Asif and Altamash

founders of Xstate

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Asif and Altamash are the founders of Xstate. Xstate describes itself as a fractional real estate investment platform. They started Xstate in January 2021.

Career before Xstate

One of the founders described being a software developer. One of the founders said that before starting Xstate, the founder was running a company. The same founder said the earlier company hired some of the top coders, who worked from Pakistan for Deloitte. [1]

Xstate

A founder said the team found there was no option available there, and that this is how they pivoted the whole idea of Xstate. A founder said Xstate buys a whole plot and then breaks its value into small parts. As an example, a founder said a 10 crore rupee plot would be divided into 1,000 parcels, each worth about 1 lakh rupees. [1]

A founder said Xstate legally owns a property before it is listed. A founder said Xstate only lists properties that are solid and that are in its ownership. A founder also said Xstate would give the owner 90% ownership of the property and sell the other 10% on the market. [1]

A founder said the concept Xstate is bringing is equity based crowdfunding. A founder described equity based crowdfunding as crowdfunding in which a real asset is already on the platform, and said there are four different types of crowdfunding. A founder said Xstate is in beta right now partly because it wants to show the government the utility of the concept. [1]

A founder said the SECP is actively working in this domain. A founder said the SECP gave sandbox licences to two companies that were supposed to work in a similar domain. A founder said some regulation for this domain would come within a couple of months. [1]

The founders said Xstate takes a 2% commission on every transaction. They said all profits go to the people who invest, and Xstate takes no part in the profits. A founder said Xstate determines a market price using its own AI, which crawls property listing sites. The founders also said Xstate puts third party figures on its website. [1]

A founder said Xstate takes only electronic fund transfers, with no cash involved in the company. A founder said Xstate is almost done adding credit card and debit card payments. A founder said Xstate is in a testing phase. A founder said Xstate is a technology company and is not going into construction right now, and that it also plans to partner with some construction companies. [1]

A founder said the first plot Xstate sold was an 8 marla plot. A founder said the team had to ask people to give it one more month, because there was other due diligence still to be done. A founder said Xstate listed a property on October 7th in a premium location. A founder said Xstate is also going into DHA Phase 3, DHA City Karachi and DHA Phase 9 in Lahore. A founder said Xstate saw investments from all over the world, from 15 countries. [1]

Vision

The founders said Xstate aims to be the world's first real estate exchange, where shares in a property are traded like stocks. They said Xstate aims to become a global marketplace where people can trade in property without having to buy it. The founders said they want to democratise real estate investments. A founder said Xstate's tagline is that land will now belong to everyone. [1]

The founders said a blockchain-type token is on their roadmap, but that blockchain as a technology is too early for now in Pakistan. The founders said halal compliance is important to them and that they have made it a cornerstone of the company. [1]

Views

A founder said trust is also a very big issue in real estate. A founder said the biggest problem with real estate investment is that it is, by definition, not liquid. A founder said the problem is not real estate itself but holding it. [1]

A founder said Pakistan needs code academy type resources. A founder said there should be a government-backed seed fund for IT startups. A founder said human capital is the most important capital because, at the end of the day, this planet is for humans. [1]

A founder said that whether one is in Pakistan or in the US, the world is getting flatter day by day. A founder said Pakistan is the world's second biggest country for blockchain investment adoption. A founder said the next 30 years could be the best period of Pakistan, and that this is what the founder believes. [1]

Timeline

2021
Asif and Altamash start Xstate.[1]

Appearances

DateTitleWhere
2021-11-01 How to own a piece of an F-6 plot for one lakh rupees Thought Behind Things

Frequently asked questions

Who is Asif and Altamash?

Asif and Altamash are the founders of Xstate. Xstate describes itself as a fractional real estate investment platform. They started Xstate in January 2021.[1]

What company did Asif and Altamash found?

Asif and Altamash founded Xstate. Xstate describes itself as a fractional real estate investment platform.[1]

When did Asif and Altamash start Xstate?

