Owais Barlas

co-founder of DAO PropTech

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

Owais Barlas is the co-founder and Chief Commercial Officer of DAO PropTech. He previously worked at Oracle as Country Leader for FSI. He says he has done a lot of work on tokenisation in real estate.

Education

Barlas attended Texas State University. He says he did a diploma from MIT to understand how real estate works in development. He also says he took a course on developmental real estate that used an S-curve. [1]

DAO PropTech

Barlas says he has worked in the real estate sector for almost 5 to 7 years. He says DAO PropTech was once a company of around 120 people. The company downsized and closed one office, according to Barlas. He says it pivoted completely in the last four months, and that it has built its full platform. [1]

Barlas says about 40,000 to 45,000 people come to the platform each day. He says DAO PropTech has completed around 35 fully digital sales. He says about 1,200 customers have put money in with him, and that about 15 to 20 of those customers are heavily disgruntled. He also says about 20 to 22 percent of DAO's investors are women. [1]

Barlas describes DAO PropTech as a B2B business. He says it charges developers a service fee. According to him, investors pay developers directly rather than paying DAO PropTech, and the company does not touch public funds. [1]

Barlas says DAO PropTech brought developers onto the platform and explained the risk-return model to them. He says the company first looks at a project's terminal value and evaluates each project on around 30 to 35 attributes. The idea, he says, is to put money in gradually so that it accumulates. [1]

Barlas says DAO PropTech sold everything at a heavy discount. He says the prices of the products listed are still close to replacement cost and that none of the company's projects are stuck. He also says liquidity shrank over the past year and a half. [1]

Barlas says DAO PropTech never focused on lavish marketing or large offices. He says DAO does not tell investors it will double their money. He adds that the company understands it must stay on the right side of the law. [1]

Barlas says DAO PropTech signed a deal with Arif Habib Dolmen REIT. He says he recently signed an MOU with a well-regarded name in Islamabad. He says he has spoken with two people in the UAE and a couple of people in Saudi Arabia who are ready to invest. He also says his side has a resort in Nathiagali. [1]

Barlas says DAO recently launched its first AI chatbot, which is in beta. He says DAO uploaded white papers for each of its properties to the chatbot. [1]

Views on Pakistan's real estate market

Barlas says construction cost has risen from about 4,000 to 4,250 rupees per square foot to above 6,500. He says a 1,000 square foot apartment at 17,000 rupees per square foot costs about 1.7 crore. He also says the existing model is flawed by design, given Pakistan's economic conditions. [1]

Barlas says the file problem started when files were traded with nothing behind them. He says 5,000 or 10,000 files could be drawn from 1,000 kanal of land. [1]

Barlas says a real estate portfolio has five parts. He calls built-up property the asset market and defines the space market as anything available for rent. He calls developmental real estate the business of real estate. He says developmental real estate has five major timelines. [1]

Barlas says there are three kinds of REIT: equity, rental and hybrid. He gives Dolmen as an example of a rental REIT. He says REITs have so far not been built on land, and that only institutional or accredited investors can invest in a REIT. In his view, the biggest REIT problem comes if KIBOR rises sharply after registration. [1]

Barlas says Pakistan's property market is not mature yet. He says rental yields of 9 to 10 percent at the time were seasonal numbers. He says everybody in Pakistan thinks they can run business themselves. He also says roads are often closed, and that when the internet is shut down, his team cannot reach anyone. [1]

Barlas says real estate is one play within real-world asset tokenisation. He says blockchain was built for transparency and that the first idea behind tokenisation was to eliminate fraud. In his account, the total area or tokens stated up front limit how much can be sold. [1]

Barlas says risk can be mitigated but not eliminated. He says no plan is bulletproof. He says about 80 to 90 percent of DAO's plan has worked out. [1]

Personal life

Barlas says he moved to Dubai. He describes himself as an apolitical person who does not discuss politics. [1]

Appearances

DateTitleWhere
2024-11-22 Pakistani real estate runs on guesswork, so price it backwards from rent Thought Behind Things

Frequently asked questions

Who is Owais Barlas?

Owais Barlas is the co-founder and Chief Commercial Officer of DAO PropTech. He previously worked at Oracle as Country Leader for FSI. He says he has done a lot of work on tokenisation in real estate.[1]

What does Owais Barlas do?

