DESC:FORM 2
THE PATENTS ACT 1970
(39 of 1970)
&
The Patents Rules, 2003
COMPLETE SPECIFICATION
(See section 10 and rule 13)

1. TITLE OF THE INVENTION: “A DIGITAL SYSTEM FOR INTEGRATED REAL ESTATE SERVICES USING ARTIFICIAL INTELLIGENCE AND METHOD THEREOF”
2. APPLICANTS:
(a) Name : PROPLEGIT GLOBAL PRIVATE LIMITED
(b) Nationality : Indian
(c) Address : PROPLEGIT GLOBAL PRIVATE LIMITED 152, Patel Vas, Vasna Gam, Vasna, Ahmedabad-380007, Gujarat, India.

PROVISIONAL
The following specification describes the invention. ?COMPLETE
The following specification particularly describes the invention and the manner in which it is to be performed.

FIELD OF INVENTION
The present invention relates to a digital system for integrated real estate services using artificial intelligence and more particularly relates to the system and module for an automated and digital platform for instant, accurate and secure pre-verification of property, title clear, property valuation, property monitoring and asset management using artificial intelligence and machine learning.
BACKGROUND OF INVENTION
In recent years, instances of financial fraud and/or property fraud have regularly been reported in India. Although banking frauds in India have often been treated as cost of doing business, post liberalization the frequency, complexity and cost of banking frauds have increased manifold resulting in a very serious cause of concern for regulators, such as the Reserve Bank of India (RBI). RBI, the regulator of banks in India, defines fraud as “A deliberate act of omission or commission by any person, carried out in the course of a banking transaction or in the books of accounts maintained manually or under computer system in banks, resulting into wrongful gain to any person for a temporary period or otherwise, with or without any monetary loss to the bank”.
In the last three years, public sector banks (PSBs) in India have lost a total of Rs. 22,743 crore, on account of various banking frauds as mentioned in workingpaper No: 505 of Frauds in the Indian Banking Industry by Indian Institute of Management, Bangalore.With various measures initiated by the RBI, numbers of banking fraud cases have declined, but amount of money lost has increased in these years. Prima facie, an initial investigation in these cases has revealed involvement of not only midlevel employees, but also of the senior most management as was reflected in the case of Syndicate Bank and Indian Bank. This raises serious concern over the effectiveness of corporate governance at the highest echelons of these banks. In addition, there has been a rising trend of non-performing assets (NPAs), especially for the PSBs, thereby severely impacting their profitability. Several causes have been attributed to risky NPAs, including global and domestic slowdown, but there is some evidence of a relationship between frauds and NPAs as well.
According to the statistic of crime in India-2019 published byNational Crime Records Bureau (Ministry of Home Affairs) Government of India, 8880 cases are registered related to the Land/Property Dispute in 2019.According to estimates, 66% of all civil cases in India are related to land or property disputes, while 25% of all cases decided by the Supreme Court involve land disputes. The average pendency of a land acquisition dispute is 20 years.
Consequently, real estate sales, mortgage companies and settlement companies use various and differing technology to assist them in performing their respective sale, mortgage and settlement activities. The existing programs for the real estate office do only portions, but not all of the functions for the real estate agent, or real estate sales office of a new home builder; some only access the 'multiple listing service' or MLS, or builder home inventory in the case of the builder, others only create the contract of sale or other contract documents, others keep track of buyers, sellers, and service providers such as home inspectors, termite inspectors, etc., while still other programs only order services.
Similarly, various programs for mortgage origination do portions of the process. Some just send mortgage 'loan quotes' to the borrower and allow them to select a loan, while other mortgage programs are 'point of sale' (POS) programs either for the borrower to interact with a Internet web page to fill in information to request a loan or for a mortgage loan officer to take down the borrower's application information, often use another 'loan origination system' (LOS) to underwrite the loan, and still other mortgage lender programs prepare loan documents such as the note, deed of trust, disclosures, affidavits, etc. after the loan is approved.
In the past, attempts have been made to automate some parts of this process. For example, U.S. Pat. No. 5,995,947 issued Nov. 30, 1999 to IMX Mortgage Exchange titled "Interactive Mortgage and loan information and real-time trading system" provides a system and method for trading many loans wherein a transaction server maintains a database of pending loan applications and their statuses, and wherein each party to the loan (broker, lender) can search and modify the database consistent with their role in the transaction. However this system focuses on only one facet of the loan process itself. Other parts of the loan process are addressed in U.S. Pat. No. 5,966,700 issued Oct. 12, 1999 to Federal Home Loan Bank of Chicago, titled "Management System for Risk Sharing of Mortgage Pools" is a system wherein a mortgage originator (bank, savings & loan, etc.) and a funding institution (Federal Home Loan Bank, etc.) agree to assume certain risks for the mortgage by entering into a credit agreement having an overall credit enhancement value, and wherein the system calculates and records the allocation of mortgage interest and credit risk between them. Another recently issued patent related to mortgage loans is U.S. Pat. No. 5,991,745 issued Nov. 23, 1999 to Fannie Mae, titled "Reverse Mortgage Loan Calculation System and Process", which is a payment calculation system related to loans that the borrower is generally not required to repay until the security property is sold. Still another is U.S. Pat. No. 5,940,812 issued Aug. 17, 1999 to Loan Market Resources, LLC titled "Apparatus & Method for Automatically Matching a Best Available Loan to a Potential Borrower via Global Telecommunications Network" teaches a system for matching loan requests (and related credit data) to lenders (with related eligibility criteria) in order to facilitate such loans whether they be for automobile purchases or whatever. Similarly, other U.S. Patents teach methods for real time loan approval (U.S. Pat. No. 5,870,721), methods for Lender direct credit evaluation and loan processing (U.S. Pat. No. 6,029,149; 5,930,776; and 5,611,052); and methods for keeping track of loans, loan histories, leases and pertinent data related thereto (U.S. Pat. No. 4,774,664).
It is indeed requirement of current time to develop portal that assists banks/financial institutions (B2B Users) to significantly reduce their NPA through detailed verification and valuation of property before sanctioning/disbursing the loan and or transacting on it. At the same time, it is also required to create unique digital platform that provides integrated real estate services to B2C users as well while safeguardingtheir investment made through their hard earned money, by managing and monitoring their properties.
Object of the Invention
The main object of the present invention is to provide a digital system for integrated real estate services using artificial intelligence.
Another object of the present invention is to provide a digital module for entire life cycle of loan against mortgage, save time and strengthens coordination amongst all key stakeholders, improves due diligence.
Further, object of the present invention is to provide the relationships and executions of regulatory, local and custom formalities to determine the legitimacy of the exiting and historical status of property.
Yet, another object of the present invention is to provide transparent and open process with no influence from any interested party, helps prevent the loan getting converted to NPA (even after disbursement of loan), helps prevent mismanagement by alerts to concerned supervisors and managers.
Another object of the present invention is to provide platform where responsibility and accountability is fixed for each stakeholder at each stage, reduces the chance of negligence in processing the loan application, and/or property maintenance, and/or property retention.
Further, object of the present invention is to provide instant iPVR(initial Pre-Verification Report) for the mortgaged land/property, save time and provide authenticated report on land/property.iPVR also provides the same benefits to any person bearing any interest in the property and/or intends to transact on the property.
Yet, another object of the present invention is to provide unique feature of completing entire title clear certificate process through digital platform, reduces the manual work and coordination between bank manager, lawyer and applicant.
Another object of the present invention is to provide accurate property valuation report through scientific means/methods without any overvaluation through modern tools/technology/APIs thereby reducing the chances of over disbursement, while saving time. A PL Score is also assigned to the property, enabling a reliable and verifiable decision.
Further, object of the present invention is to provide user rights to every stakeholder for live tracking of application at each stage of process (top management of bank, bank manager, applicant, lawyer, property valuer, property manager, title insurance manager), improves coordination amongst all stakeholders and saves time in processing the application.
Yet, another object of the present invention is to provide mobile first approach that keeps every stakeholder well informed at every stage of the property transaction lifecycle. Also provides platforms for 24X7 monitoring and alert for any transaction on the mortgaged land/property on public/the Government platforms/other platforms post loan disbursement – for prevention of frauds after loan disbursement. This is also applicable for land/properties that are not under mortgage, thereby preventing property frauds and/or enabling a knowledge or inform based decision. The system also provides an option of Title Insurance which protects stakeholders from problems with an ownership title when transacting on a real estate.
Another object of the present invention is to provide an entire life cycle of property management, from acquisition, maintenance, lease, rent, usage, compliance to payables such as taxes, etc, legal case management, litigation, settlement, till disposal, saves time and strengthens coordination amongst all key stakeholders.
Other, objects of the present invention is to provide alerts and notifications for upcoming stages, due transactions or maintenance, due compliances, payables or receivables related to the property, ensuring all stakeholders will be able to timely attend the tasks.
This Summary is provided to introduce a selection of concepts in a simplified form that are further described below in the Detailed Description. This Summary is not intended to identify key features or essential features of the claimed subject matter.

SUMMARY OF INVENTION
The present invention generally relates to a system and module of a digital platform for instant, accurate and secure pre-verification, title clear and valuation of properties, propertymonitoring and overall Asset &Property Management module (mainly for B2C users) using artificial intelligence. The present invention comprises a module which improves the process to easily identify and verify the detail and documents of the user. The present invention is an innovative, coherence, organic, demand-supply eco-system of managing regulatory, legal, governing, admonishing, and eulogizing compliances of any type of property and its status and or transaction. The solution is delivered through a mix of certain digital, virtual and physical platform and defined and customized workflows, and definitions based on the type of transaction or status involved. The present invention provides a digital module for the entire life cycle of a loan against a mortgage save time and strengthens coordination amongst all key stakeholders, improves due diligence. The present invention is to provide responsibility and accountability for each stakeholder at each stage, reduce the chance of negligence in processing the loan application, and/or property maintenance, and/or property retention.