Asif and Altamash started Xstate in January 2021. A founder said the team pivoted the whole idea of Xstate after finding there was no option available there.[1]

References

  1. How to own a piece of an F-6 plot for one lakh rupees . Thought Behind Things , 2021-11-01.
Show the source passages (48 statements)
  1. Asif and Altamash are the founders of Xstate. with the founders of X-state, Atif, and Altamash
  2. Xstate describes itself as a fractional real estate investment platform. Xstate is a fractional real estate investment platform.
  3. Asif and Altamash started Xstate in January 2021. Yeah, it's we started this in January 21.
  4. One of the founders described being a software developer. main being a software developer myself
  5. A founder said the SECP gave sandbox licences to two companies that were supposed to work in a similar domain. they actually gave sandbox license to two companies who works who are supposed to work in a similar domain
  6. A founder said the SECP is actively working in this domain. yes uh SECP is actively working in this domain.
  7. A founder said some regulation for this domain would come within a couple of months. within couple of months iski koi regulation aa jayegi
  8. A founder said Xstate legally owns a property before it is listed. Before listing the property, the property is legally owned by Xstate.
  9. A founder said the concept Xstate is bringing is equity based crowdfunding. jo concept Xstate la raha hai woh hai equity based crowd funding.
  10. A founder said Xstate is in beta right now partly because it wants to show the government the utility of the concept. the reason Xstate is also in beta right now is ke we want to show the government the utility of this concept.
  11. A founder described equity based crowdfunding as crowdfunding in which a real asset is already on the platform. This is equity based crowd funding in which you have a real asset already on the platform
  12. A founder said there are four different types of crowdfunding. So there are actually uh there are four different types of crowd funding.
  13. The founders said a blockchain-type token is on their roadmap, but that blockchain as a technology is too early for now in Pakistan. That's definitely on our roadmap, right? Pakistan mein blockchain as a technology, it's too early for now, right?
  14. A founder said the team found there was no option available there, and that this is how they pivoted the whole idea of Xstate. So we figured out ke yaar idhar toh koi option hi nahi hai, right? So then we were 100% sure ke yaar yeh idea kaam karega ke nahi karega. So that's how we actually pivot the whole idea of Xstate
  15. A founder said trust is also a very big issue in real estate. zyada tar jo hai na woh is real estate mein trust ka bhi ek bahut bada issue hai
  16. A founder said Xstate buys a whole plot and then breaks its value into small parts. Toh Xstate kya karta hai ke woh plot poora ka poora khareedta hai. Aur phir uski value ko chhote chhote parts mein break kar deta hai.
  17. As an example, a founder said a 10 crore rupee plot would be divided into 1,000 parcels, each worth about 1 lakh rupees. Toh for example 10 crore ka plot hai, hum usme 1000 parcels bana denge. Jo ek parcel ab jo hai basically 1 lakh ke barabar hoga.
  18. A founder said the biggest problem with real estate investment is that it is, by definition, not liquid. Sabse bada masla real estate investment ka hai hi yeh ke real estate investments by definition liquid nahi hoti.
  19. The founders said Xstate aims to be the world's first real estate exchange, where shares in a property are traded like stocks. will be the world's first real estate exchange. Right. In which basically your shares in the property are traded just like a stock exchange.
  20. The founders said Xstate takes a 2% commission on every transaction. 2% commission at every transaction in Xstate.
  21. The founders said all profits go to the people who invest, and Xstate takes no part in the profits. All the profits will go to the people who invest. Theek hai. Usmein Xstate will not be taking any part in the profits.
  22. The founders said Xstate aims to become a global marketplace where people can trade in property without having to buy it. ek global marketplace banana hai jahan pe log aayein. You don't have to buy property but you can trade in property.
  23. The founders said Xstate puts third party figures on its website. So we are putting third party figures on our website as of now today also.
  24. A founder said Xstate determines a market price using its own AI, which crawls property listing sites. Market price is what we actually determine from using our AI, right? Ke hum jo hai na grana aur zameen.com ko crawl karte hain
