Infoedge funded start-up Zippserv, launches ‘PricePoint’, India’s first-ever Platform for Transparent Pricing in Real Estate. Zippserv was recently seed funded by Infoedge, which has also invested in companies such as Naukri, 99acres, Jeevansathi and Zomato.
PricePoint is primarily for Individuals looking to buy a new property and sellers of resale-properties. It helps consumers freely access close to 20,000 property transactions in Bangalore on a google map based user-friendly interface. This feature allows the consumer to effortlessly view properties in 1 to 2 km radius with details such as super built up area, floor, number of car parks, terrace area, etc. and arrive at an idea of an accurate price fora property.
Zippserv compiles data from various sources such as government registration offices, government websites, encumbrance certificates, prevailing guidance values, etc. to compile a database of recent property sale transactions.
According to an actual government registration data “There are over 1.5 lakh registered property transactions every year in Urban Bangalore and out of these, over 40K transactions are to do with projects that are advertised in newspapers”. PricePoint analyses all these transactions and then validates them with data based on Zippserv verified transactions. The platform also displays close to 20,000 such (similar) transactions which represents the data covering over 40% of the transactions. PricePoint by Zippserv is by far the most comprehensive (and realistic) view of Bangalore’s property transactions available in the market today.
Zippserv had earlier successfully launched ‘Zippserv Protect’, a tool to monitor encroachments and was a huge hit among Bengalureans. The free-for-all tool based on Google Maps that uses intuitive, easy-to-use features to mark rajakaluves and lake encroachments based on BBMP’s revenue map.
“We have grown organically due to an overwhelming response from our customers. We are seed funded to the tune of INR 2.5 crore by Infoedge. We are excited to launch PricePoint and intend to enhance this engine over the next 6 to 9 months with machine learning capabilities and expand up to 3000 projects, including gated communities and plots. Our database is updated every quarter which ensures that users have access to information that is up to date and precise. This product will further help us in driving our zealous vision towards ‘empowering the buyer.” – Adds Mr. Sudeep Anandapuram, Co-founder & CEO of Zippserv.
“We at Zippserv wish to remove any asymmetry in information associated with property investment. When it comes to property transactions, both the buyer and seller alike have the same intrinsic problem of reaching a ‘correct price’ for a transaction. Sellers want to price it right, but unfortunately have no reliable source to provide this information as the information provided by brokers and property portals are not usually very reliable. On the other hand, buyers don’t want to overpay. PricePoint bridges this trust deficit and safeguards the buyer’s interest. The experience of PricePoint can be compared to that of a stock market where one can access the stock prices of the most recently traded stocks at any given time.” – Adds Mr. Debashish Hota, Co-founder & COO with Zippserv.
Today, property pricing information is very opaque and every property portal brings in pricing information either from a seller’s perspective or at a micro-market level. PricePoint is able to provide the consumers an actionable and granular level of pricing information at an apartment level, which is accurate and reliable.