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Land,
made liquid.
IREC is building market infrastructure for fractional beneficial interests in verified land parcels — recorded in a registry, traded on an order book, redeemable against the land itself.
Bids
Asks
Land is India's most held asset. It has almost no market.
Every other major asset class in India has an exchange, a registry and a price you can look up. Land has none of it. That is not a demand problem — it is missing infrastructure.
The ticket is the barrier
Land is sold whole. You either fund an entire parcel or you own none of it, which puts most buyers out of the market before they start.
Selling takes months
There is no order book and no standing bid. Exit depends on finding one counterparty willing to take the whole asset, on their timeline.
Nobody agrees on value
Guideline rates, broker quotes and circle values all disagree. Without continuous price discovery, every transaction is negotiated in the dark.
From registered land to a tradable interest.
Four stages, in a fixed order. Nothing is offered before the land exists and the trust is executed.
Land acquired
A parcel is bought and registered, with title and encumbrance verified, before anything is issued against it.
Deed of Trust
The parcel is ring-fenced under its own trust instrument, executed and registered per parcel.
Claims recorded
Fractional beneficial interests are recorded in the Vault Registry, the authoritative ownership record.
Trade, then redeem
Interests change hands on the order book, and can be redeemed against the underlying land through the Special Delivery Route.
Built to be examined.
The structure is the product. These are the four things that define what IREC is and what it deliberately is not.
Land first, always
Money is never collected to buy an asset later. The parcel is acquired and registered first, and interests are recorded against that specific existing parcel.
No management discretion
IREC does not deploy capital, develop land or promise returns from its own effort. It operates infrastructure — matching, records, verification.
The operator owns nothing
IREC holds no position in anything recorded on it. Beneficial interest sits with holders; the trustee holds legal title in fiduciary capacity.
Records over promises
An append-only registry, per-parcel trust documents and verified title papers. Everything that matters is written down and inspectable.
A look at the interface.
The parcels, localities and prices are invented. No land is listed and nothing is available to buy. Join the waitlist to be told when the real market opens.
The life of a parcel.
Four stages, always in this order. Pick a stage to jump straight to its full explanation, or just keep scrolling — every stage, every term and the Special Delivery Route are explained below.
↓ Scroll for the detail · Jump to the Special Delivery Route · Glossary
Land acquired and registered
Before anything can be recorded, traded or even described to the public, a real parcel has to exist, be owned, and have papers that survive scrutiny.
What happens
- A Licensed Issuer buys the land first. The Issuer is the entity that acquires a parcel and brings it to IREC. It buys with its own funds, before any interest exists. Money is never collected from the public to buy land later.
- The purchase is registered. The sale deed is registered at the Sub-Registrar's office, which puts the transfer on the public record in the way Indian law requires.
- The paper trail is verified. Title search (is the chain of ownership clean?), encumbrance certificate (is anything mortgaged, attached or in dispute?) and survey verification (do the boundaries on paper match the ground?) are completed and archived.
- A growth report is prepared. An assessment of the surrounding area — connectivity, planned infrastructure, nearby transactions — so that a holder can read something about where the parcel sits, not just whose name is on it.
- The IREC Verification Certificate (IVC) is issued. Documents are read by OCR into searchable text, consolidated into a single organised file, and a lawyer signs off on the result. The IVC says: these papers were checked and hold together.
- Listing is approved or rejected. Only a parcel with a clean IVC can be listed.
What gets a parcel rejected
- A broken or unclear chain of title — a gap between owners that cannot be explained on paper.
- A live mortgage, attachment, lien or pending litigation showing on the encumbrance certificate.
- Survey or boundary mismatches that cannot be reconciled.
- Documents that cannot be verified, are illegible beyond repair, or are incomplete.
- Any point on which the lawyer declines to sign off.
Terms in this stage
The entity that acquires a parcel and brings it to the platform.
An official statement of registered dealings and charges on a property over a period.
The government office where property transfers are registered.
IREC Verification Certificate: OCR, consolidation and lawyer sign-off on a parcel's papers.
Per-parcel Deed of Trust
The parcel is placed into a trust of its own, so the land is held safely and the holders' rights are written down before anyone can hold a share.
What happens
- One Deed of Trust per parcel. Every parcel gets its own trust instrument, executed under the Indian Trusts Act, 1882 and registered under the Registration Act, 1908. Nothing is pooled across parcels.
- A trustee holds legal title. The trustee's name is what stands on the land records, and the trustee acts in a fiduciary capacity — a legal duty to act for the beneficiaries, not for itself.
- Holders own the beneficial interest. Beneficial interest is the right to the benefit of the land — its value and its proceeds. It belongs to the people who hold Claims, not to the trustee and not to IREC.
