Real estate consultant JLL India on Tuesday said it has tied up with proptech startup Zapkey to facilitate transactions of residential properties available in secondary (resale) market.
Zapkey is a technology and data-backed platform for transacting secondary homes. It is a subsidiary of Propstack, a real estate data, analytics and workflow solutions platform.
JLL India, which is part of US-based JLL, aims to reach out to customers struggling to make a buy-side or a sell-side transaction in the rather unorganised secondary housing market.
"The collaboration between JLL and Zapkey will be both offline and online. While Zapkey will list resale homes on their portal, the eventual offline transaction will be managed end-to-end by JLL’s experienced advisors," said Siva Krishnan, Managing Director, Residential, India, JLL.
The service would start from Mumbai and later in cities like Pune and Bengaluru.
Zapkey co-founder Raja Seetharaman said: "Both JLL and Zapkey are client-facing real estate companies; however, the characteristic each holds fits like a puzzle. We believe that the combination of Zapkey’s tech and data platform with JLL can redefine the secondary residential market in India."
The secondary residential market holds huge potential in India, he said, adding that the entry of large organised players like JLL would make it easier for buyers and sellers to confidently and efficiently execute transactions.
JLL pointed out that India’s secondary residential market is very challenging with customers facing multiple issues.
"Apart from difficulties related to price discovery and quality of product offered, legal issues like clear title deeds and documentation can be a big deterrent," it said.
This partnership aims at firstly simplifying the marketing of a resale apartment by using Zapkey’s data platform and proptech tools like Matterport, which creates a 3D digital twin of the apartment for buyers, making it easier for them to virtually tour the property.
It also provides measurement features, a detailed home inspection report with all the quality checks and scope of improvements mentioned in simple understandable terms.
JLL has recently announced the launch of its residential portal that enables prospective homebuyers to choose from an array of residential projects that have been pre-screened by its professionals.