For those of you who are not familiar with the concept of Land banks, Land banks are public or community-owned entities created for a single purpose: to acquire, manage, maintain, and re-purpose vacant, abandoned, and foreclosed properties –the worst abandoned houses, forgotten buildings, and empty lots.
REstate is a Land bank startup which is focused on landowners and builders. REstate has now been launched in Bangalore and Hyderabad. It has currently invested and operates in multi million dollar projects in pipeline. It represents mid-sized builders providing them with guidance and finance. It also provides landowners with liquidity and fair value for their land.
REstate was founded a month ago by private equity investors Rajeshwar Prasad, Ashwin Srivastava and Mahesh Vellaboyina. Ashok Vardhan, former Vice President of SBI, is also a part of the top management of the company.
Ashwin Srivastava said about the company that
“REstate has a technology enabled Land Bank that uses data analysis and market research. It offers strong brand value and financing to its stakeholders including landowners and builders, through its backing by Idein Ventures which is a global Venture Capital and Private Equity firm associated with a UAE royal family among others.”
REstate, has raised an undisclosed amount in seed funding. It has raised the capital and advisory support from Idein Ventures, a UAE-based venture capital and private equity firm. Ashwin Srivastava of Idein Ventures will be responsible for advising and monitoring the strategies of the company.
It is working towards establishing an online as well as offline presence and has started hiring from local and global markets.
“Organizing the market of real estate developers by providing them everything they need, including brand value and land, is not what typical startups think of. The timing is right for such an entity, since UAE and Middle East is aggressively investing in India, and real estate development will see major growth.”