Pune-based Blockchain platform enables fractional property ownership in India

 A Pune-based fintech firm has recently launched a blockchain-powered registration system that enables Indians to purchase properties in fractional ownership.

The fintech firm, RealX, reportedly partnered with Tripvillas, which is a holiday home rental service, in order to blend ownership and holiday properties for benefiting both the partners in accordance with its usage and yield. According to The Economic Times report, Tripvillas, as a partner, would manage the total number of holiday properties intended for co-investment.

Neera Inamdar, chief operating officer and co-founder of RealX, shared that the COVID-19 induced lockdown has been a critical driver in launching the platform. The instability of real estate markets had become a significant concern for both investors and property developers, leading to the formation of RealX, she said.

Inamdar stated that, as of now, RealX offers ‘direct deeded property co-ownership, since it is in the best interest of regular investors to own or co-own properties directly.

The founder and CEO of Tripvillas, Roshan Lionel Dsilva, added that RealX would soon be able for Indian citizens to also co-own international properties through the platform in order to incentivize dollar-denominated income.

While the financial institutions and government regulatory bodies in India are still hesitant on integrating crypto into their monetary systems, Indians are actively continuing to invest and experiment with blockchain technology in non-financial niches.The state government of Maharashtra has most recently employed the Ethereum blockchain to implement a credentialing system and provide tamper-proof diploma certificates to students. Maharashtra’s State Board of Skill Development has partnered with blockchain startup LegitDoc for issuing digitally verifiable certificates.

As per news reports, LegitDoc is also coordinating with few other educational institutions in India who are looking to implement a similar solution in order to counter the common issue of forgery of documents in the country.