Delhi-based BolRealty.com, India’s first crowdsourced portal on real estate and allied sectors has received an angel investment of undisclosed amount from Mr. Manpreet Singh, a Delhi-based angel investor. Of this, the first tranche of Rs 5 million has already been realized by the company.
BolRealty intends to become one of the biggest online information properties on Indian realty thriving on crowdsourced content. It receives content contributions from more than 100 leading real estate developers besides global consultancies like JLL India, and CBRE South Asia on a regular basis. It aims to build a network of around 10000 citizen journalists and bloggers across the country who’d report in on the latest realty scenario as well as buyer experiences in their respective locations.
According to Mr. Amit Chhabra, CEO, BolREALTY.com, “The sector is witnessing a huge trust deficit as of now and we intend to bridge the same through crowdsourced ratings and reviews from buyers and prospective buyers. They will be able to rate the upcoming projects from developers on various important parameters just like they rate restaurants on Zomato or for that matter hotels on TripAdvisor. This will eventually lead to a credible trust index that buyers can refer to and make well-informed investments.”
Coming on the strength of promoters having long standing experience in the real estate sector, BolRealty brings deep industry knowledge and connect to provide a truly unbiased crowdsourced experience.
“BolREALTY.com also plans to approach crowd-buying in a new way. Herein home aspirants shall be given a choice instead of only certain projects from certain developers thrust upon home aspirants by intermediaries who are influenced owing to the margins promised to them by the developers. Our crowd-buying model puts the buyer first, always, and it’s not just about better prices but better terms as well,” adds Mr. Chhabra.
BolREALTY.com plans to take crowd-rating and crowd-buying to at least 20 tier 1 and tier 2 cities over the next 3 years as the portal sees a lot of traction coming in from non-metro cities as well.