India’s RealtyCompass has taken in consideration that its users and property searchers are, generally speaking quite busy, and given the umpteen choices in new build projects, the company realizes that it is difficult for them to identify the property which is the best value for money and that it also fits within their budget.
RealtyCompass claims that its new feature - Genuine Deals - is helping identify projects from emerging builders who are creating high quality products at a price much lower than other builders. It also helps compare varying per square feet rates in a locality by adjusting it for possession date.
The deals shown on RealtyCompass platform are found through the use of an algorithm which performs the regression analysis of all projects in a locality, and it finds projects where the square feet rate is lesser than the similar rated projects.
The algorithm normalizes the rates of different projects’ basis, the possession date, and carpet area, so that prices can be compared on equal terms. Furthermore the algorithm takes into account the likes and dislikes of other users, and then sorts the deal accordingly.
With the help of the platform users could potentially save money by investing in projects which are available at 20-25% less than the fair value of the project. Potential property buyers can also look at the deal in a locality based on the property type and budget; they have an option to ‘like’ or ‘unlike’ the deal, and the most ‘liked’ deal is shown on preference.
Edited by Gordana Davila