Property portal Housing.com on Thursday said it has acquired risk assessment service provider Realty Business Intelligence for Rs. 10 crores, a move that will enable its customers to make informed decisions before investing in any realty project.
"Housing.com has acquired Realty Business Intelligence, an organisation focused on risk assessment for realty projects, for Rs. 10 crores in cash towards purchase of 100 percent equity of the latter," the company said in a statement.
With this acquisition, Housing.com customers will now be empowered with credible real estate market intelligence and risk assessment to aid informed decision making for investments in new projects, Housing.com's Chief Executive Rahul Yadav said.
"This is in line with our vision to bring transparency into real estate that is fraught with risks when it comes to retail investments in new projects. Backed by this acquisition, we will further augment our due diligence efforts to ensure verified listings, risk free transactions and secure investments while giving Realty BI access to a vast database of realty developers and end consumers," Yadav said.
Earlier this year, Housing.com had acquired Indian Real Estate Forum (IREF) to provide trustworthy information and end-to-end services to all stakeholders.
"With these acquisitions, we consolidate our leadership position as a comprehensive online realty player and a game changer striving to bring positive change in the real estate industry through its consumer centric products and solutions," Yadav added.
Founded by ex-bankers, Realty BI provides a wide array of solutions encompassing due diligence, back-end research, project monitoring and business intelligence catering to lenders, investors and buyers.
The company has been working with banks, housing finance companies and non-banking finance companies across the country to provide a unified collateral risk assessment platform assuring a minimum 50 percent reduction in overall costs and back-end work related to due diligence.
"We believe there are huge synergies between both the companies as they are striving to bring transparency in the realty industry. Backed by our comprehensive project due diligence and monitoring services and association with Housing.com, we aim to scale our business across key metros as well as expand our customer base to now empower retail investors to assess risks associated with investments," Realty Business Intelligence Founder and CEO Rajeev Nohwar said.