Arazi Ventures has been nominated for the prestigious National Innovation Award 2017. NEST by Arazi Ventures is one of the five products nominated for the ‘Fintech Innovation’ category. Other nominees include HBL, Finja, Inov8 and CreditFix. The winner will be announced on 7 December 2017.
NEST aims to bring down the minimum ticket size required to enter the lucrative real estate sector by allowing people to collectively acquire properties, by pooling their resources. One of the finalists at the Karandaaz Fintech Disrupt Challenge 2016, the startup was launched earlier this year and received a tremendous response from both within and outside the country.
This real estate start-up will help you invest with as little as Rs. 50,000
Reacting to the response, the Securities and Exchange Commission of Pakistan issued a public warning against the startup within the first 36 hours of its launch, advising people not to invest through the ‘crowdfunding’ platform.
SECP advises people against investing through real estate start-up.
Umair Sheikh (CEO, Arazi Ventures) said
“SECP’s action highlighted an important impediment – the mindset of the regulator and how the regulator sees new evolving technology platforms. Even though Arazi Ventures clearly mentioned that NEST was not a crowdfunding platform, it still had to face SECP’s wrath which claimed that the mere mention of the term ‘crowd funding’ in its press release constituted a violation of law. We have requested SECP to issue a clarification in the media and we’re hopeful that they would do it soon.”
The Punjab Board of Investments & Trade is one of the organizations backing NEST and other innovative tech startups. Mr. Jahanzeb Burana, Chief Executive Officer of Punjab Board of Investment & Trade also issued a statement in support of Arazi Ventures earlier today. He wrote ““The passion and maturity showed by Umair Sheikh at such a nascent level is testament enough that Pakistan is not short of talent. The idea behind restructuring the biggest sector of the economy is nothing short of ambitious but at the same time it is revolutionary. A structure that would not only shape the future of real estate transactions by benefiting the traditional players in the market i.e. buyers/sellers but would further create equity for the new entrants and would help in removing the barriers of entry for foreign real estate investments.
This cannot be classified as a convenience model but an equity model that contributes positively to the economy. It not only ensures transparency by adding another level of regulation to the sector that would also ensure that anyone can have a safe platform for information and understand the market dynamics. It has been an enlightening experience to lend support to such a creative individual that has shown that Pakistan has a realized potential and open-door policy for everyone. Innovation is, at least in part, driven by the economic wants of the society that the innovator is a part of; and Arazi Ventures is the perfect example of this.”
Please direct all inquiries to:
(CEO, Arazi Ventures)