New app launched to enhance transparency in real estate market

Inayat-ur- Rahman, Business Editor

VeriEstate, a Dubai-headquartered app-based property inspection company, is adding a new dimension to real estate transactions by providing prospective buyers and renters with accurate, unbiased, and comprehensive insights on the quality of the properties.

The innovative platform helps uncover mechanical, electrical, plumbing (MEP), or other issues that are not visible to the naked eye, thus enabling buyers and renters to make informed decisions before purchasing or moving in.

Conceived by Rajab Ali Virani, CEO of Vision Tech, VeriEstate epitomizes the integration of blockchain and other advanced technologies in real estate. With a dedicated team of proficient MEP engineers and experts for property inspection and reporting, VeriEstate harnesses the power of real-time information.

The reports produced by the company boast formal credentials, making them a trustworthy and universally recognized point of reference for buyers, renters, brokers, and property owners alike.

VeriEstate utilizes advanced sensors and imaging technology to detect hidden issues that traditional, superficial inspections may have missed. Additionally, the platform’s integration of data analytics and artificial intelligence (AI) helps identify patterns and potential concerns, providing valuable insights for future design considerations.

These outcomes, pioneered by VeriEstate in Dubai, have profound implications for real estate transactions, addressing the prevailing trust deficit and accountability issues in the industry, thus streamlining processes and reducing delays and confusion.

“Real estate properties are more than what meets the eye. They can appear perfect while concealing flaws that can significantly impact their utility and valuation. So, the market is rife with buyers and renters wary of structural issues related to MEP systems. As often as not, such scepticism deters many from closing transactions. We are geared toward allaying such fears through scientific, non-intrusive quality checks,” explained Rajab Ali Virani.

“Snagging”, the process of checking a property for minor faults requiring rectifications, has long been a headache for both buyers and developers. VeriEstate app excels in addressing this pervasive problem. With its cutting-edge technologies and blockchain to record and process real-time information and a team of meticulous experts, VeriEstate ensures that no detail is overlooked during snagging and facilitates a quick and seamless process. This comprehensive solution not only saves valuable time for both parties but also enhances transparency and accountability.

“Real estate transactions are capital-intensive, so complexities can arise. A credible certificate following a thorough property inspection can alleviate some concerns and accelerate transactions in both primary and secondary markets.

There was a pressing need for an accessible, affordable, and user-friendly service — which is our vision with VeriEstate,” asserted Suhail Dawoodani, Managing Director of VeriEstate, adding that it also aligns with Dubai’s reported move to revamp its official Rental Index to factor in quality and amenities while determining rents. Industry sources say policymakers aim to correlate property prices with quality and amenities instead of trends like locality, community, and brand.

VeriEstate is well-equipped to facilitate that transition while contributing to bigger goals, such as buildings’ compliance with green and sustainability standards and certifications for legal and insurance purposes.

Such an interdisciplinary role, scientific methods, and an alignment with the government vision, Rajab says, will enable VeriEstate to achieve a user base of 10 million by 2025. VeriEstate is gearing up for its highly anticipated launch in the coming weeks, poised to usher in an era of higher trust, transparency, and cutting-edge technology in the real estate industry.