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.
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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.
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