RECOS - Real Estate Automation and Compliance Management System

RECOS is a cutting-edge proptech platform built with the aim of catering to the challenges faced by real estate developers. RECOS facilitates the daily construction monitoring activities with the aid of daily progress report(DPR), Real-Time analytics via mobility platform and more. It streamlines project planning, documentation, site execution, engineering modifications and project communication in “Real Time”. As a stakeholder inclusive platform, RECOS also empowers decision makers, builders and buyers to collaborate on web or mobile platforms. Digitization and Collaboration driven by RECOS aims to ease Real Estate developers into RERA, with improved site efficiencies, reduced project delays, and improved cost optimization strategies. RECOS also helps property developers better manage, inform and engage homebuyers- before, during and after construction, using a smart mobile solution.

RECOS Features

RECOS enables project configuration by capturing information such as Organization details, Project details, Address details, FSI details configuration of flats in the project. etc. The application also facilitates inventory management of all flats including cancellation requests. Also at regular intervals during RERA certificate generation process, system mandates to capture the actual progress at construction site which needs to be supported by real time construction site photographs. The RECOS application captures as well as provides comparisons between estimated vs. actual progress of work completed and cost consumed in real time in a graphical way.

RECOS application provides a module to manage the project costing by allowing the developer to estimate the quantum and cost associated with each activity and sub-activities. System allows you to drill down the BOQ till 2nd level and capture the quantum and cost. This duly estimated cost at project initiation is then submitted to RERA authority and becomes basis for generation of architect and engineer certificate in a scientific manner.

RECOS application allows the configuring of users against various roles at the start of the project. Each user has role based access. RECOS application is driven by RERA workflow which is essentially designed in a scientific way so that the RERA certificates like Architect, Engineer, Quality and CA certificates are calculated in real time as the workflow proceeds towards completion. All the milestone related stage-gates in the workflow have maker and checker concept to perform due diligence before the critical data is pushed further in the system.

RECOS application allows all the relevant stakeholders involved in RERA process to collaborate on this platform. Architects, Engineers, CAs, internal team of developers, Estimation, CRM and Accounts users can collaborate and efficiently transfer required information between themselves. For eg: Sales and CRM team can collaborate with CA to pass on the real time data about sales inventory while generating the RERA certificate. Sharing the documents to the necessary stakeholders is also possible through this application.

This is the defining feature of the RECOS application. As per the RERA mandate, developers have to mandatorily submit the project progress update on a quarterly basis for which they have to generate RERA certificates such as Architect (Form1), Engineer (Form 2), Quality (Form 2A) and CA (Form 3). Based on the study, it is also been observed that the customers level of awareness has increased and they too have started demanding the project update certificates from the builder's CRM/Sales team. Next, banks at regular intervals demand for certificate to release the funds from escrow account. Hence, to manage this spike in demand of certificates, we have introduced RERA Requisition module. Requests raised either by RERA/ CRM/Sales or Accounts team will be sent to the administrator for approval. Post approval, RERA certificate generation workflow will be triggered.

RECOS application has a module to automate the process of RERA filing into RERA website. RECOS applications is enabled with RPA technology through which the process of automation is carried out. Post completion of successful posting into the RERA portal, system will capture the screenshots showing success and will post back into RECOS application.

RECOS application has a feature which helps the developer to swiftly manage the compliances introduced by RERA. Compliances like Society formation, information of Flats and Parking slots that have been sold etc. are managed in the RECOS application. The system periodically intimates the administrator about the status of the compliances and informs well ahead of time if in case any compliance is on the verge of defaulting.

RECOS application gives real time information about the health of the project to the management with the help of the dashboard. The Dashboard comprising of the project KPIs and individual action of work is available for all the users. All the unique reports with respect to estimation, RERA certificates, Document Management system reports, graphical reports with respect to project completion and cost consumption are systematically available in the Report module of the RECOS application.

RECOS application allows administrator to govern the entire project configuration and settings through admin console. Administrator can setup the user roles and definitions through an intuitive and simple configuration process. Administrator can also change the password for any user if and when demanded.

RECOS application has an inbuilt mail management system to communicate the important stages and actions to be performed to the stakeholders involved in the project. System generated emails are automatically sent to the necessary stakeholders as reminders in order to intimate them about the tasks they have to perform in the application.

RECOS can also double up as a document management system. Users can store all project specific documents in a central location that can be accessed by everyone provided that they have the rights to do so. Also, Multiple files/revisions of files can be stored within each entry. RPA technology will be utilized to update the stored information into the Official RERA portal.

The Daily Progress Report feature will be accompanied by a mobility app that will help site personnel report the progress achieved on a daily basis and this information will be used to derive certain KPI's indicating the actual health and progress of the progress. These KPI's have been created with an aim to cater to the organization's management by providing maximum information for informed decision making with a quick glance.

RECOS allows the management of all litigations related to the project. The system provides exclusive access to the developers legal team to document and manage all the closed and on-going litigations related to projects. These records will be stored and organized within the system on project to project basis. The legal team can also upload the petitions/orders etc. that have been issued for those cases into the system. RPA technology will assist in feeding this information into the RERA portal.

RECOS comes equipped with Sales module that is specificallly designed to aid the Developers Sales/CRM teams in their lead generation and follow up process. The module provides separate space for maintenance of customer records and povides the teams with insights through various defined KPI's. The Sales module also makes provisions to manage information regarding the channel partners associated with each project and also helps the team incharge manage all their campaigns.

RECOS provides its users with the ability to store and manage the details of all its associated partners like – Real Estate Agents, Contractors, Architects, Engineers, Chartered Accountants etc. at a single destination. The professionals contact information will be stored in a structured format based on the projects with which they are associated. Multiple entries can be created depending on the associated project’s requirement.