Ekta Real Estate
Ekta Real Estate
Ekta Real Estate is a platform that makes the long, complicated, and expensive processes inherent in the real estate market faster, easier, and more accessible for everyone. Ekta Real Estate provides a decentralized app platform for real estate developers, buyers, and affiliates to conduct business efficiently and with lower costs. It removes banks, brokers, interest rates, and many of the fees found in traditional real estate market through blockchain technology. Similar to how stock market trading apps empowered everyday people to engage with the stock market, the Ekta Real Estate app empowers everyone to participate in the real estate market.
Ekta Real Estate specifically addresses the following issues:
- Notorious illiquidity in traditional real estate where sellers and buyers suffer through arduous processes that takes months to settle
- There's a high barrier to entry for buyers, from the initial capital to the credit score needed, which also makes it difficult to diversify their portfolio
- Sellers and buyers typically deal with high fees and interest rates due to the banks and brokers that are involved in traditional processes
- Sellers and buyers usually deal within their local area or region, limiting their audience and their buying options
Ekta Real Estate addresses these pain points over time by developing blockchain solutions in-line with the phases below.
- 1.Ekta Real Estate Website- Phase 1
- 2.DREAM Affiliate Program - Phase 1
- 3.Ekta Real Estate App Launch - Phase 1
- 4.FREMs Platform (Fractions of Real Estate Management) - Phase 1
- 5.Ekta Real Estate App Upgrades- Phase 2
- 6.DREAM Affiliate Program Upgrades - Phase 2
- 7.Deployment of the app on EktaChain - Phase 3
- 8.$USE (Ekta’s stablecoin) deployment - Phase 3
- 9.DeFi Lending using RWAs (Real World Assets) as collateral - Phase 4
Onboarding Real Estate Owners and Developers
Traditional processes of selling real estate properties are expensive, time-consuming, inefficient, and outdated. For real estate owners and developers, it can take a minimum of 3-4 months to complete a sale.
On Ekta Real Estate, a seller prepares all of his property documentation before he applies to list. This documentation includes, but not limited to, the following:
- Property Information
- ID Card of Property Owner
- Land Certificate
- Title Deed
- Land and Building Rights Acquisition Fee
- Land and Building Tax Document
- Deed of Establishment and Legal Entity Approval
- Property Income Valuation
Ekta Real Estate will utilize a notary partner and our own team of specialists to review applications from prospective listers to verify the documents and perform thorough due diligence and inspections prior to making a property available for listing. Once a property has been approved, the owner can set a "soft cap" and a “hard cap” based on the real-world value/appraisal of the property.
This due diligence is completed before listing on the marketplace and provides prospective purchasers a clear and transparent report of each asset. This service further reduces the selling time of an owner’s property from ~120 days to as soon as 1-2 weeks as long as they have all of their property documentation ready to upload, and greatly reduces costs, fees, paperwork, and other inefficiencies of traditional real estate sales.
Traditional Real Estate Purchasing Processes
For real estate buyers, there are many processes to go through in traditional real estate markets.
- 1.Search for a suitable asset on a number of platforms based on needs and wants
- 2.View & inspect the property, sometimes requiring 3rd party inspectors/auditors
- 3.Complete credit check, secure mortgage pre-approval
- 4.Negotiate pricing
- 5.Produce dozens of documents, secure loan approval
- 6.Arrange additional final inspections
- 8.Sign, notarize & exchange paper contracts
- 9.Make deposit
- 10.Prepare for settlement
- 11.Organize insurance
- 12.Final walkthrough
- 13.Settlement with bank/lender, agents, buyer/seller
- 14.Adhere to complex tax compliance regulations
- 15.Manage the property as a rental/hire a manager or utilize an expensive service like Airbnb
Through Ekta Real Estate's solutions, these processes can be eliminated altogether or streamlined to reduce the time and effort it takes to complete a purchase.
Fractions of Real Estate Management (FREM)
FREMs are an innovative way to offer buyers access into real estate market. Purchase of a FREM gives the buyer a seat in a property management decentralized autonomous organization (DAO) where you earn a portion of the revenue generated from the property through the management services you provide for the property. Your work will involve simple voting on minor and major decisions related to the management of the property.
