Prometheus is a real estate developer with projects in Mauritius and Portugal, more specifically Madeira, where it has five luxury developments and many more in the works. Two of the villas have already been sold and paid for in cryptocurrency, and the company plans to continue linking luxury development with blockchain technology.
The company’s CEO, Priyesh Patel, explained to SAPO TEK that the new project being developed is the Royal Bunker, co-designed with some of the biggest European influencers in real estate. Considered a first in the real estate industry, the scheme combines blockchain technology and NFT infrastructure.
“The blockchain project involved in building the Royal Bunker was inspired by everything we know about blockchain, from design, speed to simplicity,” stressed Priyesh Patel. “We are moving forward,” said Priyesh Patel. Further, to be able to manage all the smart home technology of the house on the blockchain, as well as lease management and even real estate sales using NFTs (non-fungible tokens).”
“We are the first in the world to do this, and our intention is to show a new disruptive future where everything is familiar, but faster, bigger, and better,” the manager assured.
The project will have 20 units in Portugal and Spain. “The homes will be built on site and ready to move in within 2 months. That’s an exciting thing we’re working on,” he stressed.
Homes to live in and invest in, managed on the blockchain
The luxury villa under development, designed by Scandinavian and Portuguese architects from Prometheus, joins existing projects, Aurora and Interstellar in Calheta, and the Saudade project in Ponta do Sol, scheduled for delivery in 2022 ,
The villa will be in blockchainfrom function smart home, license, title, rent, fee, technology, access, payment, apartment, etc.According to the company, investors can buy luxury properties in the group and make money from rent, holding Token represents part of the property. “This will make it possible to tap into the rental income stream without having to buy the underlying asset at full price,” he explained.
As with the sale of the first houses paid for in cryptocurrencies, Priyesh Patel assured SAPO TEK that everything will be done according to the rules. “The law takes precedence over everything. So we make sure our transactions are compliant, and ultimately, we ‘tick all the boxes’ to close the sale.”
The manager explained that cryptocurrencies are just a form of payment. “What matters is the legal process [“due process”] Follow the purchase order and deposit money into the company’s bank account in an acceptable currency such as euros,” adding that “we have policies in place to ensure we can achieve this and meet all obligations. We don’t have any challenges because we don’t hold cryptocurrencies in their native form after receiving the payment, but in Euros. “
When asked if these schemes would facilitate fraud, Priyesh Patel recalled: “The blockchain is transparent, anyone in the world can see who is sending money and where the money is going. Also, all exchanges now require ID and KYC [Know Your Customer] Very detailed”.
“I would even say that cryptography is now more transparent than banks when it comes to analyzing transactions between two parties. It is open to public scrutiny without a request under ‘freedom of information’,” he stressed. “It is practically impossible to hide the buyer’s identity and source of funds because everything happens on the blockchain with KYC before the sale agreement.”
The manager also added that the company always checks the source of funds and the identity of the buyer. “Our law firm conducts all due diligence and transactions with notaries.”
The use of NFTs in real estate
The plan will also enable property ownership to be offered as NFTs (non-fungible tokens). Priyesh Patel explained that the idea started with a basic demo of how to buy and sell property for NFTs, but the goal is to go further. “We will then show our landlords how we can leverage their property rental income in unprecedented ways, how they can find international buyers of their properties through NFTs, which was not possible before.”
For SAPO TEK, the manager gave the example of a Greenland investor who bought a house in Madeira via NFT and, after a few years, could sell it without ever seeing or living in it. “Property is always managed by the legal team, but it changes the way you view the property, be the investment you earn rental income from it, or sell it to another international investor at the click of a button, otherwise they would never have bought mad Pulled property”.
For Prometheus’ CEO, “We’re developing something that promotes innovations that we think are necessary in real estate, such as having a rare collectible property that you can choose to own or sell”.
The foundation, he argues, are “smart contracts” that “allow NFTs to be applied to almost anything imaginable, with huge use cases for complete transparency.” “Imagine being able to buy a multi-million dollar commodity like building a new housing project, realizing the benefits once completed, and distributing royalties fairly and openly, with no onerous barriers in the real world.” For managers, here The main benefits are access to funding, speed, transparency and accessibility. “You have to have the idea that anyone can do anything and empower individuals in real estate investing.”
Even so, he admits there are still steps to be taken before the whole process becomes more linear. “Currently, before the law changes, we have mechanisms in place to ensure that transfers, KYC, related taxation and notary authentication are carried out offline as required by law in the traditional sense.”
According to Priyesh Patel, “Portugal is very progressive and I strongly believe that they will enforce governance and laws to facilitate the integration of the traditional economy with blockchain technology. There is a reason why everyone in this industry is looking to move to Portugal and some of them choose us to buy their dream home while embracing the revolution.”
The company is gearing up for the change and says it wants to demonstrate that if the bureaucracy of the procedural burden that currently needs to be dealt with is reduced, it will become more efficient and more accessible to all involved and therefore People are profitable.
“Decentralization also puts power back in the hands of the people, which is the foundation of society, and smart contracts are our way of making cryptography viable and feasible in the real world.”