A fintech firm from Pune, India has launched a blockchain-based registry system named RealX that allows Indian citizens to purchase fractional ownership in properties.
A report from The Economic Times states that RealX has partnered with Tripvillas, a holiday home rental service, to blend ownership of holiday properties in accordance with usage and yield. Tripvillas will also be responsible for managing the basket of holiday properties intended for co-investment.
According to RealX COO and co-founder Neera Inamdar, the COVID-19 pandemic was a key driver for the platform’s launch as the real estate market’s instability concerned both property developers and investors. Citing the return of a comparatively stable market, she said:
“We offer ‘direct deeded property co-ownership’ and it is in the best interest of investors to become direct co-owners of the property.”
Roshan Lionel, founder and CEO of Tripvillas, said that the RealX platform will soon allow Indian investors to co-own international properties on the platform to incentivize dollar-denominated income.
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