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"We wanted a name that catches the imagination and is memorable, unique, and easy to pronounce," explained Arijit Sen, Gllit co-founder, on the choice of an intriguing name for the Dubai-based proptech. Gllit has an ambitious agenda - transform real estate transactions in Dubai and in the UAE by eliminating commissions.
As outsiders in the real estate space, Sen and fellow co-founder Smriti Tripathi were keen to highlight their platform's potential for revolutionising the real estate transaction process in Dubai with a name that also embodies the uniqueness of its services.
"We considered Gllit in totality, taking into account the various elements that gave it a distinct personality, i.e. the design of the typeface, the font, and the tag. In essence, Gllit is symbolic of our mission to be a disruptive force and to create a positive impact in the real estate industry," Sen told Zawya Projects.
He explained that by eliminating commission fees entirely, Gllit aims to make real estate more affordable and accessible for everyone.
"Our technology-led DIY model is an easy, convenient, and transparent option that enables direct conversations between home seekers and homeowners," he said.
The firm expects to generate revenues via a sign-up fee payable by users to access the premium features and sections of the platform, from advertising, brand partnerships and activations, and annual registration fees from partner vendors.
"As part of the launch phase, users currently can sign up for free and have complete access to all tools and features," disclosed Sen.
Confirming future fund-raising plans, he said: "We plan to seek funding to drive our growth plans, which would entail a robust product development roadmap and an aggressive marketing calendar."
Excerpts from the interview:
How do you see Gllit shaping the future of property transactions in Dubai?
Gllit will be an enabler and a facilitator of the shift towards a more user-driven and community-centric approach to real estate transactions. We have broken the journey down into three parts: discover-connect-transact, where we offer a full suite of tools and features that allow Gllit users to:
- Navigate a wide range of listings and easily discover properties that match their specific needs and preferences.
- Connect directly with home seekers or homeowners.
- Complete transactions in a straightforward, transparent and stress-free manner.
We believe that the future of property transactions will be defined by greater autonomy, transparency, and user empowerment, and we're proud to be at the forefront of this transformation.
Beyond the commission-free model, how is Gllit empowering users?
The commission-free model already strongly incentivises all market participants to use Gllit, making the process of buying, selling, or renting property transparent, seamless, and cost-effective. The platform further empowers users by providing a suite of free tools that allow them to initiate and complete property transactions at their own pace without the burden of commission fees.
For tenants and homebuyers, Gllit uses advanced algorithms to match users with properties that align with their specific requirements and preferences. From the comfort of their own space, homebuyers can easily explore properties from different locations, chat with property owners, get support on paperwork and even get advice from real estate experts.
For landlords and property owners, listing a property on Gllit is straightforward. The platform's user-friendly interface allows landlords and owners to easily input detailed information about their properties, upload high-quality images, write comprehensive descriptions or set up video calls and virtual tours.
How are you ensuring the security and transparency of transactions?
Security and transparency are paramount and are part of Gllit's core values and principles. To safeguard the interests of buyers and tenants, each listing goes through a two-tier verification process. Sellers must provide proof of identity and ownership through a title deed, which is then verified with the Dubai Land Department (DLD). This is currently done by the Gllit team, and we are further working on automating the process via a QR code system launched by the DLD and the Dubai Real Estate Regulatory Agency (RERA).
For home sellers and homeowners, we have ensured that only they can share their contact details with any interested party. As a platform, we adhere to all the applicable data protection laws and regulations.
What steps are you taking to stay on top of regulatory and compliance requirements?
Compliance is a critical aspect of our operations. We're committed to adhering to all relevant laws and regulations and are regularly in touch with our legal experts and government contacts to stay ahead of new legislation. We have incorporated compliance checks and balances at each stage of the transaction process on the Gllit platform, including stringent data protection to safeguard user information. Additionally, we provide guidance and resources to our users to help them understand their rights and obligations.
Apart from homebuyers, tenants, sellers, and landlords, who else will you be targeting for scaling up in the future?
Scaling up in the future will involve targeting several other key stakeholders and market segments to broaden our platform's reach and utility. These include:
- Engaging with major developers to list new properties directly on our platform.
- Partnering with both small-scale and large institutional investors looking to invest in real estate by offering market analytics.
- Collaborating with other technology innovators in the property space.
- Expanding geographically to tap into emerging and established international real estate markets outside of our initial focus areas.
- Providing resources, internships, and collaborative projects related to real estate to educational institutions and students, which can help build a pipeline of talent for Gllit and the industry.
Do you have plans to expand your platform beyond Dubai and the UAE region?
Based on our initial focus on Dubai, we plan to roll out Gllit across the UAE in the next six months. Further geographic expansion, with a strategic focus on the GCC and emerging markets in the MENA region, is definitely on our roadmap.
What is your perspective on Dubai's real estate market?
Real estate, when compared to other key sectors, is currently behind the curve in embracing digital transformation. The pandemic drove the first wave of transformation, but moving forward, the pace and extent of disruption will be driven by the changing profile of the consumer.
We are looking at a far younger buyer demographic than in the past, which, coupled with the fact that the sector is catering to a growing segment of Gen Y and Z, makes it imperative for all key stakeholders in the real estate space to adapt quickly. The DLD and RERA have done their bit by digitising many of their services, and it's time the remaining stakeholders step up.
Moreover, we expect the sector to enjoy sustained growth over the next two decades, driven by government efforts to diversify the economy and regulatory reforms, making Dubai real estate more attractive to global investors.
Specifically, we believe that the growth of Dubai's real estate industry will be influenced by the ambitious Urban Master Plan 2040, which includes a comprehensive housing development programme. One of the goals of the Master Plan is to get up to 55 percent of the population to live within 800 metres of a main public transport station. It also aims to increase space for hospitality and tourism activities by over 134 percent. These ambitious goals offer a glimpse into the future of Dubai's urban landscape under the Urban Master Plan 2040 and are poised to direct the course of real estate development for the next 20 years.
(Reporting by Anoop Menon; Editing by Dennis Daniel)
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