channel Partners that are being trained to become Advisors for investors and do their due diligence too before advising. RealX advises customers to invest such that they create a portfolio of assets across Asset Types, stages of development and locations. Each investor must uniquely create a portfolio that suits their specific needs. RealX will develop a marketplace to enlist enough options for investors to create their unique investment portfolios – an approach similar to what they are advised in case of Stock Market investing.
For Developers, RealX opens up a new market that enables people who are used to investing digitally in stocks, commodities etc. There is a large educated market that so far did not consider Real Estate as one of the digitally investible assets and now that market is available for property developers to tap. They can register with RealX platform and once granted access they can themselves submit their projects and property units for sale on fractional basis on RealX platform. These properties once approved can then go live on the platform for investment.