  25. A founder said Xstate is a technology company and is not going into construction right now. definitely in future we are actually not going into construction right now. We are a technology company.
  26. A founder said Xstate also plans to partner with some construction companies. But we gonna also partner with some construction companies, right?
  27. A founder said the problem is not real estate itself but holding it. Jo problem hai woh real estate nahi hai, woh holding hai.
  28. A founder said Xstate would give the owner 90% ownership of the property and sell the other 10% on the market. Xstate will give you 90% ownership of the property, right? Aapka jo land hai aur 10% aapka market mein bech dega.
  29. A founder said Xstate only lists properties that are solid and that are in its ownership. So we only list properties, right? Jo solid hai aur jo hamari ownership mein hai.
  30. A founder said Xstate is in a testing phase. abhi chuke jo hai na we are actually in a testing phase.
  31. One of the founders said that before starting Xstate, the founder was running a company. before starting Xstate I was running a company by the name Hire Ninja.
  32. One of the founders said the earlier company hired some of the top coders, who worked from Pakistan for Deloitte. And we hired some of like top coding ninjas jo Pakistan mein baith ke unhone Deloitte ke liye kaam kiya, unhone Luminary ke liye kaam kiya
  33. A founder said Pakistan needs code academy type resources. hamain code academy type cheezein jo hai na woh Pakistan mein chahiye.
  34. A founder said that whether one is in Pakistan or in the US, the world is getting flatter day by day. either you are in Pakistan or in US, the world is getting flat and it's getting flatter and flatter day by day.
  35. A founder said human capital is the most important capital because, at the end of the day, this planet is for humans. I believe you know human capital is the most important capital because at the end of the day this planet earth is for humans.
  36. A founder said there should be a government-backed seed fund for IT startups. ek government ki taraf se seed fund hona chahiye for IT IT startups jo government backed ho
  37. A founder said the next 30 years could be the best period of Pakistan, and that this is what the founder believes. Toh next 30 years could be the best period of Pakistan Inshallah that's what I believe in.
  38. The founders said they want to democratise real estate investments. we really want to democratize you know real estate investments.
  39. The founders said halal compliance is important to them and that they have made it a cornerstone of the company. halal hona bhi bada important hai hamare liye. Right. And we have made that a corner stone of the company also.
  40. A founder said Xstate listed a property on October 7th in a premium location. Uh we listed like on uh October 7th aur woh hai that's a premium most uh location in D12, right?
  41. A founder said the first plot Xstate sold was an 8 marla plot. Yeah, toh humne pehla plot uh sell kiya. It was uh uh 8 marla plot Right. in Faisal Town.
  42. A founder said the team had to ask people to give it one more month, because there was other due diligence still to be done. I had to request people ke yaar aap please jo hai na thoda sa khair isko ek mahina de do kyunke we have some other due diligence ke unke liye woh karna hai toh just hold on.
  43. A founder said Xstate is also going into DHA Phase 3, DHA City Karachi and DHA Phase 9 in Lahore. We are also going into DHA Phase 3, right? We are also going to DHA City Karachi. Right. Right? And also DHA Phase 9 in Lahore.
  44. A founder said Xstate saw investments from all over the world, from 15 countries. we saw investments from all over the world. Right. 15 countries.
  45. A founder said Xstate takes only electronic fund transfers, with no cash involved in the company. we are only taking electronic fund transfers, no cash involved in the company.
  46. A founder said Xstate is almost done adding credit card and debit card payments. Inshallah we are almost done with you know putting uh uh credit card also. Right. Debit card, master and visa.
  47. A founder said Xstate's tagline is that land will now belong to everyone. Toh basically hamari tagline mein yehi hai ke ab zameen hogi sabki.
  48. A founder said Pakistan is the world's second biggest country for blockchain investment adoption. Pakistan jo hai na woh duniya ke second biggest country hai of blockchain investment adoption.