Owais Barlas is the Chief Commercial Officer of DAO PropTech, which he co-founded. He describes DAO PropTech as a B2B business that charges developers a service fee.[1]

Where did Owais Barlas study?

Owais Barlas attended Texas State University. He also says he did a diploma from MIT to understand how real estate works in development.[1]

What company did Owais Barlas found?

Owais Barlas co-founded DAO PropTech. He says it was once a company of around 120 people and that it has since built its full platform.[1]

Where has Owais Barlas worked?

Owais Barlas previously worked at Oracle as Country Leader for FSI. He is now the co-founder and Chief Commercial Officer of DAO PropTech.[1]

How does DAO PropTech work, according to Owais Barlas?

Owais Barlas describes DAO PropTech as a B2B business. He says it charges developers a service fee and that investors pay developers directly rather than paying DAO PropTech. He also says the company does not touch public funds.[1]

References

  1. Pakistani real estate runs on guesswork, so price it backwards from rent . Thought Behind Things , 2024-11-22.
Show the source passages (75 statements)
  1. Owais Barlas is the co-founder and Chief Commercial Officer of DAO PropTech. Owais Barlas is the current Co-founder & Chief Commercial Officer of DAO PropTech.
  2. Owais Barlas previously worked at Oracle as Country Leader for FSI. He previously worked at Oracle as a Country Leader FSI.
  3. Owais Barlas attended Texas State University. Owais Barlas attended Texas State University
  4. Owais Barlas says he has worked in the real estate sector for almost 5 to 7 years. I've been working in the real estate sector for almost 5-7 years
  5. Owais Barlas says he did a diploma from MIT to understand how real estate works in development. I've done a diploma from MIT trying to understand how real estate works in developmental real estate
  6. Owais Barlas says he has done a lot of work on tokenisation in real estate. maine tokenization ke upar aur real estate tokenization ke upar bhi kaafi sara kaam kiya hua hai
  7. Owais Barlas says he took a course on developmental real estate that used an S-curve. Toh jab maine developmental real estate ka course kiya tha toh uske andar yeh developmental ka ek S-curve bana hua tha
  8. Owais Barlas says about 1,200 customers have put money in with him. 1200 customers ne mere saath paise lagaye hue hain
  9. Owais Barlas says about 15 to 20 of those customers are heavily disgruntled. Un 1200 ke andar se takreeban 15-20 hain jo ki heavily disgruntled hain
  10. Owais Barlas says DAO PropTech was once a company of around 120 people. we were a company of around 120 people
  11. Owais Barlas says DAO PropTech downsized and closed one office. Hamein downsizing karni padi, hamein ek do offices apne jo hai ek office actually hum logon ko band karna pada
  12. Owais Barlas says DAO PropTech pivoted completely in the last four months. Hum logon ne in the last 4 months we pivoted completely
  13. Owais Barlas says about 40,000 to 45,000 people come to the platform each day. takreeban 40, 45,000 banda hai jo ki platform pe roz aa raha hai
  14. Owais Barlas says DAO PropTech has completed around 35 fully digital sales. we have done around 35 completely digital sales
  15. Owais Barlas says the idea is to put money in gradually so that it accumulates. Ahista ahista dalein the idea is to accumulate
  16. Owais Barlas says DAO PropTech brought developers onto the platform and explained the risk-return model to them. Developers ko hum logon ne risk return ka jab samjhaya
  17. Owais Barlas says DAO PropTech sold everything at a heavy discount. we sold everything on a heavy discount
  18. Owais Barlas says none of DAO PropTech's projects are stuck. aaj bhi hamare koi bhi projects jo hain woh phanse hue nahi hain
  19. Owais Barlas says the prices of the products listed are still close to replacement cost. jitni bhi products lagi hui hain uski replacement cost ke qareeb hi hain abhi bhi hamare numbers
  20. Owais Barlas says liquidity shrank over the past year and a half. in the last 1 year liquidity 1, 1 and a half year liquidity bilkul jo hai na shrink kar gayi
  21. Owais Barlas says DAO PropTech signed a deal with Arif Habib Dolmen REIT. we were able to sign a deal with Arif Habib Dolmen REIT
