New Delhi [India]: Real estate intelligence startup Terra Economics and Analytics Lab (TEAL) said on Friday it has secured its first round of funding totalling Rs 5 crore from Info Edge India Ltd.
The company which began operations a year ago is engaged in building real estate intelligence and analytics platform for banks, housing finance companies, real estate firms, infrastructure developers and retail investors.
"We have developed a platform which the banks are currently testing," said Co-founder and CEO Kshitij Batra.
"It will help them underwrite mortgage risk. It is a real-time terminal providing banks with the ability to assess risk worthiness of property assets they wish to hold as collateral on their books," he told ANI on a conference call.
Batra's colleague Rohit Shridhar said the risk around property titles and valuation assessed by banks has not seen any innovation with the advent of technology.
"We saw a scope of improvement in the way this individual proxy-level due diligences are done and mortgages are underwritten by the bank. The company's aim is to increase mortgage penetration in the country," he said.
TEAL's data lead Shreyas Murali Thottuvai said one of the main reasons behind ongoing slump in the real estate sector is due to information asymmetry.
"There is a possibility for us to solve this asymmetry. When it is minimised, the chances of transactions will automatically improve," he said.