To provide property recommendations based on Advanced Machine Learning Techniques
New Delhi, November 17, 2016: HDFC RED, a wholly owned subsidiary of HDFC Ltd. and a digital marketplace for home buying, today announced that it has filed for a patent for the first-of-its-kind technology called “Congruence Engine”. The new real estate congruence system will give property recommendations in real time utilizing advanced machine learning techniques. It can understand home buyers’ unstated preferences by monitoring their browsing patterns on the platform. The patent has cleared the stages of Patentability search, Prior art search and is currently in the Publication phase. The patent has been filed in India and filing in U.S. is being considered.
The system has been engineered to find out the best suitable properties going beyond the stated choices or filter options chosen by the users. It will reduce the search time and dynamically update the results based on users’ interaction with the platform. The engine is currently in the beta phase and will be rolled out soon.
Commenting on this development, Sohel I S, Chief Executive Officer, HDFC RED said, “With this technology, buyers can expect a more humanized assistance in searching for homes. Till now it was about showing the most relevant results based on the requirements keyed in by the buyers. However, we realized that most people searching for homes are first time buyers and have ambiguous requirements. Hence, we designed the Congruence Engine to read between the lines and understand the buyers’ unspecified preferences.”
The Congruence Engine uses methodologies such as Entropy Maximization, Dimensionality reduction, Moore–Penrose pseudo inverse and Dynamic Weighted K-Nearest Neighbors.
About HDFC RED:Founded in 2010, HDFC RED is a digital marketplace for home buyers and developers that aims at addressing issues of congruence in the housing industry. A wholly owned subsidiary of HDFC Ltd., the company has strategically built its business model on the Primary Residential Market. HDFC RED’s technology enabled solutions help home buyers find the right kind of place from a pool of 27000+ types of homes listed on the platform. The platform lists properties from 23 cities in India, covering more than 80% of the primary residential market in top cities. Every 15 seconds, HDFC RED is bringing a home seeker closer to their dream home. HDFC RED also plays the role of a business enabler for developers that helps accelerate and enhance sales and marketing operations. The company’s core strength – understanding of the real estate industry stems from the legacy and leadership of its parent company HDFC, which is a household name in India.
To experience seamless home buying, visit the website www.hdfcred.com and download the recently launched app, available on Android and iOS platforms.
HDFC RED - Brand profile
Founded in 2010, HDFC RED is a digital marketplace for home buyers and developers that aims at addressing issues of congruence that are impacting the demand and supply of the housing industry. A wholly owned subsidiary of HDFC Ltd., the company has strategically built its business model on the Primary Residential Market, which is one of the largest impetus for our economy. There is a right home for every home seeker but the congruence issues make the entire home buying process complicated and tedious. There are various gaps in the ecosystem that increase friction in the process. HDFC RED was founded to fill these gaps by simplifying home buying and accelerating home ownership.
HDFC RED provides solutions to customers otherwise burdened with information overload in a cluttered market. It offers unbiased recommendations, supported by complete and accurate data. With the application of sophisticated technology, the company has been successful in generating over 10 Lac + buyer enquiries till date. The “priority search tool” generates focused results from a pool of 27000+ types of home listed on the platform. HDFC RED has established a wide network by listing properties from 23 cities in India and covering more than 80% of the primary residential market in major cities of the country. Every 15 seconds, HDFC RED is bringing a home seeker closer to their dream home.
HDFC RED also plays the role of a business enabler for developers that helps accelerate and enhance sales and marketing operations by offering technology solutions combined with in-depth understanding of the real estate industry. Digital marketing, promotions, back office support, technology support and enhancing customer experience in the pre-sale stage are some of the offerings for developers.
The company’s core strength – understanding of real estate industry stems from the legacy and leadership of its parent company HDFC, which is a household name in India.
To experience seamless home buying, visit the recently revamped website www.hdfcred.com and download the newly launched app, available on Android and iOS platforms.
HDFC RED is a marketplace for home buyers and developers in an unorganized industry
The company is looking at organizing the industry by addressing congruence issues (mismatch), that are currently impacting the demand and supply
HDFC RED is a technology enabled platform. It is investing/using technologies that can streamline the entire process of home buying and home selling
The company is providing solutions to both stakeholders (buyers and developers) rather than being a mere classified or listing platform
We are providing unbiased, complete and easily accessible data to home buyers so that they can make informed decisions. Key issues on consumer front that we are addressing: Lack of understanding of home buying process, lack of accurate information, lack of options, lack of trusted guidance.
We are providing personalized solutions to customers by narrowing down options that best suit their requirement, rather than burdening them with information overload.
The above mentioned solutions help empower the consumers, who were earlier not well equipped with data or support.
HDFC RED is a business enabler for developers. We can accelerate and enhance all sales and marketing functions by offering technology solutions combined with in-depth understanding of the real estate industry.
Functions that we can take up for a developer: digital marketing, promotions, back office support, technology support and enhancing customer experience in the pre-sale stage.
SOHEL I S
CHIEF EXECUTIVE OFFICER, HDFC RED
Sohel is responsible for laying the foundation for HDFC RED, a digital marketplace for home buyers and developers. HDFC RED is a wholly owned subsidiary of HDFC Ltd. Since its inception in 2010, he has been instrumental in building a technology driven team and inculcating a solution led approach to address issues of the home buying industry. With over 16 years of experience across real estate and finance, he has been able to establish the current reach of HDFC RED across 23 cities in India.
Sohel’s real estate expertise stems from his experience as part of the Home Loans at HDFC Ltd, which gave him the opportunity to understand the intricacies of home buying process and customer preferences. He also setup and led home loan sales teams during this stint. His business acumen and understanding of the industry resulted in him being appointed as the group’s youngest CEO.
He started his journey with HDFC in June 2000, working across diverse verticals including Treasury and Corporate Planning, Credit Risk and Operations.
An MBA in Marketing, Sohel is passionate about creating viable solutions for business problems. He is a technology enthusiast and firmly believes that innovative application of technology can address the most complex business issues, a philosophy he aims to bring alive with HDFC RED.