BolRealty, Delhi-based Crowdsourced Portal on Real Estate Raises Angel Funding

Delhi-based crowdsourced portal on real estate and allied sectors, BolRealty has received an angel investment - Image Source

Delhi-based crowdsourced portal on real estate and allied sectors, BolRealty has received an angel investment – Image Source: Facebook

Founded in 2014, Delhi-based crowdsourced portal on real estate and allied sectors, BolRealty has received an undisclosed investment of angel investment  from Manpreet Singh, a Delhi-based angel investor. Of this, the first tranche of Rs 50 lakh has already been realized by the company. The company plans to take crowd-rating and crowd-buying to at least 20 tier 1 and tier 2 cities over the next 3 years as the portal sees a lot of traction coming in from non-metro cities as well.

The startup provides information on Indian real estate thriving on crowdsourced content. It receives content contributions from more than 100 real estate developers besides global consultancies like JLL India, and CBRE South Asia. It aims to build a network of around 10000 citizen journalists and bloggers across the country who’d report in on the latest realty scenario as well as buyer experiences in their respective locations.

Through its video chat facility on the portal, it interacts with developers and consultants, thereby applying the crowdsourcing approach to project ratings and project sales.

“BolRealty.com also plans to approach crowd-buying in a new way. Herein, home aspirants shall be given a choice instead of only certain projects from certain developers thrust upon them by intermediaries who are influenced owing to the margins promised to them by the developers,” said Amit Chhabra, CEO, BolRealty.com.

The other players in the real estate sector such as Commonfloor.com, NoBroker.com and Flatmate.in are also increasingly betting on crowdsourcing to source content for their portals. CommonFloor introduced a ‘Free-lenser’ initiative that allows amateur photographers to post the pictures of their locality on the property listing portal. Peer-to-peer rental mobile app, NoBroker.com had also introduced a ‘click-n-earn’ feature in the app that allows anybody to click and post photo of a ‘to-let’ board in their locality on the app. And, Delhi/NCR based a roommate search app, Flatmate.in too started a referral scheme in which if someone refers a friend to answer its questionnaire, then the person gets company branded mugs or movie tickets free.

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As per The State of Crowdsourcing 2015 report, the most crowd-sourced content among the top 100 brands has been video, accounting for 45% of all initiatives, followed by ideas, accounting for 22%. And, this is a scalable and cost effective way for idea generation or problem solving.

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