BRIEF DESCRIPTION OF DRAWINGS
Other Objects, advantages and novel features of the invention will become apparent from the following brief description of the present embodiment when taken in conjunction with the accompanying drawings.
Fig.1 illustrates a flow diagram of the process according to the present invention, where user will initiate request for information/services related to property, i.e. iPVR, Title Clear, Property Valuation, Property Monitoring and overall Asset & Property Management.
Fig.2 illustrates a flow diagram of initial property verificationreport module according to the present invention.
Fig.3 illustrates a flow diagram of the title clear module according to the present invention.
Fig.4 illustrates a flow diagram of the property valuation module according to the present invention.
Fig. 5 illustrates a flow diagram of propertymonitoring module according to the present invention.
Fig.6 illustrates a flow diagram of asset and property management module according to the present invention.
DETAIL DESCRIPTION OF INVENTION
The nature of the invention and the manner in which it works is clearly described in the provisional specification. The invention has various embodiments and they are clearly described in the following pages of the provisional specification. Before explaining the present invention, it is to be understood that the invention is not limited in to any specific embodiment.
The present invention covers one digital module with right based access to all key stakeholders involved in the process of establishing the feasibility of transaction and/or status change and/or maintenance/management of a land/property.
The present invention includes any type of property transactions such as a sale, purchase, mortgage, lease, inheritance, deed of transfer or a gift, security, etc., and related activities such as title clear, valuation, property score, property monitoring, property management, litigation, and title insurance. It includes various stages, as and where applicable such as initial Property Verification Report (iPVR), title clear, property monitoring, property valuation, property score, and additional stages as and where applicable like title insurance and property management activities.
The present invention not only provides a digital module to all stakeholders but also instantly helps the banks, financial institutions and real estate industry stakeholders take a conscious decision on credit lines, based on certified land and property record documents and other critical analysis based on intelligent inputs on the land and property, and to move ahead with any land/property related transaction and/or management. The property related dynamic data, past and present, along with other characteristics is compiled, analyzed and verified for correctnessand authenticity, sourced from credible the Government, public and other platforms, categorized for presentation into a rule based format for making informed decisions and raising alarm for the risk based values, as well as disseminating confidence for the gain values.
The present invention is a single service provision module for all connected parties of the property, such as establishing chain of ownership, status of liens and encumbrances, rights of claimants, usage of land/property, related document and photo/video organization, publishing a public notice from templates or from scratch, receiving and processing the responses received digitally, title clear template and custom formats, valuations considering various aspects of the land/property, zone, area, neighborhood, property usage and potential, development plans, compliance to rules, regulations and notifications of the Government for registration of mortgage, protecting the mortgaged property on public, government and other platforms towards all transactions till loan tenure, compliances to SARFAESI, auction, compliances to rules, regulations and notifications of the Government and the industry practices, and for title insurance.
The following terminology is used for consistency and should in no way limit the scope of the invention.
The present invention disclose a system which allows the users to interactively access and retrieve on demand extensive information on databases throughout the world regardless of time zone differences. The application of the instant disclosure described herein applies to the Real Estate Industry; however the disclosed system can be used for other applications. The system of the present invention uses the latest technology to continuously improve data collection, enhance service experience, service capabilities and control costs as the marketplace framework. The system preferably uses a mobile information-collecting device that is equipped with a GPS system and a link to the platform of the system of the present invention.
A ‘User device’ may include mobile phone, tablet, desktop, laptop and drone fitted with camera. The device supports a variety of applications, such as one or more of the following: a telephone application, a video conferencing application, an e-mail application, an instant messaging application, a blogging application, a photo management application, a digital camera application, a digital video camera application, a web browsing application, and/or a digital video player application.
A ‘Application Server’ can include a central processing unit (“CPU”), at least one read-only memory (“ROM”), at least one random access memory (“RAM), at least one hard drive (“HD”), at least one network card and one or more input/output (“I/O”) device(s).
A ‘network’ is known for communication and interaction between user devices on the application server. The network must contain transmission media, routers, repeaters, gateways, network adapters and cables. The network is placed in (Local Area Network (L.A.N.), Wide Area Network (W.A.N.) and/or Virtual Private Network (V.P.N.) in which application server is storing and giving data to user device.
An ‘End User’ defines the party viewing the database files. Typically an End User of the real estate looking to lease and/or purchase the real property after following due diligence. The End User generally has access to only limited files and can optionally have input capability to alter the files they are viewing. The End User can include viewers seeking ideas for property purchase. The end user includes B2B (Business to Business) and B2C (Business to Consumers) clients.
A ‘Server’is a computer program or device that provides a service to another computer program and its user (Client or Third party). The Server's computer alternatively can be a workstation, minicomputer or microcomputer or other device. Although reference herein is made to information transfer via modem, it should be noted that cable, satellite, fiber optics, or other means for transferring information can also be utilized. The method of transferring the information is based on the current availability within the communities.
As used herein, the term ‘property’, refers to any immovable property i.e. “real property”; it is land or any permanent feature or structure above or below the surface i.e. residential, commercial, government, private, disputed etc.
A ‘Document or Data’ defines a record of some information that can be used as an authority or for reference, further analyses or study. Documentation refers to the on-going process of creating, disseminating, managing and using documents.
An ‘Optical Character Recognition’ (OCR) defines the process that converts an image of text into a machine-readable text format.
A ‘Data storage’ defines the use of recording media to retain data using computers or other infrastructure (cloud). The most prevalent forms of data storage are file storage, block storage and object storage, with each being ideal for different purposes. Data storage is the recording (storing) of information (data) in a storage medium. Handwriting, phonographic recording, hard drive, magnetic tape, and optical discs are all examples of storage media.
As used herein, a ‘processor’ includes any programmable system including systems using micro-controllers, reduced instruction set circuits (RISC), application specific integrated circuits (ASICs), logic circuits, and any other circuit or processor capable of executing the functions described herein. The above examples are for illustration only, and are thus not intended to limit in any way the definition and/or meaning of the term “processor”.
A ‘Machine learning (ML)’ is a type of artificial intelligence (AI) that allows software applications to become more accurate at predicting outcomes without being explicitly programmed to do so. Machine learning algorithms use historical data as input to predict new output values that resembles to human brains’ decisive capabilities.
A ‘Rules Engine’ is a set of instruction designed in programme that uses business rules or instructions during the course of operations. Those rules may have a legal base or come from the company’s policy.
As used herein, the term “platform” is interchangeable with module and generally includes any tools, components or any device program stored in memory for execution by processor. It is not intended to limit in any way the definition and/or meaning of the term “platform”. As used herein, the term "database" refers to either a body of data, a relational database management system (RDBMS), or to both. The database includes integration and collection of data including hierarchical databases, relational databases, flat file databases, object-relational databases, object oriented databases, and any other structured collection of records or data that is stored in a computer system. The above examples are illustration only, and thus are not intended to limit in any way the definition and/or meaning of the term database. The present invention provides system, which runs on platform that is designed with AI (Artificial Intelligence) and machine learning tools.
Unless specifically stated otherwise, throughout this specification, terms such as "processing", "computing", "calculating", "selecting", "forming", "enabling", "inhibiting", "identifying", "initiating", "querying", "obtaining", "hosting", "maintaining", "representing", "modifying", "receiving", "transmitting", "storing", "authenticating", "authorizing", "hosting", "determining" and/or the like refer to actions and/or processes that may be performed by a system, such as a computer and/or other computing platform, capable of manipulating and/or transforming data which may be represented as electronic, magnetic and/or other physical quantities within the system's processors, memories, registers, and/or other information storage, transmission, reception and/or display devices.
A ‘Method’ describes flow diagrams or otherwise, may also be executed and/or controlled, in whole or in part, by a computing platform.Method herein described as flow diagram is graphical or visual representation using a standardized set of symbols and notations to describe a business's operations through data movement.
A ‘credential’refers to the verification of identity or tools for authentication. They may be part of authentication process that helps confirm a user’s identity in relation to a network address or other system ID.
As used herein, a ‘module’ refers to sections of large software packages to define its functionality. In the present invention moduleis used to make the software easier to use for a specific purpose or to define where boundaries exist in a program. The modules described minutely with sub-modules which merely differentiates detailed aspect of said module work to serve the purpose.
A term ’TAT’ (Turn Around Time) defines as the time interval from the time of submission of a process to the time of the completion of the particular process.
A ‘System Admin’ is the authority who is responsible for operating system efficiently and effectively. System admin support, troubleshoots, and maintains application servers.In order to ascertain the ambiguity for the purpose of interpretation of the system admin, here, “PROPLEGIT GLOBAL PRIVATE LIMITED” would hold all vested powers as system admin. Further, Property ratings are provided as a score is defined as PL score (property legitimate score).
Figure 1 diagrammatically illustrates a schematic representation of a system (10) for providing integrated solution to end users in process of decision makingfor feasibility of a transaction and real time surveillance and asset management in real estate market. The system (10) including an Computing device or user device (1), an admin Interface (2),aapplication server (3), an initial Property Verification Report module,abbreviated as iPVR,(100), a Title clear module (200), a Property valuation module (300), a Property Monitoring module (400)and an Asset & Property Management module(500)inter alia connected through secured network (20).
The present disclosure comprises a system (10) that acts as central repository of data and various files that are shared or accessed by many users simultaneously. The present invention utilizes a device (1) to storage memory level and manages security credential of a user device (1). It also manages access to the resources and information between the application server (3) and various user devices. The plurality of functioning components illustrating a login/registration interface (2) from which user can register and may use the system (10) at any time.