  22. Owais Barlas says he recently signed an MOU with a well-regarded name in Islamabad. Abhi recently maine jo hai do aur ek bada achha naam hai, Silver Oaks in in Islamabad. Maine unke saath jo hai ek MOU bhi sign kiya hai
  23. Owais Barlas says about 20 to 22 percent of DAO's investors are women. takreeban 20-22% of our investors are female
  24. Owais Barlas says DAO PropTech never focused on lavish marketing or large offices. hum logon ne na uske upar kabhi focus kiya ki ji marketing humari badi lavish kisam ki honi chahiye, bade bade humare offices hone chahiye
  25. Owais Barlas says DAO PropTech evaluates each project on around 30 to 35 attributes. we look at like 30-35 different attributes
  26. Owais Barlas says DAO PropTech does not touch public funds. we never touch public funds
  27. Owais Barlas says investors pay developers directly rather than paying DAO PropTech. Investors directly developer ko paise dete hain
  28. Owais Barlas says DAO PropTech charges developers a service fee. we charge a service fee to the developer
  29. Owais Barlas describes DAO PropTech as a B2B business. So it's a B2B business
  30. Owais Barlas says DAO PropTech understands it must stay on the right side of the law. So we understand that we need to remain on the right side of law
  31. Owais Barlas says DAO does not tell investors it will double their money. You are not telling people ki bhai hum tumhare paise ko double karenge
  32. Owais Barlas says he has spoken with two people in the UAE and a couple of people in Saudi Arabia who are ready to invest. I only engaged with two people in UAE, a couple of people in Saudi and they're already ready to invest with us
  33. Owais Barlas says DAO PropTech has built its full platform. Hum logon ne poora platform bana liya hua hai
  34. Owais Barlas says he moved to Dubai. main jab Dubai move hua na, toh Pakistan mein jab main tha
  35. Owais Barlas says DAO recently launched its first AI chatbot. hum logon ne sabse pehla apna AI ka chatbot dala hai
  36. Owais Barlas says the AI chatbot is in beta. It's in beta version right now
  37. Owais Barlas says DAO uploaded white papers for each of its properties to the chatbot. hum logon ne har apni property ke white papers likh ke uske upar upload kar diye
  38. Owais Barlas says his side has a resort in Nathiagali. hamara ek wahan pe resort hai Cube ke naam se
  39. Owais Barlas says real estate in Pakistan has never been treated as a professional industry. Ek professional industry ki tarah isko kabhi hum logon ne assume hi nahi kiya
  40. Owais Barlas says capital gains tax on real estate fell to zero over about four or five years. took like four or five years jiske andar aapka capital gains tax was down to zero
  41. Owais Barlas says the taxation has caused a lot of illiquidity in the market. this taxation has caused a lot of illiquidity in the market
  42. Owais Barlas says borrowing only makes sense for businesses when KIBOR is below about 10 to 12 percent. KIBOR kisi bhi business ke liye, let alone real estate, kisi bhi business ke liye below 10%, below 12% starts making sense
  43. Owais Barlas says Pakistan's inflation figure has been around 7 to 8 percent. hamara inflation ka number has been around 7, 7 and a half, 8%
  44. Owais Barlas argues that when taxes curb trading, end users who need property end up buying it. jab bhi aap trading ko rokenge, toh end user jisko asli mein yeh real estate chahiye hai, wohi iske andar involve hoga
  45. Owais Barlas says real estate is a slow-moving, high-ticket product. it's not a fast moving product, it's a slow moving product
  46. Owais Barlas says end-user buyers want to hold property for at least five to fifteen years. who actually wants to buy this and then hold it for at least 5, 10, 15 years
  47. Owais Barlas says the file problem started when files were traded with nothing behind them. Problem tab aaya jab unhone files li, uski trading karna shuru kar di aur peeche koi cheez thi hi nahi
  48. Owais Barlas says 5,000 or 10,000 files could be drawn from 1,000 kanal of land. 1000 kanal ke andar se woh 5000 ya 10000 files nikal denge
  49. Owais Barlas says a real estate portfolio has five parts. ke real estate ke andar yeh paanch factions jo hain, ya yeh paanch cheezein portfolio mein hoti hain