A unique management DAO is created for each property listed on the fractional management section of the Ekta Real Estate marketplace. Each holder of a FREM is responsible to take part in management decisions for the property.
For buyers, the user experience on the Ekta Real Estate app is familiar and simple after they go through a standard KYC process.
- 1.Easily search the Ekta Real Estate Marketplace app via desktop or mobile to choose a suitable property you are interested in. Review cost, rental history, earning options, photos and videos, terms and conditions, and real-world documentation all tracked and recorded on the blockchain.
- 2.Choose your preferred currency and purchase your stake in seconds with extremely low fees and fast transaction times.
- 3.Rewards are paid out regularly, determined per project, and specified in the description.
- 4.Earnings are paid out periodically, determined per project, and as specified in the description of the listing
- 5.Earnings are paid based on total net profit from all revenue sources of the property due to the management work you've put into the DAO.
- 6.Earnings include the calculation of on-chain transactions, off-chain revenue and fiat transactions that the property generates.
In addition on the FREM marketplace, anytime the FREM is bought or sold on the secondary marketplace, the originator of the FREM earns a royalty on each transaction.
Entire Property Marketplace
In addition to the fractional management marketplace, Ekta Real Estate will also offer a platform for real estate owners to sell to an individual single-purchase buyer. This allows the transaction to happen almost immediately without the need for banks and brokers, and incur up to 50% less closing fees for both the seller and buyer.
Through a carefully sequenced rollout strategy, and with the full power and support of EktaChain and its partners, Ekta Real Estate envisions a future where people from every walk of life can buy and sell fractions of real estate management with ease at a significantly lower cost than traditional models. The development of Ekta Real Estate will occur in phases, with the objective of onboarding the maximum number of users and assets until on-chain activity is robust enough to successfully expand to new divisions and markets.
- 1.Phase 1: Launch of the Ekta Real Estate website
- 1.Objective: to collect expressions of interest, answer questions about the app and the revolutionary way we are changing the real estate game, and to educate buyers, property developers, and those wanting to join our affiliate program called the DREAM (digital real estate affiliate model) with all the materials necessary to enter our app and ecosystem with confidence
- 1.Timeline: Q1 2023
- 2.Phase 1: The DREAM (digital real estate affiliate model) affiliate program is activated
- 1.Objective: onboard and educate people from all walks of life to become affiliates for our app and reap benefits in the way of rewards when people make purchases on the ERE app. This includes influencers, traditional real estate agents, and everyday people without affecting their "day jobs". To give these people the tools necessary to promote our platform and its inner workings to instill confidence in the community they are communicating with
- 2.Timeline: Q1 2023
- 3.Phase 1: Launch of the Ekta Academy
- 1.Objective: To educate the masses. This academy will contain easy to follow lessons and definitions about crypto, real estate, investing and the necessary information to be an educated DREAM affiliate (DREAMer)
- 1.Timeline: Q1 2023
- 4.Phase 1: Launch of the Ekta Real Estate app for mobile and browser
- 1.Objective: Launch an easy to use app with a familiar interface and user experience to onboard developers, buyers, and affiliates and give them the tools necessary to release properties into the market, enable everyday people to buy into the real estate industry, and allow them to share the app and its properties with their networks for an affiliate reward. The app will first launch on Ethereum to take advantage of the liquidity available, user base, and security inherent on an established chain like Ethereum. Ekta Real Estate will launch on EktaChain later in the year.
- 2.Timeline: Q2 2023
- 5.Phase 1: First Real Estate Assets launch and first major developers join
- 1.Objective: Integrate early adopters into our flagship division of Ekta, list genesis FREM offerings, create a viable use-case driven market; evaluate the launch and make improvements to any inefficiencies
- 2.Timeline: Q2 2023
- 6.Phase 1: Licensing Partners in other regions in the world
- 1.Objective: In order to scale faster, we are offering licensing options to major real estate developers and real estate groups and associations that can own and manage their own country or region in the world. They will onboard their own projects, district partners and project partners.