The system (10) also works as platform where various end users can get connected via their user devices through secured network. The platform allows users to select, input, create, customize, and combine various content, design characteristics, and application components, such as modules, some of which utilize features and functionality associated with various mobile devices and mobile operating systems.The present invention facilitates the user to utilize services in real time environment using latest web and mobile technology.
Figure 1 depicts an example layout of i.e. an initial Property Verification Report (hereafter referred as iPVR (100), wherein,once the user gets enrolled in the system as per theirrespective category (B2B or B2C) and based on successful profile generation, the said modulegetsinitiated in the system (10). The iPVR module (100), designed to serve B2B (Business to Business) and B2C (Business to Consumers) clients, either independently or with a combination of the four modules [Title clear module (200), Property valuation module (300), Propertymonitoringmodule (400) andAsset & Property Management module (500)]as described in FIG. 1. The iPVR module (100) allows the user to submit the property details in a specially designed user friendly interface. The module (100) also facilitates user or applicant to submit availableownership detailsfor verification. The iPVR module (100) plays crucial role in decision making for users to primarily authenticate the property and associated ownership details available to them in system admin database. This module primarily validates the genuineness of owner,its property and information like encumbrance, lien,etc.
The present iPVR module (100) identifies details that are received from end user via the application server and cross verify with the available database through Machine learning (ML) and artificial intelligence (AI).
The iPVR module (100) plays vital role in property or ownership verification as effectively the information and intelligently identifies required territorial documents, auto downloads the documents from data storage, auto-extracts the required data from the documents, analyse the data through algorithms, intelligently infers the Risk Meter parameters to generate a digitized iPVR (initial Property Verification Report) with recommendations to user. For the B2B user, the iPVR module (100) is programmed to share with the user through a secured gateway an iPVR enabling the user to make an instant ”Go-No-go” decision on a LAP (Loan Against Property) application and also provide the option to proceed to the next module, i.e. Title Clear after complying with the recommendations of the Risk Meter. For the B2C user, iPVR module (100) is programmed to share with the user through a secured gateway an iPVR enabling the user to make a decision whether he can go ahead and take an informed decision to proceed to the next module, i.e. Title Clear after complying with the recommendations of the Risk Meter for buying the property. The iPVR module (100) described with more details in Fig. 2.
For B2B user, the user can then opt for the next stage of LAP cyclei.e. title clear process where the user can get access to Title Clear module (200). For B2C user, if the title clear process is opted for, user can get access to Title Clear module (200). The title clear module (200) allows authorized users to get connected with their empanelled Lawyers, especially for B2B clients, either independently or in continuation to the iPVR module. The Title Clear module (200) permits the end user (1) to select Lawyer from their available pool of empanelled Lawyers and assign the task of property title clear process. In the next course of action,the assigned Lawyer gets access to the intelligently identified and territorially specific property documents for his review and expert comments on the said documents. The Title Clear module (200) facilitatesexpert friendly feature to any lawyer, where in case any property documents are not readily accessible and/or pending in the module then, the Lawyer or user, can raise demand either from the organization (Banks/Financial institutes/NBFC’s) or from the applicant or system admin.
A Title Clearmodule (200) works in an interactive mode as this module not only share the available documents that were included as part of iPVR module (100) processing, but it also provides an option to add and request other property documents required for completing the task of Title Clearance process i.e. any document, lis-pendencies, or notice issued from the competent court or other authority or party. The Title Clear modules (200) provides systematic document management, title search process, and addition of comments or review by third party, intelligently identify the pre-requisite compliances such as prior history of the search report and digitized public notice and its management along with the sharing of digitized Title Clear Certificate to the user. Once all documentation and verification stepsare completed, the final set of documents along with the Title Clear Certificate will be shared with the organization/user through secured authorization based access.
The Title Clear module (200) also facilitates analytics and reporting in the real time environment, such as TAT (Turn Around Time) and performs tasks like alert generation, reminders, notifications, and/or provides easy access to pending items, pending workflows, work in progress tasks, completed work, the status of pending documents, documents requested from other entities, etc. The Title clear module (200)facilitateB2B user to review the final title clear report, so that the user can easily and immediately take a decision on whether the user wants to proceed to the next module, i.e. Property Valuation module. In the case of B2C users, the reportfacilitates users to make a conscious decision for purchasing the said property or not.
Once the title clear module (200) generatestitle clear certificate for property, user can decide to opt for next stage of proceeding (i.e. valuation) for the said property. In one embodiment, the present invention provides service for easy, quick and reliable property valuation by professionals. This feature plays important role in deciding the actual price or market value of the said property and also provides room to leverage for negotiation to user. This property valuation module (300) can be used independently or in continuation with either of the earlier two modules (iPVR module 100, Title Clear 200). The User (B2B)can able to select from the list of their empanelled property Valuers (authorized valuers) and assign the work for property valuation. The said module (300) of system (10) of the property valuation intelligently identifies and retrieves all the relevant property documents and makes them available to the property Valuer. Further it also facilitatesuser for managing the scheduling a physical site visits by coordinating associated tasks including but not limited to finding documentation, photographs, video, map, geo-location co-ordinates, market conditions, adjoining infrastructure amenities available, and other current and future features specific to area, region or surrounding locality that need to be considered as per the type of Property.It will provide an option to the valuer for feeding in the base Government rate for that property as a reference point. The platform will have the option of considering other relevant inferences from authenticated sources to derive a fair market value of the property using data analyticsand Machine Learning along with the physical site visit.
The Property Valuation module (300) facilitates valuer to access requisite documents in the system, photos, videos and other geo-referencing data/points and verify the property accordingly at any remote property site.
Once the valuer completes the site visit and document verification the said module (300) provides property valuer, enablement to generate and submit the final digitized valuation report to user alongwith all relevant supporting documentation. The system also facilitates analytics and reporting, such as Turn Around Time and performs tasks like alerts generation, notifications, provides easy access to review pending items, pending workflows, completed work, the status of pending documents, requested documents, etc.Once verification and documentation completed by this module, the system generates a final digitized property valuation report and based on the final valuation report, the B2B User can make a decision whether to sanction/disburse the loan with an option to proceed to the next module, i.e. Property Monitoring. In case of B2C users, the final valuation report provides a fair market valuation of the property so that the user can take a conscious decision about purchasing the property at subjected value.
With the values gathered by the system at this stage, a PL Score (3061) is given to the Property. This procedure for real estate markets and/or financial institutions as a specific instrument to help in the making of reliable decisions instantly. The classification is conducted on the basis of factors that can have the most important reliable and verifiable influence on property market decision-making for going into ownership and/or lien and encumbrance and/or advances and/or investment and/or divestment on the property. This scoring is also considering market forces related to type of property, such as residential or commercial or public etc, economic and political, social, spatial and location market conditions. The crucial stage in this methodology is on verifiable and reliable data information as well as accommodating stimulants or de-stimulants of the real estate markets, such as the expectation of further area development and quality of life, richness of a region, all of which is derived from Government plans, socio-economic conditions of the area, valuation and development of the surrounding properties, amenities and more. On account of globalization, the implementation of IT solutions and the increasing mobility of people, making decisions in the real property market is no longer limited to the analysis of local and technical factors of real properties, i.e. so-called endogenous factors, but it is extended onto exogenous factors (e.g. labor market absorption, economic potential of the area), which influence the long-term efficiency of investments. Forces of prices and vacancies, macro-economic determinants, e.g. inflation, the prosperity of the area, global crisis, the condition of the banking sector, attractiveness of the cities (or location), capacity to attract certain groups of human and physical capital and at the same time discourage other groups (e.g. low-income families, the homeless, or criminal types) and demographic, etc all form a part of arriving to this score.
Once the property valuation module (300) generatesdigitized report for valuation, user can decide to opt for next stage of service of system (i.e. property monitoring) for the said property.
The Property Monitoringmodule (400) may be useful to both B2B users and B2C users.This module will be available independently or in continuation with either of the earlier three modules (iPVR module 100, Title Clear module(200),property valuation module 300). The present invention provides continuous surveillance of mortgaged property, in case of B2B user, and any property for B2C user, for any and all types of transactionshappening or intending to happen on the property, on public, government and other platforms. The said service secures vested interest of owner who has purchased or is owning the property (B2C) or company/bank (B2B) that has sanctioned loan towards the said property. The system (10) enables an alert to the User, who have opted the property monitoring, for any transaction or a change in the status of the land/property, on the very same day identified in real time. Additionally, this monitoring module gives option to valid user to avail Title Insurance of the property.
Title insurance protects stakeholders from problems with an ownership title when transacting on a real estate. These may be problems that existed before the transaction, such as purchase or mortgage or financing, such as liens, encumbrances, easements, unpaid property taxes, fraud or forgery of previous paperwork, or a spouse or unknown heir who claims they own the property or property survey errors, boundary disputes, errors on the property deed, conflicting wills. Title insurance is also a policy that covers third-party claims on a property that don’t show up in the title search or title clear and arise after a real estate closing.
In a concluding remark, Figure-1,diagrammatically illustratesfive modules (100, 200, 300, 400, 500) connected or coupled with network (20), where it provides a unified/common platform to receive end to end, digitized, automated and optimized solutions of different services for client (B2B/B2C) who are currently availing it through different resources or scattered channels that faces issues of delay in processing of requests, lack of accuracy, lack of transparency, un-accountability and legal issues or challenges that may lead to Non-Performing Assets or loss of money while dealing with propertyand helps in managing the property on a continuous basis. The saidmodules works in close proximity with data storage or retrieval modulethrough secured exchange of data.
Figure 2 diagrammatically illustrates details of flow diagram of iPVR (initial Property Verification Report) module (100) which mainly comprises data storage (106), rule engine sub-module (101) for property mappingand ownership and property verification sub-module (104), web automationsub-module (102), Artificial Intelligence/Machine Learning extraction sub-module (103), report generation sub-module (105) and notification sub-module (107).
