Investing in fractional ownership in property has become more accessible to Indian citizens thanks to a blockchain-based registry system launched by a fintech company in Pune, India.
In a published report, the company reports partnering with Tripvillas, a vacation rental service, to allow holiday homeowners to rent out their properties based on their rental activity and yield. Additionally, Tripvillas will be responsible for managing the holiday properties that are intended for co-investment.
Founder and chief operating officer Neera Inamdar attributes the launch of the platform to the COVID-19 pandemic, because an unstable real estate market concerns both investors and developers. Her comment on a comparatively stable market was as follows:
“We offer ‘direct deeded property co-ownership’ and it is in the best interest of investors to become direct co-owners of the property.”
Tripvillas founder and CEO, Roshan Lionel Dsilva, announced the RealX platform will soon enable Indian investors to co-own international properties to improve dollar-denominated income.
While India’s regulators are still unclear about crypto adoption, they are currently experimenting with the technology in non-financial niches.
Recently, the Maharashtra government implemented a tamper-proof diploma certificate credentialing system using Ethereum blockchain technology. The Maharashtra State Board of Skill Development is partnering with blockchain startup LegitDoc to issue digitally verifiable certificates.
Moreover, LegitDoc also has plans to implement a similar solution in India to combat the forgery of documents that is prevalent there.