Indunia.com announces the first Real Estate Standards Organization (RESO) based data dictionary for the Indian Real Estate ecosystem
Indunia.com customizes RESO data dictionary for Indian Real Estate Big Data
MANHASSET HILLS, N.Y., Oct. 29, 2015 /PRNewswire-iReach/ — Indunia.com, the big data and cognitive reasoning powered real estate marketplace for India, today announced the first Real Estate Standards Organization (RESO) based Data Dictionary for the Indian Real Estate ecosystem. The company said the wide adoption of the RESO Data Dictionary will revolutionize the Indian real estate ecosystem, improving time to market, reducing cost, improving data accuracy, reliability and transparency as well as accelerate innovation.
“The global sharing of RESO Data Dictionary standards that were built for U.S. and Canada now being adopted in the India market is a stunning breakthrough,” said Jeremy Crawford, Executive Director, Real Estate Standards Organization (RESO).
“The fact that RESO standards are traversing continents exemplifies how good our standards are. They are being adopted solely on the basis of their value to help improve real estate transactions. These efforts also solidify how the RESO Data Dictionary can help foster innovation worldwide,” Crawford added.
The adoption of the new RESO standards is designed to provide a level real estate playing field for everyone involved as the Indian Digital Real Estate is undergoing significant growing pains. Currently the same real estate data is unnecessarily being reprocessed multiple times by developers, brokers, listing sites and others in the real estate value chain; inventory remains in various formats, digital and non-digital, waiting to be processed into a transferable and usable format. The Indunia.com data standardization initiative, based on RESO data dictionary, will help transform the industry to overcome these challenges as everyone in the real estate eco-system will speak the same real estate language.
“Real Estate Big Data standardization will be critical for successful growth of affordable housing, REITS, and Smart Cities”, said Matt Kumar, co-founder of indunia.com and President and CEO of Software Incubator Inc. USA, a RESO Certified member. “Adopting RESO standards for the Indian market will help Digital India leapfrog other countries and pave the way for fact based cognitive decision making. We will be working very closely with CREDAI, NAR India, Builders Association of India and various listing sites to realize this vision.”
Indunia, the next generation real estate marketplace, is a joint venture between SMC Global, one of the largest financial services company in India with presence in 2400 locations and 500 cities and Software Incubator Inc. a major real estate big data company in USA with 1000 person years of real estate experience. Rooted in consumer life cycle centric user experience design, real estate buyers and sellers experiences this marketplace by searching, learning, playing and getting recommendations about affordable housing and luxury projects/properties, agents/brokers, developers/builders and a variety of service providers such as lenders and arrangers.
Media Contact: Ajith Kavirajan, Indunia.com, 011914712527252, firstname.lastname@example.orgDLU April 11th, 2016