In following paras each module will be described in detail with sub-modules and flow of data among them.
(I) Rule engine sub-module (101) for mapping user inputs to database:
The users have to provide the details of property need to be checked in the present system. The sub-module (1011) requires property details to be filled by user that allows correct, relevant, rational and derivable inputs of the property. The said sub-module provides user friendly data entry by the user with prefixed categoryand sample data template. The said property data inputs generally includes information of the said property, including but not limited to, Village, Taluka, District, choice of Survey Number or TP or FP, City Survey Number, Property ID. Further the sub-module (1011)also facilitates choice of submitting single request or batch requests, through web browser, mobile app, API. The next step in module has been initiated at sub-module (1012) by mapping the property of the user by comparing and identifying with databaseusing the rule engine (101) sub-module. The said sub-module (101) facilitates user to provide details of property and map the said details with available database to proceed further in the initial Property Verification Report[iPVR] module (100). The output of the sub-module (101) is mapped data with help of rule engine.
(II) Web automation sub-module (102):
Once the data mapped at the sub-module (1012) with system database, the system intelligently initiatesretrieval of document with component web scrapping (1021)and further initiates downloading at download document component (1022). The data/document retrieval occurs for the mapped information for intelligent identification and downloading (1022) of the correct document/s relevant to the Property for which iPVRrequest is made by the User. The information processed in the modules is stored into database and documents are also stored into secured data storage (106). The OCR data extraction(1023) provides solution for processingthe data that is not in system readable format which will be processed atthis sub-module and that converts the already retrieved document(s) in order to make it compatible with the platform of present system. Once the documents are retrieved from the secure data storage (106), OCR and Data extraction (1023) carried out on said documents and said data are mapped to the module for further processing in next stage. In order to achieve the object of the sub-module web automation (102), the said data is systematically passed through web scrapping (1021), document download (1022), OCR and Data extraction (1023) and mapping data to application (1024). The said sub-module (102) provides downloaded documents in readable format and mapped data of property information with module.
(III) Artificial Intelligence/Machine Learning extraction sub-module (103):
In the next course of action the mapped data received from web automation sub-module (102) is fed into extraction module thatfurther process data withan Artificial Intelligence/Machine Learning extraction sub-module (103). The Artificial Intelligence/Machine Learning extraction sub-module (103) programmed to extract the data and mapping through Artificial Intelligence (AI) and Machine Learning (ML) to the data in compatible mode with the sub-modules of present invention. In order to explain one of the embodiment of said sub-module, justification is provided with illustration i.e. the data which is fed in the system by user in (1011) may contains different units or language compared to reference data stored in storage (106), then in order to match with feed data (101) this module plays vital role to create homogeneity for further processing in the system. The said module (103) has capability to identify crucial information from data provided by the earlier sub-module (102). In the extraction sub-module (103),area extraction and unit conversion (1031) process unstructured data and convert it into structured data and intelligently map the data in relevant / required fields like Owner wise (1032) information(including co-owners if applicable), area of property owner wise and co-owner wiseif applicable, lien and encumbrances (1033) for the said property.
(IV) Rule engine for ownership andproperty verification sub-module (104):
Once the extraction process is completed in extraction sub-module (103), the mapped data and stored documents are conceded in the next sub-module i.e. rule engine for ownership and property verification (104). The rule engine for ownership and property verification sub-module mainly includes two major rules based analysis of the available data in the system. The first process is ownership verification (1041)byowner authenticity (1043) and lien and encumbrance (1044). Further, the risk meter brings in the second process of verification using the other ownership associated attributes (1042) such as verification of pending litigation, legal report (1045) and associated restriction imposed by the Government (1046).
The rule enginesub-module (104) is a unique tool which intelligently analyse all the retrieved, extracted and mapped data received from the previous module i.e. the extraction sub-module (103), runs an in-built algorithm/logic and provide recommendations to the B2C User enabling a knowledge based decision and to the B2B User whether a decision is justified to push the application to the title clear module.
The rule engine sub-module (104) is designed to answer the initial query of the user regarding feasibility of the transaction for the said property to be mortgaged against loan and its ownership is verified as per the latest Government approved land / revenuerecord documents. Further, the User want to make sure about any outstanding lien/third party right registered on the property to ensure that chances of the mortgage turning into an NPA maybe eluded. The user would also want to properly ensure the status of any litigation/legal cases or if any Government restriction is there on the property, etc. The said concerns and issues are need to be dealt with at-most due diligence as it depends on various factors and always difficult to stream line in one process flow, the present invention provides Risk Meter that not only verifies these parameters almost instantly and saves valuable time of the User, but it also provides recommendations to the User on discrepancies (i.e. red flags) found and how to address or potentially resolve in easiest possible way. The risk meter hold the capability to identify pending litigation or Government restriction and prompt user to have independent expert opinion in order to potentially resolve the issue.
The rule engine sub-module (104) promptly generates digitized, automated and intelligent response that facilitates multiple purpose of the User i.e. saves time and resources by providing instant real time report, and adds transparency / accountability in the entire process.
At the end of sub-module (104), the output data ascertain the ownership and other associated parameters of the property and highlights discrepancies (if any).
(V) Report generation sub-module (105):
The raw data processed received from the sub-module rule engine (104) will be stream lined in the report generation iPVR sub module.
The risk meter will analyse the data in sub-module (104) and pass the data to next sub-module (105) where report will be generated. The risk meter will promptly decide status of ownership and property where if the data suggest any adverse finding then it will quickly notify to resolve the same i.e. in case of co-owner, system cross checks consent from all owners, in the case of ownership not getting authenticated, system asks to share sale deed or index copy for further processing, etc.
As shown in FIG. 2, the next module after the rule engine for Ownership and Property Verification sub-module (104) is an iPVRsub-module (105). In iPVRsub-module (105), the report generated for Ownership and Property Verification sub-module (104) is checked and verified. The said report facilitates the User to decide whether to move ahead with Title Clear process or not. The report generated from the sub-module (105) is stored into secure data storage (106) for future reference and retrieval. The report generation sub-module (105) is accessible to the User via e-mail on registered Email ID, and notification to the User on registered mobile through notification sub-module (107). The system (10) shares the iPVRreport with the User either in PDF format or through a Jason file (through API or Sandbox) securely. Further, it is also accessible on the dashboard provided to the User through a secured login at any time in future.
It is submitted that conventionally these services takes more time to conduct in manual mode as multiple stakeholders are involvedand chances of human error are higher which may compromise the authenticity. The iPVR is a unique, state-of-the-art service that addresses these needs. Further, iPVR conveniently removes all of these inconveniences, and disparity of information, bringing in ease of use for verification purposes with speed, information inference, decision enabling capability, and much more in one go.
After completion of entire process at sub-module (104), the iPVR is generated (105) and said report (105) is moved to the next module.
Figure 3 diagrammatically illustrates the title clear module (200) which mainly comprises a lawyer assignment sub-module (201), a past public notice search sub-module (203) configured with Application Programming Interface (API) (202), a past public notice search sub-module (203), a document verification sub-module (204), a public notice publication sub-module (205), a dispute resolution sub-module (206), a report generation sub-module (207), a data storage (209) and a notification sub-module (210).
In following paras each module will be described in detail with sub-modules and flow of data among them.
Fig. 3 diagrammatically illustrates the title clear module (200) where the property details will be verified by the professionals preferably Lawyer in order to ascertain real time status of ownership for valid record purpose. The said module (200) is also available to B2C client either independently or in continuation with iPVR module (100). Further, this module is available to authorized users and their empanelled Lawyers especially in the case of B2B clients, either independently or in continuation to the iPVR module. The User logs into to the system via this module to access the rule based Title Clear module, which gets enabled once the iPVR is generated and User reviews it and decides to go ahead for Title Clear after receiving satisfactory outcome from the earlier iPVR module (100). Therefore, Figure 3 contains iPVR module (100) at the initial stage level of title clear module (200).
(I) Lawyer assignment sub-module (201) and document fetch sub-module(2017):
The user who opted to receive service for Title clear modulewill be able to assign Lawyer (2011) in Lawyer assignment sub-module (201) where user can search and select lawyer (2012) from the empanelled list of Lawyers through dynamic data driven rule based system that allows User to select and assign the Title Clear work to a specific Lawyer. The User is able to search and select from available empanelled list of Lawyers (2013) (B2B Users), manage Lawyers such as addition, removal or restrict them to the empanelment (2013, 2014). The User also has the option to request a Lawyer from system administration (2015) and assign it to a particular case as well.The present system provides real time analytics that may help User to know various information of the Lawyer, such as TAT (Turn Around Time), work in progress, completed applications, etc. for helping him assign the Lawyer as per his requirement.
Once the Lawyer is selected (2016) by the user, the assigned Lawyer will be able to access associated property documents requisite for Title Clear assignment. In order to provide access to old / past public notice/s, the Lawyer are provided with Secured Application Programming Interface (202) based environment.
The said sub-module (201) contains in-built dynamic state specific document management system. The required document management system is rule based and covers list of all mandatory documents required by the Lawyer for conducting the task and provide Title Clear Certificate. The system also has features to add and request (2018) any other document which the Lawyer may require once he starts the document review process. The fetch document module (2017) allows the assigned Lawyer to access all the documents that are required to complete the Title Clear process. The missing and pending documents can be obtained by the Lawyer from the Applicantor competent authority or system admin by request on demand.
The said request can be fulfilled directly or else can be requested and uploaded (2018) by system admin (20111)and/or relevant Organization (20110) and/or applicant (2019) that is in place to fetch the requested document and provide the same to the Lawyer. The lawyer will perform document verification (204) for the list of documents received from the previous sub-module (2018).
