MUMBAI: Commercial realty data information and analytics firm, Propstack has joined the Massachusetts Institute of Technology’s (MIT) Centre for Real Estate as an industry partner to explore new data technologies with the potential to transform the organization of cities and built environment.
Propstack is the first Indian company to join the MIT/CRE as an industry partner.
The MIT Centre for Real Estate (MIT/CRE) Industry Partnership Program serves to unite industry leaders with MIT’s distinguished researchers and students. Their selective industry partnership program advances the art and science of international real estate, and bridges the gap between theory and practice.
“By establishing this relationship between Propstack and the MIT/CRE, we intend to advance key operations in India and Asia Pacific by exposing Propstack’s research team to MIT’s experts in advanced methodologies in statistics, economics & data analytics,” said Raja Seetharaman, director of Propstack.
“With the ongoing digital revolution in India, this partnership presents a unique opportunity for innovatively using our data to reinvent the real estate business. We look forward to engaging with MIT to provide data driven insights by using technology to the real estate community.”
The MIT Center for Real Estate’s research investigates the real estate transaction from initial concept to market reality, providing breakthrough knowledge to help organizations capitalize on today’s dynamic markets and technologies.
“The relationships we cultivate with our Industry Partners are important to all of us — our faculty, researchers and students. Staying connected with the leaders and companies operating in the real estate industry is at the core of our mission — to serve as a global forum and network for intelligent discussion around issues relating to real estate development, investment, and finance,” said Albert Saiz, Director of the MIT/CRE and Daniel Rose Associate Professor of Urban Economics and Real Estate.
Founded in 2013, Propstack provides research on India’s commercial real estate sector and data relating property values, market conditions and current availabilities. In series A funding, the company had raised $3 million last year led by strategic investor DMG Information, the investment subsidiary of British media conglomerate Daily Mail & General Trust.