  50. Owais Barlas calls built-up property the asset market. It's called the asset market. Asset market is the built-up area
  51. Owais Barlas defines the space market as anything available for rent. So space market is anything which is available for rent to you
  52. Owais Barlas calls developmental real estate the business of real estate. the fifth part of any real estate portfolio is a developmental real estate, which is called the business of real estate
  53. Owais Barlas says there are three kinds of REIT: equity, rental and hybrid. There's one which is an equity REIT, theek hai? There's other which is called a rental REIT, theek hai? And the third is called a hybrid REIT
  54. Owais Barlas gives Dolmen as an example of a rental REIT. So rental REIT ka example jo hai woh Dolmen hai
  55. Owais Barlas says REITs have so far not been built on land. But REITs jo hain, abhi tak land ke andar nahi bani hain
  56. Owais Barlas says only institutional or accredited investors can invest in a REIT. jo institutional investors hain ya accredited investors hain, only they can invest in a REIT
  57. Owais Barlas says the biggest REIT problem comes if KIBOR rises sharply after registration. sabse bada problem tab aayega agar aapne REIT register kara li aur aapka KIBOR jo hai woh chadhaad ke nikal gaya
  58. Owais Barlas says the existing model is flawed by design, given Pakistan's economic conditions. the existing model considering Pakistan's economic conditions, woh by design hi kharab hota hai
  59. Owais Barlas says construction cost has risen from about 4,000 to 4,250 rupees per square foot to above 6,500. Us time pe uski koi cost aa rahi hogi construction ki takreeban 4,000 rupay, 4,250 rupay per square foot. Aaj wohi cost jo hai takreeban 6,500 ke upar ja chuki hui hai
  60. Owais Barlas says DAO first looks at a project's terminal value. Humne sabse pehle jo hai identify kiya ke hamare paas agar koi project aa raha hai toh uski terminal value kya hogi
  61. Owais Barlas says developmental real estate has five major timelines. So developmental real estate ke andar there are five major timelines
  62. Owais Barlas says a 1,000 square foot apartment at 17,000 rupees per square foot costs about 1.7 crore. 17,000 rupay ka matlab yeh hai ke takreeban ek crore 70,000 rupay ka aapka ek apartment ban jata hai 1000 square foot ka
  63. Owais Barlas says Pakistan's property market is not mature yet. Pakistan ki market is not mature right now
  64. Owais Barlas says rental yields of 9 to 10 percent at the time were seasonal numbers. Yahan pe E-11 pe us time pe yield 9-9% ki mil rahi thi, 10% ki bhi yield mil rahi thi. You know? But that just, these are all seasonal numbers
  65. Owais Barlas says everybody in Pakistan thinks they can run business themselves. everybody in Pakistan thinks that they can do business themselves
  66. Owais Barlas says roads are often closed. Aaye din road band ho jate hain
  67. Owais Barlas says that when the internet is shut down, his team cannot reach anyone. Jab internet band ho jata hai to we can't reach anyone
  68. Owais Barlas describes himself as an apolitical person who does not discuss politics. I'm a very a-political person, theek hai? So I don't discuss politics at all
  69. Owais Barlas says real estate is one play within real-world asset tokenisation. Real world asset tokenization ke andar real estate is just one play
  70. Owais Barlas says blockchain was built for transparency. Blockchain technology bani hi sirf transparency ke liye hai
  71. Owais Barlas says the first idea behind tokenisation was to eliminate fraud. tokenisation ke andar sabse pehli cheez jo idea tha woh tha fraud ko eliminate karne ka
  72. Owais Barlas says the total area or tokens stated up front limit how much can be sold. jab aap ek dafa total area ya total tokens bata dete hain to usse zyada ya usse kam nahi bik sakte
  73. Owais Barlas says risk can be mitigated but not eliminated. risk jo hai na uski mitigation ki strategy hoti hai, risk elimination ki koi strategy nahi hoti
  74. Owais Barlas says no plan is bulletproof. Koi plan bulletproof nahi hota
  75. Owais Barlas says about 80 to 90 percent of DAO's plan has worked out. humara jo plan tha woh takreeban 80-90% chala hai