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NOVA Realty platform is a digital foundation of the global real estate market ecosystem

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Target audience

  • The state represented by its authorized officers. The largest participant of the real estate market. On the one hand, it is an owner of a significant amount of real estate objects secured to it. On the other hand, the state acts as a regulator, who through a system of normative and legal acts participates in deals and monitors their execution.
  • The investor. A natural person or organization (state, fund, company, etc.) investing funds (capital) aimed at attaining profits.
  • REAM (Real Estate Asset Manager). Managed by professional executives (designers, brokers, construction companies, maintenance companies, etc.). Its main objectives are generation of value added for an asset and contribution to growth of the owner's income from the ownership of the given object. Asset managers must use different mechanisms with ease to maximize income, at the same time controlling and optimizing costs in a professional manner.
  • The asset-holder. A natural person or a legal entity vested with rights to own, use and dispose of a real estate object and objective ownership rights to a real estate object.

Problems of the global real estate market

  • Unavailability of a single, correct and effective data information field – preventing the adoption of quality managerial decisions and leading to both irrational utilization of territories and resources as well as uneven distribution of investment flows.
  • Conditions and opportunities for secure and efficient interaction between participants are unavailable – participants are regularly facing imperfect ongoing legal and economic mechanisms, which have to provide efficient and reliable interaction between them.

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.

Analysis of the global real estate market

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).

Abilities

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:

  1. Optimal use of buildings and land plots. Highest and best use analysis will help you to make the right decision.
  2. Remotely work on the full cycle of investment development. Safe and convenient environment for all real estate related transactions.
  3. Reduction in transaction costs. Modern tools will increase efficiency and reduce costs.
  4. Improving the transparency and manageability of the real estate market. Unified digital standards will make the real estate market more reliable and safer for all participants.

Platform functionality

Account component. Allows the user to manage the data of the organization and properties owned, as well as manage the verification of their data.

Main functionality:

  • User profile management.
  • Organization profile management.
  • Manage notification settings and localization.
  • Verification management of individuals, legal entities, real estate and bank accounts.
  • Management of organizational account roles.
  • Dashboard for managing data and processes on the platform.

Research component. Allows the user to find and explore the property and the surrounding agglomeration.

Main functionality:

  • Real estate catalog and convenient search filters.
  • Gallery of custom and panoramic images.
  • 3D tour through the digital twin of the city.
  • The history of the development of the territory and the use of the facility based on retrospective satellite images
  • The following Information layers are available in map mode:
    • data from real estate registers
    • data on the agglomeration in which the object is located
    • with data from enterprises and companies located in this location
  • A card with a detailed description of the object, TEI-s and documents.
  • The ability to make requests for additional data to external sources.

Modeling component. Using the component, the user creates a model for using a property that meets all international standards.

Main functionality:

  • A recommendation system for selecting a usage function based on machine learning models.
  • Modeling the zoning of a land plot.
  • Creation of LOD 2 model of the object inside the digital twin of the city.
  • Creation of a full-fledged financial model of the project that meets international financial reporting standards.
  • Export of financial models to table storage formats.
  • Optimization of input parameters for the selected financial model.
  • Visualization of the dynamics of the main financial indicators.

Компонент Terminal. Allows the user to manage all the processes related to the transaction

Main functionality:

  • Creation of a Business Term Sheet (BTS) for a transaction.
  • Creation of the main contract of the transaction.
  • Creation of an escrow-contract for the transaction.
  • Signing contracts using EDS.
  • Processing requests for registration of all documents accompanying the transaction.
  • Automatic escrow-account management.
  • Processing requests to the state register of real estate.
  • Processing requests to city planning committees and other permitting organizations.

Property&Facility component. Provides the user with the ability to manage the project at later stages such as construction and operation.

Main functionality:

  • Providing cloud document flow.
  • Tools for working with files.
  • Tools for planning and managing processes and resources.
  • Tools for interaction with counterparties.
  • Tools for working with the BIM model of the project.
  • Dashboard with financial and operational indicators of the project.
  • Visual monitoring tools (sighting satellite imagery, UAV imagery, etc.).

Auxiliary components. Tools for convenient and efficient handling of major components.

Main functionality:

  • Dashboard for managing data on the platform.
  • Messenger with auto-translation and video communication functions.
  • Configuration of the localization of the interface language.
  • Service news.
  • Voice assistant that forms a personal knowledge base and best practices for the organization.
  • Tools for integration with the NOVA Realty platform.

User experience

User experience Realty

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.

Ecosystem

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.

Ecosystem and elements

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.

Technological stack

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.

Cloud technologies
Financial service
Artificial Intelligence
Big data
CAD
GIS

Detailed information is available in the document “NOVA Realty Software Architecture Document“.

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