(II) Past public notice search sub-module(203):
Once the lawyer is assigned with the task of title clear process in the system andif the process requires access to any third party web site/platform based on the information obtained from the document verification sub-module, the present system uses secured network environment to route the request. This forms a base for a search in the Public Records through third party Past Public Notice Search sub-module (203) where previous Public Notice on the property under consideration, if found, will be pulled up and shared.
All documents and information provided to the Lawyer undergoes verification or review by the Lawyer. Lawyer gets an option to mention notes or comments against each type of documents being reviewed during the access to second module. Thereafter, parallelly, an automated in-built algorithm will get activated (as per the rules or logic specific to the B2B and B2C User) for issuing a digitized Public Notice as per the applicability of Public Notice issue (205) specific to the said property.
(III) Public notice publication sub-module (205):
The presentsub-module (205) provides rule based option that allows the preparation of Public Notice by analysing the relevant data from the available information, auto-display them in the base template selected as per the type of land or property (2051). The said template of public notice is available in editable mode to the Lawyer for finalization or proof reading. Once the public notice is approved by the lawyer, system admin provides an option to publication (2053) of the public notice on a specified date in a specified newspaper with a provision of selecting one or more newspapers. The response or objection received for the said publication will be monitored under next module i.e. dispute resolution sub-module (206).
The system provides an option to the Lawyer to by-pass the process of publishing digitized Public Notice through the sub-module and instead publishes the Public Notice in local newspaper/s manually whereby he will get an option to upload the issued Public Notice as well as manage the responses related to the Public Notice as well.
(IV) Dispute resolution sub-module (206) and Report generation sub-module(207):
The system weigh importance of following standard practice in the title clear process where publication of notice and receiving objection/response to the notice needs to be handled in strict time lines or deadline. The Public Notice Management system (2061) takes care of the responses to the Public Notice and also accommodates Dispute Resolution (206). In order to manage the response or objections from third party, the Public Notice Management (2061) feature gathers all the responses received once the Public Notice is issued.
The present sub-module (2061) provides a unique feature where the Public Notice published will have a unique QR code. The said sub module (2062) provides platform for recording objection from the third party giving an option to directly scan the QR code and register any objection/response.The module facilitates real time notification to any person/third party who can submit his/her objections to the Lawyer digitally on this platform. In order to manage the response or objections from third party, the Public Notice Management feature gathers all the responses received once the Public Notice is issued. In case of Disputes raised (2062) or received for the said property then the same will be noted in the system and associated resolutions will be provided. The system also allows Rejection of Response&Acceptance of Dispute (2063).
The present system provides integration of all disputes and also facilitates them in providing datafor Title Clear or a Disputed Title status(2064) in a digital mode through template (207). This automated and rule based template allows the Lawyer to ensure that all necessary categories of information has been included, analyzed and even has an option of writing his final legal opinion / conclusion during the process. The System also allows the Lawyer to provide and tag the Lawyer’s information, logo, digital signature and any other information that will form a part of digitized Title Clear Certificate.
The compiled results of Template (207)are then converted into a Digitized Title Clear Certificate which has to be submitted by the Lawyer to the User through a secured access.
The title clear certificate generated from the said sub-module (208) is stored into secure data storage (209) for future reference and retrieval.
The digitized title clear certificate (208) is accessible to the User via registered Email ID, and notification is also shared with to the User on registered mobile through notification sub-module (210). The system (10) shares the digitized title clear certificate with the User either in PDF format or through a Jason file (through API or Sandbox) securely. Further, it is also accessible on the dashboard which is provided to the User through a secured login at any time in future.
Figure 4 diagrammatically illustrates property valuation module (300) which mainly comprises property valuation assignment sub-module (301), fetch property details sub-module (302), physical site visit assign and a site characteristic sub-module (303), GEO-referencing sub-module (304), base Government valuesub-module (305), report generation sub-module (306), data storage (307) and notification sub-module (308).
Figure 4diagrammatically illustrates the property valuation module (300) where the fair market value of the said property will be decided by the professionals preferably the Government certified valuerconsidering all factors/characteristics associated with said property.The said module (300) is also available to B2C user either independently or in continuation with theiPVR module (100) and the Title clear module (200). Further, this module is available to authorized users and their empanelled valuer especially in the case of B2B clients, either independently or in continuation to the iPVR module (100) and/or the Title clear module (200). The User logs into to the system via this module to access the rule based property valuation module, which generally gets enabled once the digitized Title clear report is generated and User reviews it and decides to go ahead receiving satisfactory outcome from the earlier titled clear module (200). Therefore, figure 4 contains iPVR module (100) and title clear module (200) at the initial stage level of property valuation module (300). The property valuation module (300) generally comprises a property valuer assignment sub-module (301), a fetch property details sub-module (302), a physical site visit and a site characteristic sub-module (303), a GEO referencing sub-module (304), a base Government value sub-module (305), a report generation sub-module (306).
(I) Property valuer assignment sub-module(301):
The user who opted to receive service for propertyvaluation is able assign Government accredited certified valuer (2011) in property valuer assignment sub-module (301) where user can search and selectvaluer (3011) through dynamic data driven rule based system that allows User to select and assign the property valuation task to a specific valuer. The User is able to search and select from available empanelled list of valuers(3013) (B2B Users) in the system. The said sub-module facilitates the userto add, remove or restrict the valuer (3014) them to said task of empanelment. The User also has the option to request a valuer from system administration (3012) and assign it to a particular case as well.The present system provides real time analytics that may help User to know various information associated with said talk of the valuer, such as TAT (Turn Around Time), work in progress, completed applications status checks in real time.
(II) Fetch property details sub-module(302):
This sub-module (302) will allows property valuerto fetch Property details and location from the available data attached with the case. It will give access of all the required documents to property valuer for conducting Property valuation process.Once the property valuer is assigned in the said module, the assigned valuer will be able to access the required Property details and location for the said task, with an in-built dynamic data management system.
(III) Physical site visit assign and site characteristic sub-module (303):
This sub-module (303) manages in-person site visit or digital site visitofvaluerto said property site. The Physical visit can be assigned and the property valuercan tag the date of physical visit in the system.
The said sub-module (303) provides pre-set characteristic parameters/data to be captured during physical site visit to the valuer.The said parameters/data can be either be auto-verified (from the data available in data storage) or input fields will be provided to the valuer for filling up during the physical site visit that makes process stream lined for all users and follows as per guideline of bank or other organization.
In order to make verification fast and effective, the said sub-module provides on-site access to the property valuer to make entry of each parameter through their remote devices (i.e. Mobile or laptop). The said parameter/data generally includes but not limited to actual land size, number of rooms, floor, etc. that can be captured by the Valuer from the fields made available in the module.
The said module enables valuer to visit site and notify all types of site characteristics required for property valuation as part of physical site visit. The property valuation rule based capabilities of the system automatically displays the available Property Details/Data. The valuer will also be able to fetch other important site characteristics data that are normally captured for deriving a fair market value of the property. The said module allows capturing of important information related to land / property during the physical site visitbased on intelligent use of virtual reality platforms. It includes features such as Geographical Location, Actual Land Size, Photos and Videos upload in real time environment.
(IV) GEO referencing sub-module (304):
The said sub-module (304) enables advance GEO-Referencing, Map service providing interface and associated techniques, through which the critical infrastructure amenities attributes adjoining to the said property may becaptured, measured and displayed in the system platform such as public transport, medical services, educational entities, Government offices, recreational joints, railway stations, airport or other landmark locations.
The present system also enables use of state of the art devices that are compatible with other digital input data of the said property i.e. photo, audio, video or allied sensors data as per the location characteristic i.e. thermal sensor compatible devices. The usage of said devices (i.e. drone or robot or smart phone or app-based) also minimizes requirement of actual physical site verification and replaces or minimizes need of site visit in the physical mode. The said sub-module is also compatible to conduct a survey, investigation and mapping to ascertain measurements as well as onsite verifications, interviews and inquiries, geographical-data, space mapping, document and evidence collection associated digitization, as per the requirement of valuer.
Once the data is processed in GEO referencing sub-module (304) and after receiving the desired attributes of nearby landmarks, the system initiates construction status verification, through third party application, with regards to characteristics of the said constructed property like type of construction, area, adjoining boundaries.
The present invention serves the prime object by processing data, document, information collection, extraction, distribution and mapping with pre-set processing criteria of the system that reduces process time of whole service from days to couple of hours.
(V) Base Government value sub-module (305):
This sub-module (305)provides an option to the valuer to retrieve Government decided/approved base value of the property as a reference point. The said referencing helps valuer to form a part of the logic that facilitates in determining a fair market value of the property.
Further, in the next module (310) (i.e. Derived Fair Market Value) a scientific rule and AI based algorithm approaches to analyze all the data collected by the valuer as part of physical site visit, attach the applicable ratings to each of the key parameter and provide a Fair Market Value of the property. The system also has the capability to determine the data on recent sales of immovable property in the said locality or area indicating the name and address of the property, sale deed number, sale price and area of land, as available. This module facilitates reference point to the valuer for considering the current market value of the property in real time market position.
(VI) PL Score sub-module (3061)
With the values gathered by the system and the methodologies as well as additional demographic, social, economic, political stability, market inputs from various platforms and or published reports, a PL Score (3061) is given to the Property. This procedure for real estate markets and financial markets as a specific instrument to help in the making of reliable decisions instantly. The classification is conducted on the basis of factors that can have the most important reliable and verifiable influence on property market decision-making for going into ownership and/or lien and encumbrance and/or advances and/or investment and/or divestment on the property.
(VII) Report generation sub-module (306):
This sub module (306) allows the preparation of the digitized final Property Valuation Report. An in-built customizable template will get activated auto-populating the data sets already captured as part of Valuation process. The template will allow the Property Valuer to edit the data and will also provide fields to enter his final comments for finalizing the report.
