CRE Matrix will collect data on buying, selling and renting trends in a specific area, traffic, demographic information, consumer survey results and will help ISIR to offer better price information , home value trends and potential value in select high-value neighborhoods across metropolitan cities and vacation destinations.
“CRE Matrix will enhance our ability to bring new products to market by using big data, deep learning and natural language processing (NLP) technologies to store, retrieve and analyze billions of data points across million pan-Indian real estate transactions,” said Ashwin Chadha, President, India Sotheby’s International Realty.
The current investment will enable the company to leverage CRE Matrix’s superior analytics in residential and commercial real estate, to undertake more analytics-based transactions and advisory services, with a pricing offering based on on data to its national and international customers.
For CRE Matrix, ISIR will provide valuable product development insights and insights, thanks to its extensive domestic and international customer interface experience.
“Sotheby’s International’s equity investment in CRE Matrix will help both brands create many new systems, products and services for each of the stakeholders in the Proptech ecosystem, including the Indian buyer,” said Abhishek Kiran Gupta, CEO and co-founder. , CRE matrix.
The current investment adds a valuable layer to ISIR’s existing digital and technology offering to its customer base. Prop-tech is changing the way we buy, sell, rent and interact with our properties, the real estate consultancy said when announcing the investment in CRE Matrix.
“Globally, real estate investment decisions are underpinned by substantial transaction analytics that bring transparency and professionalism to the sales process for both buyer and seller,” Chadha said.
With CRE Matrix deepening AI and machine learning, it will become possible for ISIR to recommend properties based on preferences and personality traits in the near future.
The SIR network is present in 79 countries and territories with 1,000 offices and 25,000 sellers and achieved a record volume of global real estate sales of $204 billion in 2021.
The brand established its presence in India by setting up its first office in New Delhi in July 2014. It now has offices in Delhi, Mumbai, Kolkata, Bangalore, Goa, Colombo, and Mandate for the Maldives.
India SIR sold 182 luxury properties worth $280 million in 2021, compared to 102 properties worth $190 million the previous year. Growth in property sales in value was 47%, while in volume it was 78%.