Vision¶
What we're building¶
A compliance-grade, source-cited, probabilistic real-estate intelligence layer for India — starting Maharashtra-deep — that powers three products on one shared data foundation:
- PropPie Fractional (live) — micro-investing in commercial real estate
- PropPie Broker — conversational property intelligence for retail / HNI / NRI
- PropPie Analytix — B2B intelligence dashboard for developers, brokers, institutions
The 30-second pitch¶
"Indian real estate is the largest asset class most Indians ever touch, and the most opaquely sold. The data exists — MahaRERA, IGR, Government Resolutions, land records — but it's fragmented, in scanned PDFs, in Marathi/English mix, behind clunky portals, and no incumbent has the incentive to stitch it together honestly. PropPie stitches it. We compute risk scores, yield benchmarks, ASR gaps, delay forensics — and we expose every claim with a one-click trail back to the underlying document. We don't recommend, we don't take sales commission, we don't tell users what to do. We show them what the data says. We're the proptech that shows its work."
The 3-year picture¶
- PropPie Fractional: from current AUM to ₹500+ Cr AUM across commercial assets; SM-REIT compliant where applicable; AI-overlaid asset cards reducing investor research time from days to minutes.
- PropPie Broker: 100K+ monthly active users; the first place a serious property buyer in Maharashtra goes; voice/WhatsApp + web; bilingual (Marathi + Hindi + English).
- PropPie Analytix: 50+ paying B2B customers (developers, brokerage firms, institutional investors); standard tool in due-diligence workflows; embedded widgets in larger brokerage platforms.
- Data layer: Maharashtra-complete (all RERA projects, all priority-micromarket IGR transactions, full GR ingestion); pilot expansion to Karnataka and Gujarat begun.
Strategic positioning (not the marketing copy)¶
PropPie is not: - "The first AI proptech in India" (factually wrong — Housing.com, NoBroker, PropEquity, CRE Matrix all use AI) - A listing portal (we don't sell ads to developers) - A broker (we don't take sales commission) - A SEBI Investment Adviser (we don't make personalised recommendations)
PropPie is: - The first compliance-grade, source-cited, probabilistic real-estate intelligence layer in India - A neutral data + AI platform where the buyer (not the seller) is the customer - The fusion of MahaRERA + IGR + GR + News/Social into a single queryable layer - An information service that is information-rich enough to be useful and disciplined enough to be legal
Why now¶
- Data availability: MahaRERA matured into a deep public dataset (2017→2026); IGR data is increasingly digitised; GRs are now uniformly e-published.
- AI economics: GPT-4-class models can extract from messy Marathi/English PDFs at <₹0.5 per document — a 10x cost reduction vs 2022. RAG patterns let us cite every claim, which is essential to our positioning.
- Regulatory clarity: SM-REIT framework (Mar 2024) created a legitimate fractional vehicle. DPDP Act 2023 set the privacy ground rules. SEBI IA Regulations 2013 set the boundary we operate cleanly inside.
- Trust deficit: Post-pandemic, post-NBFC, post-Yes Bank, post-Vipul-Khanna scandals — buyers are sceptical of broker narratives and looking for verifiable information. Brand affinity for "shows its work" is at a high.
- Incumbent inertia: PropEquity, CRE Matrix, Liases Foras still ship monthly Excel reports; Housing/Magicbricks/NoBroker still optimise for developer ad spend; nobody has built the buyer-side AI layer.
What we're explicitly choosing NOT to do¶
- Pan-India launch from day one — we go Maharashtra-deep first, expand later
- Listings marketplace — we describe, we don't transact
- Pre-launch / pre-RERA project promotion — we won't surface non-compliant inventory
- Sponsored placements / paid developer rankings — never
- Personalised "you should" advice — outside SEBI IA, can't and won't
- Build our own LLM — we use frontier models with our domain layer
- Acquire users through aggressive performance marketing — we earn trust slowly, that's the brand
Strategic milestones (24 months)¶
| Quarter | Milestone |
|---|---|
| Q3 2026 | Data foundation v1: Maharashtra RERA fully ingested; priority-micromarket IGR live; GR classifier in production |
| Q3 2026 | PropPie Broker private beta: 100 users, source-cited answers on Pune residential queries |
| Q4 2026 | PropPie Analytix design partners: 5 mid-size developers + 1 IPC firm using v0 |
| Q4 2026 | PropPie Fractional: AI overlay v1 (asset summaries, risk score, portfolio fit) |
| Q1 2027 | PropPie Broker public launch (web + WhatsApp), Maharashtra-only |
| Q2 2027 | PropPie Analytix paid tier launch; 20 paying customers |
| Q3 2027 | Bilingual support (Hindi + Marathi) for Broker |
| Q4 2027 | Karnataka pilot (Bangalore data foundation) |
| 2028 | Pan-India ambition kicked off; raise Series A if needed |
Success metrics that actually matter¶
We will not track vanity. The metrics we treat as load-bearing:
| Metric | Why |
|---|---|
| Source-citation rate (% of factual claims with click-through) | Must be 100% on B2C user-facing outputs |
| Hallucination incident rate (per 10K queries) | Tracking → 0 |
| Time to confident decision (B2C survey metric) | Days → minutes |
| User-reported "this answer was honest" rate | Trust metric |
| % of B2B users with daily active usage | Real workflow integration |
| AUM (Fractional) | Growth, but secondary to per-investor satisfaction |
| % new users via referral / organic | Brand health |
| Regulatory incidents | 0 ever |
What could derail this (high level — full list in risks-and-open-questions.md)¶
- SEBI clarification that puts even info-only AI in IA territory → product redesign
- MahaRERA / IGR portal changes that break scraping → engineering scramble + cost
- Incumbent (PropEquity, Knight Frank) bolts on AI faster than expected → moat eroded
- Data licensing partner pulls / hikes prices → cost shock
- Fractional regulatory event (SM-REIT scrutiny, an issuer fails) → confidence shock
- AI hallucination incident with reputational fallout → trust event
What we will not compromise on¶
- The Honest Broker stance, even when commercially convenient to bend it
- Source-cited outputs, even when slower to build
- Compliance posture, even when a competitor launches an unregistered IA-style bot
- Maharashtra-depth, even when investors push for "the India story"
This vision document is the north star. Specific roadmaps, OKRs, and quarterly plans live elsewhere and should always be testable against this.