RealX, the blockchain-based registry system, has launched in India, which allows Indian citizens to purchase fractional ownership in properties. RealX has partnered with Tripvillas, a holiday home rental service, to blend ownership of holiday properties in accordance with usage and yield.
It has been reported that Tripvillas will also be responsible for managing the basket of holiday properties intended for co-investment.
Neera Inamdar, the chief operating officer and co-founder of RealX, said that the COVID-19 pandemic was a key driver for the platform’s launch, as the real estate market’s instability concerned both property developers and investors. Citing the return of a comparatively stable market.
“We offer ‘direct deeded property co-ownership’ and it is in the best interest of investors to become direct co-owners of the property.”
Likewise, Roshan Lionel Dsilva, the founder and CEO of Tripvillas, said that the RealX platform will soon allow Indian investors to co-own international properties on the platform to incentivize dollar-denominated income. While Indian regulators’ stance on crypto adoption is still unclear, the country continues to experiment with blockchain technology in non-financial niches.
Recently, the government of Maharashtra implemented a credentialing system for providing tamper-proof diploma certificates using the Ethereum blockchain.
Thus, in partnership with blockchain startup LegitDoc, the Maharashtra State Board of Skill Development has started issuing digitally verifiable certificates.