[ecis2016.org] Landeed, the property title search engine will do property due diligence for buyers and sellers
Landeed- the national title search engine has bagged Rs 19.5 crore in pre-seed funding round. These funds will be used by the company in product development of a comprehensive and standardised property documentation retrieval system. The round was led by Justin Hamilton, CEO, Clutterbot, Goodwater Capital, Olive Tree, Kunal Shah ,CRED, Manmohan Chandolu, Chris Maurice, Yellow Card, Christian Kaczmarczyk, Third Prime VC and AVCF Fund and 9 Y Combinator alum.
A problem faced in Indian real estate is that the buyer is often left to do the due diligence without a single title document. This leads to various problems including delay in transactions and litigation in property. Infact, around 67% of all court cases deal with land-related disputes in India. Landeed aims to provide due diligence for all parties to engage, communicate and close deals and its future plans include to issue title insurance down the line.
“Title insurance alone is a nearly $25b market in the US and has recently been introduced in India. We believe there are a lot larger segments to tap in India beyond title insurance and in the coming months, we are planning to enable property title embedment on the blockchain,” said founders – in a joint statement.
Founded in 2022, owners, agents, developers and legal advisors can use Landeed to check real estate records for building, lending and transacting property. With the company’s mobile application users can check property ownership and transaction history, along with property market/guideline value. Additionally, it is also launching a desktop property diligence and transaction platform for enterprises with multiple stakeholders.
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