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Aurum PropTech sold two Navi Mumbai buildings for ₹112 crore to reduce debt and expand AI-powered proptech platforms.
Aurum PropTech has reportedly sold two commercial buildings in Navi Mumbai, India for approximately ₹112 crore as part of a strategy to improve its financial position and increase investments in artificial intelligence technology across all proptech platforms. The company has approved the sale of Q5 and Q6 buildings located in the Millennium Business Park in Navi Mumbai. The total book value for these assets is approximately ₹27 crore; thus, the company is expected to make a substantial profit from the deal.
After the proposed deal, Aurum PropTech is expected to become debt-free by using part of the funds from the deal to prepay the company's Lease Rental Discounting (LRD) facility worth ₹56 crore. This decision is part of a larger strategy by the company in order to improve its balance sheet position and focus on technology-based growth in the real estate sector.
The transaction will also be beneficial for the long-term vision that Aurum PropTech has for creating AI-powered proptech platforms in India. The company has plans to utilize artificial intelligence for different segments like rental housing, real estate distribution, and capital solutions. According to Onkar Shetye, the company plans to utilize artificial intelligence for improving efficiency in different segments of the real estate business. For rental housing, the company plans to utilize artificial intelligence for improving tenant acquisition, creating dynamic pricing models for real estate, improving property management, and automating leasing operations.
It has several technology platforms in this industry, including NestAway Technologies, a marketplace for rental housing services. In case of real estate distribution, the company plans to utilize artificial intelligence for improving property discovery, lead analysis, and sales automation. This demonstrates the importance of digital transformation in the real estate industry. It is going to be a key component for improving efficiency and customer experience.
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