NOVA Realty platform is a digital foundation of the global real estate market ecosystem
The above negative conditions result in lack of trust between the parties, causing stagnation of the real estate market, expressed in a reduction of the number of deals, a longer time spent to carry out all stages of an agreement, presence of persons working in bad faith, and an unreasonable growth of transaction costs.
The real estate market in its extended sense of the word covers an aggregate of various relations, arising in the process of deals with various real estate objects.
Government bodies, global financial institutions, sovereign funds, development corporations and other major asset-holders, as well as professional executives (designers, brokers, consultants, construction companies, maintenance companies, etc.) are participants in multi-billion deals on the real estate market.
As of today, the value of all real estate in the world is 3.5 times more than the aggregate total global GNP ($84 trillion), and this indicator is growing annually. So, by the end of 2019, the total estimated value of real estate in the world equaled to $ 298 trillion, while global investments into real estate equaled $1.8 (reported by international companies Cushman & Wakefield, Savills, Jones Lang LaSalle, Urban Land Institute, Oxford Economics).
NOVA Realty platform is a set of digital tools for professionals of the global real estate market, united by a productive infrastructure in a single workspace. Each platform function is self-sufficient - i.e. provides commercial value to the user, while they are all interconnected by deep technical integration and the business logic of interaction. Such a reasonable and modern approach to development has allowed to realize a number of advantages:
Account component. Allows the user to manage the data of the organization and properties owned, as well as manage the verification of their data.
Research component. Allows the user to find and explore the property and the surrounding agglomeration.
Modeling component. Using the component, the user creates a model for using a property that meets all international standards.
Компонент Terminal. Allows the user to manage all the processes related to the transaction
Property&Facility component. Provides the user with the ability to manage the project at later stages such as construction and operation.
Auxiliary components. Tools for convenient and efficient handling of major components.
To work in the NOVA Realty service, the owner or seller of real estate must go through 2 stages of data verification: their own account and the card of the real estate object, which is added to the system. Investors or users also go through the data verification procedure.
Information about real estate objects added by users is accumulated with information from open sources in a general data catalog, which is processed using a search engine. Next, users develop a model for using the selected object, using the accumulated data in the system, along with external data sources.
In the event that users have made a decision to interact within the framework of the real estate object, the system provides the ability to agree on the terms of the transaction using means of internal communications. As part of the negotiation procedures, users create BTS, contracts and smart contracts. An escrow service for conducting transactions, connected to financial registers and real estate registers, allows you to make cash tranches subject to all the terms of the transaction.
The ecosystem for the global real estate market is an association of real estate professionals united by digital infrastructure with data providers, regulators, regulatory frameworks, government registers, banking and payment systems in a unified information field. Each part of the ecosystem is closely connected with other parts and is required for the proper progression of processes, supporting a transaction, as well as for circulation of financial flows.
Thanks to the work of the ecosystem, it’s possible to achieve maximum work efficiency of NOVA Realty and, consequently, enhance the business performance indicators of its participants.
The NOVA Realty platform is the technological basis on which the ecosystem functions. It includes: knowledge base, core functionality, functionality via PaaS, technical infrastructure, localization functionality.
Users are professionals who are initiators and subjects of interaction within the transaction process. They are: a core group (buyers and sellers) and a support group providing professional services in the global real estate market.
Data and standards is bringing together the providers of information that is essential for the stable and efficient functioning of the digital ecosystem. That Includes: providers of geodata, analytical and market data, regulatory frameworks, urban development codes and regulations, as well as the digital infrastructure of the city and the professional community as a source of expert knowledge.
Regulators - an association of government and commercial organizations that ensure the safety and legitimacy of interactions on the platform. Includes: real estate registers, registers of individuals and legal entities, and banking and payment systems.
NOVA Realty includes a number of innovative technologies, which have already been evaluated by experts all over the world today. The infrastructure of the platform is provided by cloud technologies, data processing are based on artificial intelligence and big data technologies. An option for efficient work with real estate objects is provided by GIS and CAD technologies.
Detailed information is available in the document “NOVA Realty Software Architecture Document“.
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