A fintech company from Pune, India has launched a blockchain-based ledger system named RealX that allows Indian citizens to purchase fractional ownership of properties.
A report of The Economic Times states that RealX has partnered with Tripvillas, a vacation home rental service, to combine vacation property ownership based on use and performance. Tripvillas will also be responsible for managing the basket of vacation properties for co-investment.
According to RealX COO and co-founder Neera Inamdar, the COVID-19 pandemic was a key factor in launching the platform, as the instability in the real estate market affected both real estate developers and investors. Citing the return of a relatively stable market, she said:
“We are offering ‘direct deed real estate 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 the RealX platform will soon allow Indian investors to co-own international properties on the platform to incentivize dollar denominated income.
Related: India to use Ethereum blockchain to verify diploma certificates
While the position of Indian regulators on crypto adoption is still unclear, the country continues to experiment with blockchain technology in non-financial niches.
Recently, the government of Maharashtra implemented an accreditation system to provide 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 who intend to implement a similar solution to tackle ongoing document forgery.