- The beneficiary class is dynamic. The deed does not list fixed names. The group of beneficiaries is defined as "whoever holds Claims in this parcel in the Vault Registry", so it updates automatically as Claims are bought and sold, without re-signing anything.
- A standard IREC template. The same reviewed template is used for every parcel; only the parcel-specific schedule changes. Investors read one document once and know how all of them work.
- IREC is not a party to ownership. IREC operates the records and the matching. It holds no interest in the parcel and no position in anything recorded on it.
Terms in this stage
Holds legal title to the parcel and must act for the beneficiaries.
A holder of Claims; the person the trust exists to benefit.
Who the land records name as owner. Held by the trustee.
The economic ownership of the land. Held by Claim holders.
Claims recorded in the Vault Registry
Ownership of the parcel is divided into percentage-based Claims, and every Claim is written into an append-only registry.
What a Claim is
- A Claim is a fractional beneficial interest in one specific parcel. Each parcel has a fixed total of N Claims. If you hold C Claims, you own C ÷ N of the parcel.
- Claims are percentages, not prices. A Claim is a slice of the parcel, so its worth follows the value of the land and what the market will pay, not a face value.
How the Vault Registry keeps the record
- Append-only. Entries are never edited or deleted. A correction is a new entry that references the old one, so the full history is always visible.
- The 100% invariant. For every parcel, all recorded Claims must add up to exactly 100%. A write that would break this is rejected, so it is impossible to record more ownership than exists.
- Atomic writes. A transfer is one indivisible action: the seller's Claims go down and the buyer's go up together, or nothing happens at all. There is no half-finished state.
- Fixed-point decimals. Quantities are stored as exact decimals rather than floating-point numbers, so rounding error can never leak a fraction of a Claim.
- Document pointer and hash. Each entry points to the document behind it and carries a hash — a digital fingerprint. If the document were changed later, the fingerprint would no longer match.
Two kinds of Vault
Everything one holder owns across parcels, with their verified identity.
Everything about one parcel: its documents, its IVC and its full schedule of holders.
Who can hold Claims
- Every holder is KYC-verified — Aadhaar and PAN — before a single Claim can be recorded in their name. Identity data is tokenised and masked.
- The registry is structured on the depository model used for Indian securities: one authoritative record, identity-linked end to end.
Trading, then redemption
Claims change hands on an order book — and holders who want the land itself can redeem against it.
Trading on the order book
- One order book per parcel. Each parcel has its own list of buyers' bids and sellers' asks. Prices for one parcel say nothing about another.
- Two order types only: market and limit. A market order trades immediately at the best available price. A limit order names the price you will accept and waits until someone meets it.
- Price-time priority (FIFO). The best price is served first; among equal prices, whoever placed the order first goes first. No one can jump the queue.
- Two different prices. The On-Platform Rate (OPR) is what Claims trade at on the book — set by buyers and sellers. The Intrinsic Property Rate (IPR) is the value of the land itself. They can differ, and the platform keeps them apart deliberately.
- A circuit breaker guards against errors. If a single trade would execute more than 15% away from the last executed trade, it is paused for manual review. There is no rigid daily price band; the check catches fat-fingers and manipulation, not ordinary movement.
- Set hours. Monday to Friday, 10:00 to 18:00 IST. Outside them the book is closed.
- Settlement is a registry write. When a trade matches, the Vault Registry updates atomically — the record and the trade cannot disagree.
Two ways to leave
Place a sell order and exit to another holder at the market price.
Use the Special Delivery Route to take a plot of the land itself.
The Special Delivery Route,
explained from scratch.
The Special Delivery Route (SDR) is how a holder turns their Claims back into the thing they represent: a piece of real land, in their own name.
You hold Claims in a parcel. Normally you exit by selling to another holder on the order book.
Instead of selling, you redeem: your Claims are cancelled and you are delivered a plot carved out of the parcel, registered in your name.
You are no longer a Claim holder in that parcel. You are the owner of a piece of land.
If Claims could only ever be sold to other Claim holders, their price could drift arbitrarily far from what the land is worth. A standing right to take the land itself keeps the two connected.
A thin order book can never trap someone who is prepared to take the land.
The right is not just to a share of proceeds but, at the right scale, to the real asset.
Each parcel has a threshold percentage, set for that parcel. A holder must hold at least that share to invoke SDR, because a plot has to be large enough to exist as a legal, usable piece of land.
- 1Check eligibility
The holder's Claims are checked against the parcel's threshold percentage. Below it, SDR is not available and the order book remains the exit.
