Housing & Urban Development Corporation | Life Insurance Corporation of India increased stake in the company to 5.22 percent from 1.53 percent via offer for sale, on July 27.
Real estate consultancy firm JLL has forayed into the secondary residential market via a strategic partnership with Zapkey, a subsidiary of Propstack.
With this first-of-its-kind association, JLL aims to reach out to customers struggling to make a buy-side or a sell-side transaction in the rather unorganised secondary (resale) residential market.
This partnership aims at simplifying the marketing of a resale apartment by using Zapkey’s data platform and proptech tools like Matterport, which creates a 3D digital twin of the apartment for buyers, making it easier for them to virtually tour the property.
It also provides measurement features, a detailed home inspection report with all the quality checks and scope of improvements mentioned in simple understandable terms, JLL said in a statement.
Apart from difficulties related to price discovery and quality of product offered, legal issues like clear title deeds and documentation can be a big deterrent in the secondary resale market.
“The collaboration between JLL and Zapkey will be both offline and online. While Zapkey will list resale homes on their portal, the eventual offline transaction will be managed end-to-end by JLL’s experienced advisors. Starting with Mumbai, we will look at expanding our presence in cities like Pune and Bengaluru too,” said Siva Krishnan, Managing Director, Residential, India, JLL.
“As more and more homebuyers take the most important step of investing in their own homes rather than staying on rent, we wish to be enablers for them in this important decision. We recently announced JLLhomes.co.in, our primary residential portal, and with this association we aim to reach the secondary residential market. We hope that the coming together JLL and Zapkey will induce confidence in customers as we aim to resolve some of their most pressing issues,” he said.
“Both JLL and Zapkey are client-facing real estate companies; however, the characteristic each holds fits like a puzzle. We believe that the combination of Zapkey’s tech and data platform with JLL can redefine the secondary residential market in India. The broad nature of residential products and services under one umbrella, makes it an exciting proposition. The secondary residential market holds huge potential in India. Large organised players like JLL entering this market will make it easier for buyers and sellers to confidently and efficiently execute transactions,” said Raja Seetharaman – Co-founder of Zapkey.
JLL has recently announced the launch of its residential portal JLLHomes.co.in. The portal enables prospective homebuyers to choose from an array of residential projects that have been pre-screened by professionals from JLL.