PropTiger, the NewsCorp-backed online real estate advisory service has introduced a new service feature called “City Master Plan” in order to provide home buyers a comprehensive perspective on future developments in their locality.
The newly introduced City Master Plan feature uses technology to merge Government approved master plans of cities, with geographical maps and project plans listed on its portal. It gives futuristic view of the proposed development of the locality or area.
The master plans, gathered from civic authorities, allow home buyers access to information such as land usage (proposed and current), major roads, linkages, highway development plans, railways, metros, rivers, drains and canals.
For example, it gives users an idea of how far a flyover or a highway is going to be built from residential projects that are of interest to them, among other critical details they might require to be able to finalize the best homes for themselves. And if you are Indian resident, you exactly know how vital such information can be for you as a home-buyer.
Quite clearly, this is the first ever attempt by an Indian real estate portal to provide home buyers credible information on proposed infrastructure of cities in India. The feature is presently available for 3 cities – Noida, Bangalore and Pune – on the interactive maps on proptiger.com.
Dhruv Agarwala, CEO, PropTiger.com says,
So far, no Indian real estate portal has attempted to bridge this information gap. ‘City Master Plan’ attempts to bridge this gap by giving buyers a rounded futuristic view of thedevelopment of the locality thereby also giving a sense of likely future value.
He further notes, that there is vast information asymmetry in the home buying process as professional investors and builders have access to information on upcoming infrastructure projects and development plans in a locality, while the average home buyer does not.
PropTiger was founded in 2011 by Dhruv Agarwala, Prashan Agarwal. In November 2014, the company raised $30 million in funding from NewsCorp. Recently, it acquired interactive digital design startup OoBi and its rival Makaan.com.