The digitized valuation report (306) is accessible to the User via registered Email ID, and gets notified on registered mobile through notificationsub-module (308). The system (10) shares the digitized valuation with the User either in PDF format or through a Jason file (through API or Sandbox) securely. Further, it is also accessible on the dashboard which is provided to the User through a secured login for reference at any time in future.
The property valuation report generated from the said sub-module (306) is stored into secure data storage (307) for future reference and retrieval.
Figure 5 diagrammatically illustrates propertymonitoringmodule (400) wherein real time surveillance is provided to user for any type of transaction on the said property. The said module (400) is provided to users independently or in continuation with any of the earlier three modules (100, 200, 300).The propertymonitoringmodule (400) mainly comprises a property input field sub-module (401), a transaction monitoring sub-module (402), an alert user sub-module (404) and notification sub-module (403). The said module (400) works on real time tracking and monitoringof any type of transactions occurring on the property including intended transactionsthat happen on public platform and/or on the Government and or other platforms.The User logs in to the system to access the Property Monitoring Module through a right based secured login as per the case applicable.
The said module (400) is useful for B2C and B2B usersthat would like to safeguard their interest in the said property. This module (400) provides the users to share details of the subjected property which need to be monitoredfor a particular time span on real time basis. The B2C client can avail the service considering their direct interest to safe guard their property transaction which is difficult to monitor regularly on a continuous basisafter purchase of said property. The B2B client generallyBanks/ NBFC or any other lending institution needs this service to safeguard their mortgage/loan provided to the loan applicant of the said property as part of LAP. It is difficult for Banks/NBFC or any other lending institutionto track the status of the mortgaged property on real time on public, government and or other platforms. If anytype of transaction or intended transactions takes place or are likely to take placefor the said property, the user will instantly get notification for the said transaction.
The property input field sub-module (401) will fetch the data from the public platform i.e. Newspapers and or any other media or source whenever an interested buyer (i.e. third party) or other organization or individual publishesa public notice to transact or shows intention to transact in that property. The user gets instant notification that can avert the deal by taking appropriate legal and/or other necessary actions. The said sub-module (401) will also fetch and track the base land/revenue record documents of the said property on the Government platform or platforms and/or other credible sources and/or platforms on a periodic basis to see if any type of status change is observed that may warrant the user to take appropriate legal and/or other necessary actions to safeguard user’s interest in reference to the loan disbursed to the loan applicant. If user logs into the system for the first time then the property details needs to be fed in user friendly input frame work where user can enter the name ofVillage, Taluka, District, Survey Number or TP or FP Number, City Survey Number, Property ID and any other such fields associated with the said property.
The said sub-module (401) mainly comprises transaction monitoring sub-module (402) and alert user sub-module (404).
I. Transaction monitoring sub-module (402):
The said sub-module (402) provides alert for transactions intended to happen on the mortgaged property through public, Government, as well as other platforms which are tracked, detected and reported on a periodic basis (instant, daily, weekly, bi-weekly or monthly basis as per the need) through a third party application.The said sub-module (402) performs regular scanning of the public noticesissuedin the newspapers and/or mainstream media and/or regulatory recognized digital platforms on a daily basis as part of public platform (4021) and base land/revenue record documents of the said property on government and/or other platforms (4022) through a third party application. As part of monitoring, whenever an interested buyer (i.e. third party) or other organization or individual publishes a public notice to transact in the mortgaged property or shows intention to transact in the mortgaged property, the system will notify the uservia notification throughEmail on user’s registered email ID, SMS on user’s registered mobile and a personal phone call as part of this module (403).The said sub-module (402) will also fetch and track the base land/revenue record documents of the said property on the Government and/or other platform on a periodic basis to see if any type of status change is observed that may warrant the user to take appropriate legal and/or other necessary actions to safeguard user’s interest in reference to the loan disbursed to the loan applicant. The system will notify the user via notification through Email on user’s registered email ID, SMS on user’s registered mobile and a personal phone call as part of this module (403).
The said sub-module (402) works on rule based scanning of official records where changes happening on the property, even if mortgaged, at Government and/or other platforms in the base land record documents of the property are tracked and alert provided to the user on periodic basis (daily, weekly, bi-weekly or monthly basis as per the need) through a third party application and reported to the User through SMS and e-mail for taking appropriate legal or other actions.
The available data pertaining to said property is compiled, analysed and verified for accuracy and authenticity, sourced from credible government records, and or other credible platforms, categorized for presentation into a rule-based format for making informed decisions and raising alarm for the risk-based values.
II. Alert user sub-module (404) for completing due diligencein official record:
The said sub-module (404) performs regular surveillance until the due diligence is not performed by the user in the official platformsand databases as mandated by the Government.
For newly mortgaged as well as existing mortgaged properties,the present sub-module will work on a rule-based system that will send a periodic alert to the User until Hypothecation or linking the said liability to specific person or owner in the base land/revenue record documents of the mortgaged property is fulfilled by the user. In another embodiment of the present sub-module, the system sends a periodic alert to the User until an entry is notmade in the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) portal (4041) of the Governmenttowards the mortgaged property. It is submitted that the transaction in the property need to be updated in CERSAI portal (4041). According to the directive issued by the government, all lenders (banks, financial institutions, etc.) must register with CERSAI all information about the charges that have been createdagainst the property. The registration must be completed within 30 days of the realization of the security interest.
The system will send periodic alerts through SMS and e-mail on a Weekly or Bi-monthly basis, and/or as per the need of the User until the requisite records will be updated on the official database.
Further this sub-module (404) also provides the platform that will review status of the hypothecation in base Government land record of the mortgaged property and/or on platforms as per rules of such hypothecation.The said sub-module (404) cross check performance of due diligence by the party or user that need to complete Hypothecation in base Government land record (4042) of the mortgaged property.
The said sub-module sends alert in the system until the user selects the option of due-diligence compliance and uploads associated document proof i.e. the relevant Government land. The sub-module will send periodic alerts through SMS and e-mail on a Weekly, Bi-monthly or as per the need of the user.
Further, the Property Monitoring module (400) will enable an option for Title Insurance (406). This sub-module (406) addresses errors and information that may have not been covered by the Title Clear or other monitoring processes or for problems existing before the transactions. The said sub-module (406) may use data storage for information (407).
Figure 6 diagrammatically illustrates asset and property management module (500) wherein user friendly services related to compliance, supervision, monitoring and due diligence for particular tasks or human resources, are provided to B2C (Business to Consumers) clients, either independently or with a combination of the four modules [initial Property verification report module (100), Title clear module (200), Property valuation module (300) and Property Monitoringmodule (400)] as described in Figure. 1.
The core crux of providing services under this module (500) is to facilitate user for property related due diligence, monitoring and end service compliance. It is submitted that these tasks are generally quite cumbersome, time consuming and are typically managed through various entities/individuals by the owner/investor who owns either a single property or multiple properties at different locations. It is pertinent to note that each right over the property comes with associated imposition of various statutory laws of lands, based on which State of India the property is located. For example, the revenue norms and laws for Property in the State of Maharashtra will be different from the revenue norms and laws pertaining to a Property in the State of Gujarat. Therefore establishing, maintaining and/or safe guarding the rights of ownership will be different. As another example, the user who owns property need to pay property tax as per the local norms of that area or district. The user who owns property in two different states may need to manage different cycle of property tax as per the generation of said bills by concerned authorities.
This module (500) comprises aasset and property management input field sub-module (501), property monitoring sub-module (502), document management sub-module (503), utility and maintenance sub-module (504), rent sub-module (505), Legal Case management sub module (506), including litigation and settlement management sub-module (5061) and people and human resource sub-module (507).
The User logs in to the system to access the asset and property management Module (500) through a right based secured login as per the case applicable.After login, the user is able to access or utilize the various available or authorized/subscribed modules.
(I) Asset and property management input field sub-module (501):
Basic property information and details needs to be fed in by the user, through a user friendly input frame work. These details pertain to property type and location, such as Village, Taluka, District, Survey Number or TP or FP, City Survey Number, Property ID, Flat number, Bungalow number or any other required fields associated with the said property. Further the sub-module (501) also facilitates choice of submitting single request or batch requests, through web browser, mobile application and API. Once these details and information is provided to the system, the user is able to efficiently utilize the other provided modules for the listed property.
(II) Property monitoring sub-module (502):
The said sub-module provides alerts and or information to the user for any type of transaction occurring on Government platforms and or public platforms, and/or other platforms, for the registered property. The said transaction generally includes, but is not limited to Ownership, Liens, Encumbrance for the said property. This module also facilitates user to able to request information on past alerts generated before request for the monitoring started on the said property. By user’s timely action based on the information and alert provided, the rights of the property are managed at a nascent stage, thereby protecting the property.
(III) Document management sub-module (503):
This sub-module (503) provides a rule based document management system (DMS) to assist the asset management. It generates alerts for missing property related base documents or compliance, and, at user’s request, is able to fetch or upload or request relevant documents (5031) from data storage (508) and services available in the system, including system admin itself. The sub-module compatible to support documents with various formats, such as physical, digital, photograph, video-graph, audio-graph, meta verse, linked, shared, pooled from third party sources. The said sub-module is also capable for certification and verification of documents, from applicable authority, for use during any type of property transaction and/or property status, or use case.
The system will send periodic alerts through SMS and e-mail on a Weekly, Bi-monthly or Monthly basis (as per the need of the User) until the requisite records will be uploaded and or updated on the official database.
(IV) Utility and maintenance sub-module (504):
The said sub-module provides user to update periodic compliance or encumbrance associated with said property including but not limited to property tax, society maintenance, light bill, gas bill etc. The said sub-module provides user friendly feature for the user even to track previous compliance by the tenant or occupant, for any utility or maintenance associated with the said property. The system will provide alert to user if any compliance and or pending utility and or maintenance is due for the said property.
