Pune-based startup Realx has launched a platform that allows individuals to buy fractional ownership in real estate properties. The startup has been found by Manish Kumar – who earlier co-founded startup funding platform Grex – along with three other co-founders.
Simply put, fractional ownership gives individual investors an ability to purchase a part of a large real estate property without having to buy the entire chunk of the project. Incidentally, the concept is more suited for 'investors' in the real estate market rather than those who are looking to buy a house for moving in.
Fractional ownership gives an ability to several unrelated parties to share in, and own a high-value tangible asset, which otherwise is a lot expensive if bought by individuals, said a statement issued by Realx.
The online platform will enable easy buying and selling of real estate in smaller affordable fractions and allow its registered users to buy listed properties in smaller units, it added.
“Almost everyone is either interested to buy properties or has already done so. However, it is simply too large and too long a commitment. All other assets can be bought in smaller sizes but so is not the case with property. Realx will provide buyers an option to purchase property interest in smaller amounts and, also, facilitate swift execution through digital transactions. I think it is one more step closer towards the goals of financial inclusion and digital India that our PM has been promoting,” said Mr. Kumar.
Raghav, another co-founder at Realx, is of the view that the company would further the cause of transparency in real estate sector and will benefit from the recent steps that put a curb on black money transactions.
