Bengaluru-based start-up Zippserv assesses the risks in property deals
By Shruthi H M | Express News Service | Published: 24th April 2017 12:50 AM |
BENGALURU: Buying a property in a metropolis today inevitably comes with concerns about legal tangles. Is the land free of encroachment? Will you get your occupancy certificate? Are you paying too much for the property? Most often than not, an individual property buyer is not equipped to ensure that all the documents are in place.
Bringing all this information on a single platform, Bengaluru-based start-up Zippserv has mapped out the entire area under the Bruhat Bengaluru Mahanagara Palike limits. The map, based on the information available with the revenue department, provides a complete guide to every property in the city. A user can zoom into the specific address and access all the information pertaining to that piece of land. The map also gives the user a “ruler” option where one can measure the distance from the storm water drain, pavement etc to make sure that it is not on encroached space.
While the state government website Bhoomi also provides details of the land, Zippserv’s map feature builds on this basic information sans the technical terminologies. “A lot of people are unaware of the terminologies involved in a property transaction, as some of it is in the regional language. Zippserv make sure that these are explained in a simple language for everyone to be able to understand,” said Sudeep Anandapuram, co-founder and CEO of the start-up.
While the map feature is free of cost, with a 60-point elaborate checklist, Zippserv is a real estate assessment risk firm which also offers several other services to enable property buyers to make the right choice.
Explaining the need for professional assistance, Anandapuram said, “A lot of people have this feeling that once they have secured the loan from the bank, they are secure. But it is not so. A lot of times, when the property does not get occupancy certificate etc, the onus still is on the owner. He has to continue to pay the EMI. In absence of title insurance and other such options, the only option is to do a thorough check.”
The start-up will soon be offering its services in Pune and Mumbai. At the moment, as many as 100 users are making use of the map services on a daily basis, while there are over 2,000 customers accessing the paid features, Anandapuram said.