Liases Foras, a property advisory firm which specialises in risk advisory, is launching a property search portal which will evaluate properties and suggest its value based on density of the area, its location, surrounding and product quality, a top company executive told Techcircle.in.
Liases Foras was founded in 1998 and has been focused on real estate sector research.
The company, which plans to launch the portal soon, is in talks with private equity investors to raise up to Rs 20 crore ($3.2 million). The proceeds from the fund will be used to fund the marketing and business development of the website.
"We will prefer investors who have e-commerce experience in their portfolio and add value to our project," said Pankaj Kapoor, MD, Liases Foras.
The portal aims to provide instantaneous analytical advice and suggestion on whether the property is a risky investment. To start with, the site will offer valuation of properties located across 25 cities including top cities such as Mumbai, Delhi-NCR and Bangalore.
"We have tried to decode the science behind the price of a property and will take into factor a host of issues including risk associated, its location, latitude & longitude, density of the area to suggest the right price to consumers," said Kapoor.
Online property search market is highly competitive with various players including 99acres.com, IndianProperty.com, Makaan.com, Magicbricks.com, Housing.com, CommonFloor.com and Proptiger.com among others. Most of these firms have raised funding over the last couple of years.
(Edited by Joby Puthuparampil Johnson)