- 2Invoke and freezeClaims locked
The holder invokes SDR. The Claims being redeemed are frozen at once — they cannot be sold, moved or reused while the process runs.
- 3Plot orderPublished in advance
Plots are ranked in advance, and that ranking is published before the parcel is issued, so nobody can be surprised later. Redemptions are served in sequence, starting from the lowest-ranked plot.
- 4Value on the IPR basisIPR, never OPR
The value of the redemption is worked out on the Intrinsic Property Rate — the value of the land — never on the On-Platform Rate. Where redemption happens at a discount to that value, a discount fee applies.
- 5Deed and registrationRedeemer pays
The plot is conveyed to the holder by deed and registered. Stamp duty and registration charges are borne in full by the holder redeeming, not by other holders.
- 6Finalise and rebaseFails safe
Once registration is complete, the frozen Claims are extinguished and every remaining holder's percentage is rebased so the parcel again totals 100%. If the deed or registration fails, nothing is lost: the Claims simply unfreeze.
Applied to every remaining holder the moment redeemed Claims are extinguished, so the parcel always totals exactly 100%.
A parcel has 100 Claims. A holder redeems 10, so 10% of the parcel leaves. Someone who held 18 Claims still holds 18 — but there are now 90 in existence: 18 × 100 ÷ (100 − 10) = 20%.
Their Claims did not change; the parcel underneath got smaller.
Ties are broken strictly by the order in which the database committed each invocation — first committed goes first. There is no discretion.
When the last Claim is redeemed and N reaches zero, the parcel is closed and its book is retired.
How several redemptions map onto several plots of different sizes is still being finalised.
Published before launchSDR lets a large holder swap Claims for a registered plot. It is priced off the land, ordered by a ranking published in advance, paid for in stamp duty by the person taking the land, and leaves everyone else's share exactly proportionate.
Every term, in plain words.
A fractional beneficial interest in one specific parcel. C Claims out of N total is C ÷ N ownership.
A verified holder of Claims, recorded against that parcel in the Vault Registry.
One specific, registered piece of land with its own trust, papers, registry page and order book.
The entity that acquires a parcel and brings it to the platform.
IREC Verification Certificate. OCR, consolidation and lawyer sign-off on a parcel's papers.
The legal right to own a property. A clean title has an unbroken, documented chain of owners.
A charge on the property — a mortgage, lien, attachment or dispute.
The per-parcel legal document that places the land under a trustee for the benefit of Claim holders.
The party holding legal title to the parcel, bound to act for the beneficiaries.
A person with a legal duty to act in another's interest, not their own.
The economic ownership of a property, distinct from the name on the land records.
A beneficiary group defined by the registry rather than by fixed names, so it changes as Claims move.
The append-only, authoritative record of every Claim and every transfer.
A holder's personal record: all Claims held plus verified identity.
A parcel's record: documents, IVC and complete schedule of holders.
Records can be added to but never edited or deleted. Corrections are new entries.
The rule that a parcel's recorded Claims must always total exactly 100%.
A change that happens completely or not at all, never partially.
A digital fingerprint of a document. If the document changes, the fingerprint changes.
Know Your Customer: verification of identity through Aadhaar and PAN before holding Claims.
A parcel's live list of buy orders (bids) and sell orders (asks).
An order to trade immediately at the best available price.
An order to trade only at a named price or better; it waits until matched.
Best price first; among equal prices, earliest order first.
A pause on any single trade more than 15% from the last executed trade, held for manual review.
On-Platform Rate: the price Claims trade at on the order book.
Intrinsic Property Rate: the value of the land itself, used to value SDR redemptions.
Special Delivery Route: redeeming Claims for a registered plot of the underlying land.
Locking Claims from trading or transfer while a redemption is in progress.
Recalculating remaining holders' percentages after Claims are redeemed, so the total returns to 100%.
This page describes the intended design of IREC, which is pre-launch. Details may change before launch, examples are illustrative, and nothing here is an offer, invitation or solicitation to buy or sell any interest.
Live Market
—
How this market is designed to work.
Every parcel trades on its own order book. A bid on one parcel never matches an ask on another, and each has its own price history.
Better prices are matched first. At the same price, the order placed earlier is filled earlier. The queue cannot be jumped.
A market order fills at once against the best resting orders. A limit order names your price and waits in the book until it is met.
A single trade more than 15% away from the last executed trade is paused for manual review. There is no fixed daily band on price.
The bar at the top tracks the whole simulated market and each parcel type — residential, commercial and plotted — against the previous close.
Monday to Friday, 10:00 to 18:00 IST. Outside these hours the book is closed and the terminal shows the last session.
