India Sotheby’s International Realty (ISIR) has picked up a stake in CRE Matrix, an analytics platform for residential and commercial realty, to increase synergies, improve data processing, and sharpen analytical skills in the property market, the firm said on Sunday.
The financial details of the deal were not disclosed.
The investment will enable India Sotheby’s to draw on the capabilities of CRE Matrix to offer analytics-based transactions and advisory services, and offer data-backed pricing to domestic and international clients, it added.
CRE Matrix, on the other hand, will build on its product development offering for both its domestic and international clients and improve interface experience.
“I am particularly thrilled to share that Sotheby’s International is picking up an equity stake in CRE Matrix. I see tremendous synergy in this association, not only from complimentary business perspective, but also on the highly competent and supplementary human capital strength. The brands together will create new systems, products and services for all stakeholders within the prop-tech ecosystem including Indian buyers,” said Abhishek Kiran Gupta, co-founder and chief executive, CRE Matrix.
The prop-tech space is reinventing the way people buy, sell, lease and interact with our properties, ISIR said. “…CRE Matrix will enhance our ability to bring new products to the market using Big Data, deep learning and natural language processing to store, retrieve and analyse billions of data points across millions of pan-India real estate transactions,” said Ashwin Chadha, president, India Sotheby’s.
“Globally, real estate investment decisions are backed by substantial transaction analytics, which lend transparency and professionalism to the sale process for both the buyer and seller. CRE Matrix’s ability to compile data on buying, selling and leasing trends in a specific area, traffic, demographic information, consumer survey results and cutting-edge analytics will help India Sotheby’s to offer better insights on pricing, home-value trends, and values in certain high value neighbourhoods,” he added.
CRE Matrix’s deep expertise in artificial intelligence (AI) and machine learning (ML), will help India Sotheby’s International to recommend properties based on preferences and personality traits to Indian consumers, the company said.