Construction Industry News
The world's first digital real estate market, ALT DRX, was introduced by Bengaluru-based fintech alt realtech startup. It allows investors to buy one square meter of real estate at a time. The the company, which plans to operate in India first, has secured $1.6 million in equity and $2 million in shares Claimable mezzanine debt as part of the seed round for co-investments in real estate assets.
One of India's leading law firms, well-known family offices, prominent startup founders and senior executives of multinationals all participated in ALT DRX's seed round as investors. According to Anand Narayanan, founder of ALT Realtech, "ALT DRX expects the new platform to solve the problem of illiquidity in medium-sized real estate assets and potentially open the gates for capital to move into socially relevant, rent-renting real estate assets, such as rental properties, hostels, nursing homes, vacation homes, schools, industrial storage, high-street retail, hotels and managed offices."
Owners of these real estate assets will be able to convert their property holdings into tokenized, traceable digital assets thanks to ALT DRX. "For example, our platform will help a 50,000 square meters. building to be tokenized in 50,000 tradable digital assets, each with economic value proportional to 1 square foot of the said property," he said.
The pre-qualified, KYC-compliant registered customers on its platform can then immediately buy, hold, trade and settle these tradable digital assets. Avinash Rao, founder of ALT Realtech, said: "The platform uses an authorized, centrally managed blockchain-based ledger protocol that restricts the transfer of these digital assets to foreigners while trying to build user credibility by using Zero Trust Architecture."