The present system provides digital, automated, end to end process support and third party payment support for all type of utility and/or maintenance associated with the said property.
(V) Rent sub-module (505):
The said sub-module provides rule user friendly framework which is digital, automated, having end to end process support and third party payment support for any type of occupancy usage of Property, such as rent (given or taken, or accrued), hire, leased, tenanted, shared, whether on commercial or other agreed terms.
(VI) Legal Case management sub-module (506):
Most court cases and litigations related to property take 8 to 10 years or even more, to be settled. This module provides user to manage the court case, litigation and settlement related to the property. The sub-module keeps all of this in one place. The sub-module is capable of assigning case and receive updates in a organized manner to and from authorized lawyers. The sub module provides timely reminders on upcoming hearings and case updates uploaded by the lawyer or by the authorized user in charge. The said sub-module also facilitates analytics and reporting, such as TAT (Turn Around Time) and performs tasks like alert generation, notifications, and/or provides easy access to work in progress tasks, completed work, legal document management, logs, reminders, appellate management, access to case related laws, rules, enactments, file wrapper history of case, documents requested from authority.
(VII) People and Human resource management sub-module (507):
Over the lifetime of the property, there are several people involved in various roles. The said sub-module provides ease of management ranging from assignment, deployment, on boarding to exit, retention, work allocation and tracking, reminders, documentation facilities, of all the human resource involved with the property. As an example, these can be Owner (5071), Lawyer(5072), Property managers (5073)and their staff (50731), occupier (5074) and tenant (5075) details, etc for the said property.
This service is also useful for long leased property or clustered property area where Title is disputed and needs to be decided by competent court until then the transfer of rights and occupancy needs to be monitored in systemic way for calculation of damages from the said party as per the decree or court order. There can be other use cases, such as work allocation as per availability & capability, staffing & outsourcing levels.
Generally, consistent with embodiments of the invention, program modules may include routines, programs, components, data structures, and other types of structures that may perform particular tasks or that may implement particular abstract data types. Moreover, embodiments of the invention may be practiced with other computer system configurations, including hand-held devices, multiprocessor systems, microprocessor-based or programmable consumer electronics, minicomputers, mainframe computers, and the like. Embodiments of the invention may also be practiced in distributed computing environments where tasks are performed by remote processing devices that are linked through a communications network. In a distributed computing environment, program modules may be located and processed in both local and remote devices. The processes and the methodologies described herein can happen through a fully digitized flow and or even manually with or without the use of different technologies and devices in a phased or a distributed manner.
Furthermore, embodiments of the invention may be practiced in an electrical circuit comprising discrete electronic elements, packaged or integrated electronic chips containing logic gates, a circuit utilizing a microprocessor, or on a single chip containing electronic elements or microprocessors. Embodiments of the invention may also be practiced using other technologies capable of performing logical operations such as, for example, AND, OR, and NOT, including but not limited to mechanical, optical, fluidic, and quantum technologies. In addition, embodiments of the invention may be practiced within a general purpose computer or in any other circuits or systems.
Embodiments of the invention, for example, may be implemented as a computer process (method), a computing system, or as an article of manufacture, such as a computer program product or computer readable media. The computer program product may be a computer storage media readable by a computer system and encoding a computer program of instructions for executing a computer process. The computer program product may also be a propagated signal on a carrier readable by a computing system and encoding a computer program of instructions for executing a computer process. Accordingly, the present invention may be embodied in hardware and/or in software (including firmware, resident software, micro-code, etc.). In other words, embodiments of the present invention may take the form of a computer program product on a computer-usable or computer-readable storage medium having computer-usable or computer-readable program code embodied in the medium for use by or in connection with an instruction execution system. A computer-usable or computer-readable medium may be any medium that can contain, store, communicate, propagate, or transport the program for use by or in connection with the instruction execution system, apparatus, or device.
The computer-usable or computer-readable medium may be, for example but not limited to, an electronic, magnetic, optical, electromagnetic, infrared, or semiconductor system, apparatus, device, or propagation medium. More specific computer-readable medium examples (a non-exhaustive list), the computer-readable medium may include the following: an electrical connection having one or more wires, a portable computer diskette, a random access memory (RAM), a read-only memory (ROM), an erasable programmable read-only memory (EPROM or Flash memory), an optical fiber, and a portable compact disc read-only memory (CD-ROM). Note that the computer-usable or computer-readable medium could even be paper or another suitable medium upon which the program is printed, as the program can be electronically captured, via, for instance, optical scanning of the paper or other medium, then compiled, interpreted, or otherwise processed in a suitable manner, if necessary, and then stored in a computer memory.
Embodiments of the present invention, for example, are described above with reference to block diagrams and/or operational illustrations of methods, systems, and computer program products according to embodiments of the invention. The functions/acts noted in the blocks may occur out of the order as shown in any flowchart. For example, two blocks shown in succession may in fact be executed substantially concurrently or the blocks may sometimes be executed in the reverse order, depending upon the functionality/acts involved.
While certain embodiments of the invention have been described, other embodiments may exist. Furthermore, although embodiments of the present invention have been described as being associated with data stored in memory and other storage mediums, data can also be stored on or read from other types of computer-readable media, such as secondary storage devices, like hard disks, floppy disks, or a CD-ROM, a carrier wave from the Internet, or other forms of RAM or ROM. Further, the disclosed methods' stages may be modified in any manner, including by reordering stages and/or inserting or deleting stages, without departing from the invention.
While various embodiments of the present invention have been described in detail, it is apparent that modification and adaptation of those embodiments will occur to those skilled in the art. It is expressly understood, however, that such modifications and adaptations are within the spirit and scope of the present invention as set forth in the following claims.
,CLAIMS:We claim:
1. A digital system (10) for integrated real estate services using artificial intelligence comprises,
at least one end user device (1), at least one application server (3), at least one iPVR module (100), at least one title clear module (200), at least one property valuation module (300), at least one propertymonitoring module (400), at least one asset and property management module (500), at least one storage (106, 209, 307, 407, 508) and at least one network (20);
Wherein, the said iPVR module (100) configured to quickly verify the property details and associated ownership details along with lien/encumbrance status for requested property by the end user device (1),
Wherein, the said title clear module (200) configured to receive title clear report from lawyer, for requested property by the end user device (1), to ascertain associated vested interest of owners as per the official records,
Wherein, the said property valuation module (300) configured to receive property valuation report from the Government certified valuer, for requested property by the end user device (1) to decide fair market value after considering associated relevant characteristics,
Wherein, the said propertymonitoring module (400) configured for continuous monitoring of transaction or a change in the status of the said property requested by the end user device (1),
Wherein, the said asset and property management module (500) configured to provide compliance, supervision, monitoring, reporting and due diligence for particular tasks or human resources associated with the said property requested by the end user device (1),
Wherein, the said storage (106, 209, 307, 407, 508) configured to store and retrieve data between associated system modules, and;
Wherein, the said network (20) configured to securely connect end user device (1), modules (100, 200, 300, 400, 500) storage (106, 209, 307, 407, 508) and other input-output devices in the system (10).
2. The digital system (10) to provide integrated real estate services to users using artificial intelligence as claimed in claim 1 wherein, the iPVR module (100) further comprises,
a Rule engine sub-module (101) for mapping user inputs to database configured to receive inputs from end user device to perform mapping the said input property data with database in the system,
anintelligent Web automation sub-module (102) configured to perform web scrapping, document download, data extraction on the data received, from a Rule engine sub-module (101), and mapping said processed data to application,
an Artificial Intelligence/Machine Learning extraction sub-module (103) configured to perform extraction, conversion and inference of the data received from web automation sub-module (102),
a Rule engine for ownership and property verification sub-module (104) configured to perform rule based identification for property ownership verification on data received from extraction sub-module (103), along with Risk Meter,
a Report generation sub-module (105) configured to generate digital initial property verification report after compilation of the data received from Rule engine for ownership and property verification sub-module (104),
a Data storage (106) configured to store and retrieve data among associated module components; and,
a notification sub-module (107) configured to send notification of digital report to end user device after generating initial Property Verification Report in sub-module (105).
3. The digital system (10) to provide integrated real estate services to users using artificial intelligence as claimed in claim 1 wherein, the title clear module (200) further comprises,
a Lawyer assignment sub-module (201) configured to assign lawyer for performing task of title clear on the requested property by the end user device (1),
a past public notice search sub-module (203) configured to search past public notice, for the requested property by the end user device (1), using secure Application Programming Interface (API) (202),
a document fetch sub-module (2017) configured to retrieve documents, for the requested property by the end user device (1), from the storage or request from system admin or from organization,
a document verification sub-module (204) configured to verify document from the lawyer, for the requested property by the end user device (1), received from the document fetch sub-module (2017),
a digitized public notice publication sub-module (205) configured to publish public notice for the said property by selecting newspaper, scheduling time slot and standardizing public notice template,
a digital dispute resolution sub-module (206) configured to manage third party responses or objections received for the public notice published in sub module (205); wherein ruled based system identify status ofthe said property as either cleared or disputed; the said rule based sub-module (206) provides possible resolution for the particular objection raised by the third party,
a Report generation sub-module (207) configured to generate digital title clear certificate (208) after compilation of data received from dispute resolution sub-module (206),
a data storage (209) configured to store and retrieve data among associated module components; and,
a notification sub-module (210) configured to send notification for digital title clear report to end user after generating title clear certificate.
