Realx is a new Pune-based portal that offers people the opportunity to invest fractionally in real estate property.
The concept for REALX was spawned five years ago, when co-founder and CEO Manish Kumar was working on a financial start-up, Grex.
Kumar says the main premise of REALX is to allow several unrelated parties to share in a high-value tangible asset, which would be more expensive if bought individually. Investors are therefore able to purchase part of a large real estate property without having to buy an entire chunk of the project.
“The property market is reeling through a crises and prices have become unaffordable,” Kumar told Property Portal Watch.
“Moreover, the idea of taking a long term mortgage to buy property is also not very appealing to people. It’s a commitment that people can do without if options were available. REALX, built on the concepts of sharing economy, can provide this option.
The platform also capitalises on digital technology, making property purchases increasingly easier.
"REALX will provide buyers an options 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," Kumar said.
The platform works by allowing sellers to post property details on online that are then checked and verified. Potential buyers can then post their respective interest in the property during an open period for the transaction.
The start-up plans to start with commercial properties in Mumbai and then expand the business from there.