Anavadya: Accurate Innovations for the New to Blockchain Real Estate

Narayanan Lakshminarasimhan,   CTO

Narayanan Lakshminarasimhan, CTO

Recently, the real estate industry is closing in on the blockchain technology. The industry has realized the potential benefits that a blockchain based Smart Contract can deliver. Blockchain technology can potentially transform the core commercial real estate (CRE) operations such as property transactions like purchase, sale, financing, leasing, and management transactions.

Bengaluru based Anavadya Softech uses hyper ledger fabric as a framework to provide top notch Blockchain solutions on both fronts, B2B Blockchain and B2C Blockchain. Anavadya has an exclusive offering in development for the real estate organizations in terms of smart contract. The application will adhere to the RERA Act and can be extended to the government agencies to participate in the transaction.
The data pertaining to the purchase of an asset really lies with only one party. If the party makes a change in the data, the other party will not be aware of it. Blockchain has brought in the concept of possessing a shared ownership of data common
between 2 individuals. Hence, any change made in the data on one end will be immediately notified on the other end. This is a huge advantage called ‘data ownership’ in Blockchain. SmartERP uses this concept to make sure that the buyers interest is not always compromised. Smart ERP platform is a Permissioned Blockchain ERP solution which provides complete visibility for all Stakeholder of Real Estate Organizations. The SmartERP has standard and customizable Rule engine which helps Organizations to define their own process with various Alerts and Notifications. The AI powered rule engine will help organization in analyzing the data to make a right business decision. As purely real estate product, this application uses AI, Blockchain and analytics tools to enable builders and real estate contractors to plan and manage their properties efficiently. “SmartERP gives clarity on the agreed and delivered assets with complete asset management and ownership”, says Narayanan Lakshmi Narasimhan, Chief Technology Officer, Anavadya Softech.

"SmartERP gives clarity on the agreed and delivered assets with complete asset management and ownership"

Smarter Real Estate
With RERA introducing a collection of important regulations for the real estate organizations, every contract signed has the terms mentioned on paper. Anavadya as part of their smart contract offering has digitized the terms and regulations. More so, according to RERA, when a buyer pays the fund for a
real estate purchase, 70 percent of the funds should go to an ESCROW account where it is separately maintained and used only for construction. With SmartContract, whenever the funds arrive in an account, it is automatically decides what percentage of it should go to which account and enables the transactions. Moreover, the SmartContract keeps a track of the construction milestones and sends notification to both the parties. The SmartERP has the core modules for construction management, especially project management, sales, marketing, procurement and store management.

Riding the way of AI coupled with Blockchain technologies, Anavadya has another solution for the NBFC sector. SmartLending is a Home Loan life Cycle Management Platform which provides complete Loan Management features from Lead Management to Loan Closure.

The SmartLending is built with all workflows that are required for effective Loan Management. This platform has algorithm and integration touch points with various third party Services CIBIL, and NSDL, etc.

This system is built on latest technologies like Big Data, Artificial Intelligence (AI), Machine Learning (ML), Bots, and Robotic Process Automation (RPA), etc.

Both these products are in their pilot stage and are scheduled for release by January next year. With that, Anavadya Softech further plans to reach out to overseas market with their expertise in blockchain technologies.