About Us

India's only non-broking real estate research company

About Us

Liases Foras, founded in 1998, is the only non - broking real estate research company in India. Data and science form the core of our services, which range from providing market intelligence and risk advisory to lenders and mortgage companies, to providing development advice, best use, and valuations to developers, funds, banks and corporations.

We cater to a wide spectrum of clients including banks, HFCs, developers, funds, mortgage insurance companies, etc. and help them identify opportunities as well as associated risks in the market.Our expertise lies in the area of real estate pricing with a strong focus on understanding the dynamics of price and analysing any underlying risks. We firmly believe that no matter how complex and ambiguous the real estate industry might seem, in reality, prices are governed by the laws of economic geography and urban economics.

Liases Foras is well acknowledged as a leading authority on real estate research and analysis, and many of our clients have benefited hugely from the robust database on real estate markets in India, that we provide. Our database is built using data collected since 2003 and as of today, covers 60 cities across India.

Our deep-dive and comprehensive approach covers various dimensions of real estate behaviour and since we are a non-brokerage company, our advice and analysis is completely unbiased. We can therefore boast of offering not only an exhaustive database of real estate performance, but also advisory services that are unparalleled in the industry.

We have pioneered the science of self-generated real estate research to look beyond ‘market sentiment’ and counter misconceptions by relying on robust data, scientific theories and rational thinking.

The Edge (Analytics based on scientific rationale)

Liases Foras has, for almost two decades, strived to find answers behind the inefficiencies in the real estate sector. Our strength lies in real estate risk assessment, market research, due diligence and advisory services. We employ cutting edge analytics to deliver an array of data driven knowledge bytes and valuable, processed information that can be used to make key decisions.From the days of only collating data, reporting and monitoring real estate supply, Liases Foras has transformed into a trustworthy think-tank and has taken research to new horizons.

Over time, We have..

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Decoded the science of property pricing. Our unique modelling system integrates key factors governing real estate pricing such as distance, economic density, surroundings and product (building or unit) to provide an accurate value of any property.

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Introduced sales velocity and price equations in our calculations, which address the critical gaps in real estate valuations.

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Emerged as a leading authority on the subject with the most structured database on real estate markets in India – covering over 56 census cities.

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Formulated Developers’ Rating Tool — a model which measures on-ground performance and the capability of developers to meet their commitment to consumers.

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Conceptualized the ‘Magnet Theory’ of future price projection.

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Established ourselves as a dependable source of advisory services and customised research to lenders and developers.

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Launched India’s first ever real estate sensitivity index, RESSEX.

Our Advisors

Sunil Shaligram - Director
Sunil Shaligram
Director

38 years in Retail Home Loans, Project finance and technical services with expertise in credit evaluation and debt financing.

Sunil Shaligram
Director

Sunil Shaligram with 40+ years of experience in real estate finance, retired from HDFC Ltd. in 2021 after 37 years, where he headed Project Finance & Technical services. He has served on boards of HDFC entities, advised the SWAMIH fund, & now supports real estate investment with Brookfield & Aditya Birla Fund.

Suresh Menon - Director
Suresh Menon
Director

35+ years of experience in Housing finance with expertise in policy, process monitoring and risk management.

Suresh Menon
Director

Suresh Menon, retired from HDFC Ltd as executive managemnt member after 35+ years in hosuing finance. He shaped lending policies, led risk & audit functions, served as CEO of HDFC ERGO, contributed internationally, & now works as independent Director & housing finance education pioneer.

Arivazhagan R - Director
Arivazhagan R
Director

35+ years of experience in Housing finance, specializing in Information Technology, risk management and processes.

Arivazhagan R
Director

Arivazhagan R, former CIO & CTO of HDFC Ltd, is a technology leader with 36 years at the group. Retiring in 2022 as Executive management member, he drove digital tranformation, systems integration & data security. He also shaped IT for HDFC AMC, HDFC Sales, & contributed to founding HDFC Life & HDFC ERGO through technology leadership.

Sunil Shaligram - Director
Sunil Shaligram
Director

38 years in Retail Home Loans, Project finance and technical services with expertise in credit evaluation and debt financing.

Suresh Menon - Director
Suresh Menon
Director

35+ years of experience in Housing finance with expertise in policy, process monitoring and risk management.

Arivazhagan R - Director
Arivazhagan R
Director

35+ years of experience in Housing finance, specializing in IT, risk management and processes.

Strategic leadership team

Pankaj Kapoor

Pankaj Kapoor

Founder and MD

Liases Foras Real Estate Rating and Research Pvt Ltd

Pankaj Kapoor is a seasoned real estate data specialist and founder of Liases Foras, India’s only non-brokerage real estate research and analytics firm. With over 27 years of experience, he is known for his pioneering work in real estate valuation, market analytics, and risk advisory.

Under his leadership, Liases Foras has built a robust database tracking over 20,000 projects across 60 cities, offering critical insights to banks, housing finance companies, developers, institutional investors, and policymakers. He has introduced pathbreaking models such as the Urban Price Setting Model and the Magnet Theory, which have brought scientific rigor to property pricing and urban growth forecasting.

Pankaj is a member of the Central Advisory Council of RERA. He holds an MBA from the Institute of Management Education, Pune, and a BSc in Mathematics from Lucknow Christian College.

Arya Kapoor

Arya Kapoor

Executive Director

Liases Foras Real Estate Rating and Research Pvt Ltd

With a strong foundation in Computer Engineering, Arya brings a unique blend of technical expertise, leadership acumen, and digital vision. Over the past two years at Liases Foras, he has driven the strategic development of digital platforms across web and mobile ecosystems, overseen product lifecycle management, and led transformative projects in Data Science and Big Data.

Arya’s role has expanded to include spearheading the company’s digital strategy—enhancing its social media presence, building engaging digital narratives, and aligning technology with brand positioning. His contributions have strengthened both client-facing platforms and the company’s market visibility.

As Executive Director, Arya leads with a vision of innovation, executional excellence, and data-driven growth, ensuring that technology, data, and digital storytelling converge to drive the company’s future.

Meet our team

Core Capabilities

With our real estate domain knowledge, largest data base and IT capabilities, we are the only one in this space to provide intricate valuation and mapping solution.

Largest real estate data. Proven trends and predictive analytics

Acclaimed experts with deep knowledge of real estate economics and geo-spatial behaviour

IT & Tech capabilities to provide intricate real estate valuation and mapping solutions

Our Journey

120 + professionals with real estate domain knowledge, data analytics and tech capabilities work at Liases Foras. The team comprises architects, planners, CAs, statisticians, MBAs, engineers and surveyors.



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