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 chief operating officer 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 Dsilva, 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.
While Indian regulators’ stance on crypto adoption is still unclear, the country continues to experiment with blockchain technology in non-financial niches.
Recently, the government of Maharashtra implemented a credentialing system for providing tamper-proof diploma certificates using the Ethereum blockchain. In partnership with blockchain startup LegitDoc, the Maharashtra State Board of Skill Development has started issuing digitally verifiable certificates.
LegitDoc is also in talks with a few other educational institutions in India that intend to implement a similar solution for countering the ongoing forgery of documents.