A matched trade is written to the Vault Registry atomically. The record of who holds what and the trade itself cannot disagree.
Holders above a parcel's threshold can redeem Claims for a registered plot instead of selling. Read how →
How the structure holds.
Confidence in a market should come from reading its structure, not from being told to trust it. This page states the architecture in plain language, and the risks alongside it.
Nothing is pooled
Funds are never collected to acquire an asset later. Land is acquired and registered first, and interests are recorded against that specific parcel. Each parcel is ring-fenced under its own trust instrument with its own schedule of holders.
No manager, no promise
IREC does not deploy capital, develop land, or generate returns through its own effort. It operates infrastructure — order matching, ownership records, document verification — for defined fees. Any change in value belongs to the land and the market, not to a manager.
The operator holds nothing
IREC takes no position in anything recorded on it. Beneficial interest sits with holders; legal title sits with the parcel's trustee in fiduciary capacity. There is no proprietary book trading against users.
An append-only registry
The Vault Registry is structured on the depository model used for Indian securities: a centralised, authoritative, append-only record of every interest and every transfer. Identity data is tokenised and masked in line with the Aadhaar Act.
Every holder is verified
Full KYC is required before any interest can be recorded — Aadhaar and PAN verification, with periodic refresh. Records are identity-linked end to end, which is what makes the fiduciary structure legible rather than opaque.
A real, registered company
IREC Markets Private Limited is incorporated in Tamil Nadu under the Companies Act, 2013. Legal architecture has been documented and a formal legal opinion obtained. Company documents are listed on the Documents page.
Risks, stated plainly.
An honest market publishes what can go wrong. These are the material risks as we understand them today.
Land can fall in value. A fractional interest in land carries the same downside as the land itself, and past movement in any land market is not a guide to future movement.
Exit at a chosen price depends on a matching order existing. In a thin book, a holder may have to wait, accept a lower price, or use the redemption route instead.
The structure is built against India's current regulatory perimeter, and that perimeter can change. A future rule, ruling or interpretation could require the model to change materially.
The legal architecture is defensible in principle and has not been tested in litigation or by a regulator. A formal opinion is not a clearance, and we do not present it as one.
IREC is pre-launch. The product described on this site is not yet operating, and timelines, features and fee structures may change before launch.
A Claim relates to one specific parcel, not a diversified portfolio. Anything that affects that parcel — local demand, access, disputes, regulation — affects the interest directly.
The paper behind it.
A market is only as credible as the documents it will show you. These are being prepared for publication and will be posted here, redacted where required, as they are finalised.
Registrar of Companies filing for IREC Markets Private Limited, incorporated in Tamil Nadu under the Companies Act, 2013.
To be publishedThe standard per-parcel trust instrument, executed and registered separately for every parcel before any interest is recorded against it.
To be publishedThe full plain-language statement of risks attaching to fractional beneficial interests in land, in the form that will accompany every listing.
To be publishedAn illustrative registry extract showing how a parcel's interests and transfers are recorded, and what a holder can inspect.
To be publishedNeed a document before it is posted publicly? Write to odil@ireccorp.com.
Who is building this.
Pranet Odil
I did not start with the idea of an exchange. I started with a simpler observation: my family's money, like most Indian families' money, was in land — and none of it could be moved without months of effort and a buyer willing to take the whole thing.
That is not a small inconvenience. It is the reason the largest store of household wealth in the country behaves less like an asset and more like a locked room. Equities got a depository, an order book and a price on a screen. Land got brokers, guideline rates and rumour.
IREC is my attempt to build the missing layer — carefully, inside the existing law, with the structure published rather than hidden. It is early. Most of what matters is still ahead of it. But the problem is real, the instrument is real, and someone should be building it properly.
Pranet OdilFounder, IREC Markets Private Limited
How this gets built.
A matching engine, a registry and verified land documents. The unglamorous machinery that markets are actually made of, rather than a story about the future.
Build the cleanest, most compliant version of what the law already permits, and let the structure make the argument. No cleverness that depends on not being looked at.
Documents open to holders. Transfers on a permanent record. Risks published alongside the pitch. Trust that can be checked is not trust — it is fact.
Hear it first.
IREC is pre-launch. The waitlist is how we tell you when there is something real to look at — not a queue for an offer, and not a commitment on either side.
You hear when the market opens, and what is actually listed on day one.
Legal documents and the risk statement go to the waitlist as they are published.
Early members shape what gets built. Replies reach the founder, not a support queue.
You're on the list.
We'll write when there is something real to show you — not before.
See the demo market →Reach the desk.
Partnerships, listings, press, or a hard question about the structure — all of it comes to the same place.