- 2.Timeline: Q2 2023
- 7.Phase 2: Implement upgrades to the Ekta Real Estate app and the DREAM affiliate program
- 1.Objective: Realize any improvements needed in the app and upgrade them to meet the needs of its users. There are also improvements already scheduled to improve functionality of the app to keep it on the cutting edge of the RWA industry by keeping the technology relevant and ahead of any competition. As well as making the app more available for an even wider group of users. The DREAM program has more benefits planned and improvements to its user interface, these will be implemented as the app is upgraded. We want the UI/UX for DREAMers to be revolutionary and a familiar, easy to use system for all those that wish to be involved.
- 2.Timeline: Q2 2023
- 8.Phase 3: Launch of the Ekta Real Estate app on EktaChain
- 1.Objective: To integrate the app on EktaChain to be able to use our native token, $EKTA, stable coins that we house, and utilize other chains to bridge over to EktaChain for purchases on the app. $EKTA will be used as gas fees and offered as rewards when we launch Ekta Real Estate marketplace on EktaChain. Other bonuses for utilizing $EKTA will also be offered once the app is launched on our layer 1 blockchain
- 2.Timeline: Q4 2023
- 9.Phase 3: Launch $USE stablecoin + scale partnerships and inventory
- 1.Objective: large scale offering of assets available to the marketplace to drive mass adoption + stablecoin deployment to attract new real-world partners
- 2.Timeline: Q1 2024
- 10.Phase 4: The DeFi lending platform will be made available on EktaChain
- 1.Objective: To offer a DeFi lending solution for buyers to be able to grow their portfolios exponentially by using their RWAs as collateral. Our goal is circumvent traditional finance mechanisms to be able to offer an easier, more affordable and accessible solution for everyone. We aim to eliminate the potential for losing your RWAs during difficult times or defaults. We also aim to create more stable solutions for those that are providing the funding for the platform by utilizing the blockchain and smart contracts, to secure the RWAs while they are being borrowed against. We will eliminate over-leveraging, unnecessary fees, broker fees, traditional lending fees, and wait times usually found in the traditional financial systems.
- 2.Timeline: Q2 2024
Ekta believes that we are only as strong as our weakest partner, and strive to thoroughly vet and onboard only the best operators in every vertical that Ekta Real Estate touches; successful strategic partnerships are critical to achieving our targets. Working with established brands helps us achieve multiple objectives at once: integrate users in large numbers into the Ekta network, grow our reach quicker, and offer the most desirable and largest range of asset options to purchasers and users.
Fee Schedule: Buyers
Buyers on the Ekta Real Estate app will pay zero fees to the platform or to the property developers. Typically in a real estate transaction, buyers need to pay fees to agents, financial institutions, brokers, and any other intermediary or processes that insert themselves into the buying process.
Ekta Real Estate aims to give users, asset owners, and service providers the freedom to choose how to transact, with fiat, traditional banking, and crypto currencies. Fees will be charged for onboarding fiat by the partners that we use to complete the transaction. We are working with vendors that provide the lowest fees in the market.
Fees Schedule: Property Owners / Developers listing on the app
Sales on the Ekta Real Estate app will have fees taken out of the seller's / developer's revenue that is collected from sales on the marketplace. These fees are used for blockchain and marketplace maintenance, marketing and commissions for the DREAM program, listing on the marketplace, promotion of the property, and handling of all the financial services provided by the platform. In the secondary market, these fees are also used for royalties, which the original owner collects for the life of the property as long as it remains on the platform. Our goal is to keep fees lower than the tradition real estate market for the seller / developer while providing more services all in one place, eliminating a lot of the middlemen involved in the current industry. Fees are also paid by the seller / developer during the onboarding process to cover the cost of onboarding properties onto the blockchain and the Ekta Real Estate app.
Ekta will only work with established developers that have a long and proven track record of managing a turnkey operation with no need for purchaser intervention. All partners will be thoroughly vetted to ensure minimal downtime, calendar/booking management, repairs and maintenance, utilities, and other financial, legal, or professional obligations are met in-line with Ekta’s standards.
For total transparency, a third party firm will audit each listed asset’s financial reporting every year, to ensure that reporting and forecasting are always accurate and based on current real-world data. The value of the property itself will also be re-evaluated each year, at a minimum, to ensure price appreciation is documented and provided to the user base to ensure the value of each FREM and RWA is represented accurately in the platform. Purchasers will have total confidence knowing that their stakes in real world assets are truly worth their advertised price while being distributed the correct rewards, while the value of the property based on price appreciation is represented.