Today, we are introducing you to one of the early-stage engrossing startups and how they are solving the murkiest problem of the land supply chain in Indian real estate with a unique and simple solution that is driven by a technology platform called “Earthfields” (EFs).
In today’s startup story, we have Shubham Tiwari, the founder of Earthfields with us. Let’s see how Earthfields is transforming the traditional way of the real estate industry with his own voice.
Shubham, what is that problem Earthfields (EFs) is trying to solve?
Shubham: If you look around and observe the real estate industry, one side we found that it has gone through transformational changes in last 20-30 years i.e. family-oriented to corporate business, lot of reforms and policies by gov major being RERA, REIT, land acquisition bill, etc.
Another side has fragmented and unorganized land supply chain resulting in unfair competition and un-realistic market price cumulatively leading to huge unsold inventory and affordability under an ever-growing question mark.
As per the NHB report, India’s urban population is expected to reach about 81 cr. By 2050. It is estimated that about 2 lakh hectares (1 hectare= 2.4 Acres) of land is required to fulfill urban housing by 2022.
In summary, it gets imperative to solve this deep-rooted problem for the sustainable future growth of the industry RIGHT FROM TODAY.
How EFs is solving this deep rooted problem?
Shubham: Every complex problem has a simple solution. If we connect the past dots with future dots, it seems easy however takes a lot of hard work.
After applying the theory of the power of context, we found that the solution is existing in the behavior of current target customers i.e. a missing link of service between supply and demand chain. By bridging the gap, it gets a loop form between demand and supply of lands which translates to faster, transparent service to sustainable value creation for its customers.
Who is going to benefit out of this solution and how?
Shubham: “Earthfields” is primarily going to help and benefit real estate builders, agents, and landowners. They will be able to network aggressively and take decisions faster.
Builders will have access to a customized and reliable supply of lands and agents & landowners variety and proven demand.
How you envision that it could solve the problem of inventory (unsold) and affordability along with the ever-growing gap of demand and supply which is ~1.9 cr units (residential) currently?
Shubham: As per some gov studies, currently, there are ~ 94 lacs of unoccupied houses in urban cities. The main cause of not being sold tends to the unprecedented increase in market price without keeping a check on affordability.
Now we are stuck in between where even investors are also deterred given that lower rental yields. We as Earthfields can’t do much about the existing problem however to make the market future-ready where there is a gap of ~ 1.9 cr units between demand and supply of residential housing.
EFs is going to play a significant role by establishing fair competition which will eventually result in realistic market price thus affordability.
(*Above figures are referred from PRS and NHB reports)
As mentioned by you it is a unique platform probably one of its kind, the first time in the realm of real estate, how it maintains uniqueness compared to other real estate platforms?
Shubham: You would see most of the portals are serving the common problem as buying, selling, rental, leasing of apartments and commercial spaces with almost the same business models.
Here in EFs it is an entirely different platform having a niche and focused approach to deal with lands and a select segment of business customers involved in it. It is going to be a PAID platform with serious customers to deal with.
Last one, what is the current stage of the product and future plans of EFs?
Shubham: Currently, the platform is in its early stage of market testing as a Minimum Viable Product (MVP). We will take early customer feedback and keep measuring and improving the platform for future developments.
We have done planning for the next few years as to how the platform going to evolve in line with our vision of empowering more individuals to be builders by making the real estate ecosystem easy and simple.
Every industry goes through changes along with its customer’s behavior and mindset change. We believe that real estate also heading in the same direction since a lot has changed with demographics and the macro environment in the last couple of decades.
Looking forward to great support from the real estate community and our customers. For more information or query you could write to us at email@example.com
Editors’ Note: Thanks Shubham for being with us and sharing these detailed insights about your startup. Very impressed with your vision to tackle one of the very serious problems in the real estate industry. We wish you all the best!