Pilot project to collect real estate data unveiled

Century Real Estate Research Initiative (CRERI), in association with Indian Institute of Management, Bangalore (IIMB), has initiated a pilot study to collect data on real estate and property details such as property price, location, using crowdsourcing approach. 

The initiative is aimed at mitigating consumers’ anxiety related with purchase of property and bringing in transparency in the process.  

CRERI has started a web portal: www.iboughtproperty.com where people can enter details of their individual properties. 

They have the option of not entering their personal detail. The data will, in turn, be analysed, collated and shared with the respondents. 

According to IIMB-CRERI Chairman Venkatesh Panchapagesan the idea is to involve consumers to professionalise this industry. Most consumers surveyed felt that information is not easily available and whatever information got came from developers or brokers with vested interest.  

An objective assessment of what properties are really worth is the first step in making informed decisions. We believe that consumers will be able to share this information as long as there is anonymity, he said, adding “we hope to arrive at scientific pricing models that will assist both consumer and government agencies  in setting fair values for properties.” 

The data can also be used by government, private agencies and policy makers for their own specific purposes. The study will be carried out for a month to collate necessary data.