4. The digital system (10) to provide integrated real estate services to users using artificial intelligence as claimed in claim 1 wherein, the property valuation module (300) further comprises,
a property valuer assignment sub-module (301) configured to assign valuer to perform the task of property valuation for the requested property by the end user device (1),
a fetch property details sub-module (302) configured to retrieve details of said property requested by the end user device (1),
a physical site visit assign and a site characteristic sub-module (303) configured to manage and tag in-person physical visit for the property valuer to inspect the property site for the requested property by the end user device (1), the said sub module (303) also configured to collect property data, video/photograph/audio/meta verse, GEO location on site of property to validate facts of the said property and further documentation,
a GEO referencing sub-module (304) configured to calculate distance between the said property and adjacent landmark or essential amenities, status of adjacent construction, area, adjoining boundaries,
a base Government value sub-module (305) configured to retrieve Government decided/approved base value of the property as a reference point that helps determine a derived fair market value of the property based on rule engine analysis on data received from earlier sub-module (304),
a Report generation sub-module (306) configured to generate digital valuation report after compilation of data received from a base Government value sub-module (305) and recommended range of fair market value (310) derived using Artificial Intelligence; the said sub-module also configured to derive PL score (3061) based on the iPVR (105), Title Clear (208) and Valuation reports (306),
a data storage (307) configured to store and retrieve data among associated module components; and,
a notification sub-module (308) configured to send notification, to end user, for digital valuation report to end user after generating valuation report.
5. The digital system (10) to provide integrated real estate services to users using artificial intelligence as claimed in claim 1 wherein, the propertymonitoring module (400) further comprises,
a property input field sub-module (401) configured to receive input of requested property details from end user device (1),
a transaction monitoring sub-module (402) configured to track, detect and report any transaction at public and/or government and/or other platforms for the said property requested by the end user device (1),
an alert user sub-module (404) for completing due diligence in official record for the requested property configured to hypothecation of said property to official statutory record, the said sub-module (404) generates alert until user fulfils the requisite update in the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) portal for the said property; and,
a notification sub-module (403) configured to send notification for said unaccomplished task to the user for said property,
a Title Insurance sub-module (406) configured to fetch information through the data storage (407); and,
the Title Insurance sub-module (406) which protects the stakeholders with an ownership title when transacting on a real estate.
6. The digital system (10) to provide integrated real estate servicesusing artificial intelligence as claimed in claim 1 wherein, the asset and property management module (500) further comprises,
anasset and property management input field sub-module (501) configured to receive input of requested property details from end user device (1),
a property monitoring sub-module (502) configured to track changes for the said property at Government platforms or public platforms or other platforms,
a document management sub-module (503) configured to manage documents through the data storage (508) associated with the said property,
an utility and maintenance sub-module (504) configured to maintain associated deadline for any outstanding bill payment for the said property,
a rent sub-module (505) configured to manage outstanding due amount of rent for associated requested property details from end user device (1),
a legal case management sub-module (506) configured for tracking real time status or stage of proceeding pending at competent court and reporting the same to user end device (1); and,
a people and human resource sub-module (507) configured to manage human resource associated with said property requested property details from end user device (1).
7. The digital system (10) to provide integrated real estate services using artificial intelligence as claimed in claim 1 wherein, the modules (100, 200, 300, 400, 500) work either in sequential manner, from the iPVR module (100) to the asset management module (500), or independently, or in selective combination thereof as per the service requirement from the end user device (1).
8. The digital system (10) to provide integrated real estate services using artificial intelligence as claimed in claim 1 wherein, the system provides TAT (Turn Around Time) enablement which helps any associated party for timely completion of any task.
9. The digital system (10) to provide integrated real estate services using artificial intelligence as claimed in claim 1 wherein, the system provides choice to the end user device (1) for selection of Lawyer and Valuer from available list of empaneled service providers.
10. The digital system (10) to provide integrated real estate services using artificial intelligence as claimed in claim 1 wherein, the storage further comprises cloud infrastructure.
11. A method for providing integrated real estate services using system (10), as claimed in claim 1, comprises following steps,
(i) securely connecting end user device (1), modules (100, 200, 300, 400, 500), storage (106, 209, 307, 407, 508) and other input-output devices in the system (10) through network (20),
(ii) verifying the property details and associated ownership details, for requested property by the end user device (1), in iPVR module (100),
(iii) ascertaining associated vested interest of owners as per the official records, for requested property by the end user device (1), in title clear module (200),
(iv) deciding fair market value after considering associated relevant characteristics, for requested property by the end user device (1), along with PL Score (3061), in property valuation module (300),
(v) continuous monitoring, transaction or a change in the status, for requested property by the end user device (1), along with option for Title Insurance, in the propertymonitoring module (400),
(vi) providing compliance, supervision, monitoring, reporting and due diligence for particular tasks or human resources associated with the said property, requested by the end user device (1), in asset and property management module (500); and,
(vii) storing and retrieving data between associated system modules in storage.
12. The method as claimed in claim 11 wherein, step (ii) further comprises,
(i) receiving inputs from end user device (1) to perform mapping of input property data with database of the system in a Rule engine for mapping inputs sub-module (101),
(ii) performing web scrapping, document downloading, extracting and mapping data, to application, received from a Rule engine sub-module (101) in web automation module (102),
(iii) performing extraction,conversion and inferenceon the data received from web automation sub-module (102) in an Artificial Intelligence/Machine Learning extraction sub-module (103),
(iv) performing rule based identification for property ownership verification on data received extraction sub-module (103) in a Rule engine for ownership and property verification sub-module (104),
(v) generating digital initial property verification report after compilation of data received from Rule engine for ownership and property verification sub-module (104)in a Report generation sub-module (105),
(vi) storing and retrieving data among associated module components in data storage (106); and,
(vii) sending notification of digital report to end user device (1), after receiving initial Property Verification Reportfrom a Report generation sub-module (105), in notification module (107).
13. The method as claimed in claim 11 wherein, step (iii) further comprises,
(i) assigning a lawyer to perform title clear, for the requested property by the end user device (1), in a Lawyer assignment sub-module (201),
(ii) searching past public notice, for the requested property by the end user device (1), using secure Application Programming Interface [API] (202) in a past public notice search sub-module (203),
(iii) retrieving documents from the source, for the requested property by the end user device (1), in a document fetch sub-module (2017),
(iv) verifying document, received from the document fetch sub-module (2017) by the lawyer, in a document verification sub-module (204),
(v) publishing public notice for the said property, by lawyer, selecting newspaper, scheduling time slot and standardizing notice template by lawyer in a public notice publication sub-module (205),
(vi) managing third party responses or objections for the public notice published in sub module (205), in a dispute resolution sub-module (206) wherein ruled based system identify status of the requested property by the end user device (1),
(vii) generate digital title clear certificate (208) after compilation of data received from dispute resolution sub-module (206) in the Report generation sub-module (207),
(viii) storing and retrieving data among associated module components in the data storage (209); and,
(ix) sending notification to end user device (1), after receiving titled search report from generate digital title clear certificate sub-module (208), through a notification sub-module (210).
14. The method as claimed in claim 11 wherein, step (iv) further comprises,
(i) assigning a valuer to perform property valuation, for the requested property by the end user device (1), in a property valuer assignment sub-module (301),
(ii) retrieving details of said property, requested by the end user device (1), a fetch property details sub-module (302),
(iii) managing and tag in-person physical visit for the property valuer to inspect the property site in a physical visit assign sub-module (303),
(iv) collecting property data, photograph, GEO location on site of property to validate facts of the said property and documentation, in a site characteristic sub-module (303),
(v) calculating distance between the said property and adjacent landmark or essential amenities, status of adjacent construction, area, adjoining boundaries in a GEO referencing sub-module (304),
(vi) deriving a fair market value of the requested property based on rule engine analysis on data received from earlier sub-module (304) in a base Government value sub-module (305),
(vii) generating a digital valuation report after compilation of data received from a base Government value sub-module (305) in a Report generation sub-module (306) wherein universal property score determined based on rule based analysis,
(viii) deriving a PL Score (3061) based on values and inferences of iPVR (105), Title Clear (208) and from the various processes and stages of Property Valuation (306),
(ix) storing and retrieving data among associated module components in data storage (307); and,
(x) sending notification to end user device (1), after receiving digital valuation report from generate valuation report sub-module (306), through a notification sub-module (308).
15. The method as claimed in claim 11 wherein step (v) further comprises,
(i) receiving input of requested property details from end user in a property input field sub-module (401),
(ii) tracking, detecting and reporting any transaction or intended transactions taking place or are likely to take place for the said property at public or government or other platforms of the requested property by the end user device (1),in a transaction monitoring sub-module (402),
(iii) sending notification to end user device (1), after receiving rule based alert from transaction or intended transactions takes place or are likely to take place for the said property, on public or government or other platforms for the requested property by the end user device (1), through a notification sub-module (403); and,
(iv) hypothecating of said property to official statutory record in an alert usersub-module (404) for completing due diligence in official record; generating alert until user updates CERSAI record for the said property,
(v) availing an option of Title Insurance (406) derived from various prior stages to this step; and,
(vi) fetching information of title insurance (406) through the data storage (407).
16. The method as claimed in claim 11 wherein step (vi) further comprises,
(i) receiving input of requested property details from end user device (1) inthe asset and property management input field sub-module (501),
(ii) tracking change in the records for the said property at Government platforms or public platforms or other platforms in a property monitoring sub-module (502),
(iii) managing documents through the data storage (508) associated with the said property in a document management sub-module (503),
(iv) maintaining associated deadline for any outstanding bill payment for the said property in anutility and maintenance sub-module (504),
(v) managing outstanding due amount for the said rented property in a rent sub-module (505),
(vi) tracking and report real time status or proceeding of competent court to user in a litigation status update sub module (506); and,
(vii) managing human resource associated with said property in a human resource sub-module (507).
17. A computer-readable storage medium comprising instructions which, when executed by a computer, cause the computer to carry out the steps of the method of claim 11.
Date this 30th day of December, 2022.