India's only non-broking real estate research company
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.
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.
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.
Introduced sales velocity and price equations in our calculations, which address the critical gaps in real estate valuations.
Emerged as a leading authority on the subject with the most structured database on real estate markets in India – covering over 56 census cities.
Formulated Developers’ Rating Tool — a model which measures on-ground performance and the capability of developers to meet their commitment to consumers.
Conceptualized the ‘Magnet Theory’ of future price projection.
Established ourselves as a dependable source of advisory services and customised research to lenders and developers.
Launched India’s first ever real estate sensitivity index, RESSEX.
38 years in Retail Home Loans, Project finance and technical services with expertise in credit evaluation and debt financing.
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.
35+ years of experience in Housing finance with expertise in policy, process monitoring and risk management.
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.
35+ years of experience in Housing finance, specializing in Information Technology, risk management and processes.
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.
38 years in Retail Home Loans, Project finance and technical services with expertise in credit evaluation and debt financing.
35+ years of experience in Housing finance with expertise in policy, process monitoring and risk management.
35+ years of experience in Housing finance, specializing in IT, risk management and processes.
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.
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.
Amit Shrisath is a data expert with 13+ years of experience in data management and financial product development, specializing in real estate and banking. He has led projects on house price indices, valuation tools, and forecasting models using Python.
Arul Raj is the IT head with an MCA degree and has over 17 years of experience in developing IT infrastructure, databases, and products at Liases Foras.
Dickson Pinto, Chartered Accountant with 20 years of experience in accounts and finance, financial analysis, statutory compliances and taxation, working with Liases Foras for 9 years in the above-mentioned fields.
Bhushan leads the retail valuation team and has been with LF for over two decades. He possesses extensive knowledge of real estate across various cities. Additionally, he has previously managed field research through a team of surveyors in different cities throughout India.
Ravi Khandelwal leads Business Development for the consulting vertical. He has over 17 years of experience in real estate market intelligence across India, as well as extensive expertise in market research, field surveys, business development, and feasibility studies nationwide.
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
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.
Over 60 projects rated in MMR, the highest number of ratings by any agency at the time.
First comprehensive data collection and base map creation of MMR real estate market
Started collecting real estate data in 8 cities for HDFC Ltd.
Launched India's 1st Real Estate Index, Ressex for MMR
Propounded the Magnet Theory of Future Price Projections
2003-2007Launched Ressex for six cities
Received the 1st Govt. Assignment - Advisory to MHADA
2009-2010La Expanded data coverage to 25 cities with addition of 17 Tier II Cities
Became CNBC Aawaz's research partner for Real Estate Awards
Onboarded Axis Bank
2011-2012Created the Developer Rating Product
Onboarded SBI
Decoded the science of real estate price through a multivariate equation
2013-2015Expanded data coverage to north east India for NHB
Launched Desktop Feasibility Solution
Revamped NHB’s Residex
Appointed as a member of Central Advisory Council of RERA
2016-2018Launched desktop valuation to Banks and HFCs
2021Formed IBBI compliant Liases Foras Valuation Service Pvt. Ltd., with empanelment of 20 banks & to start operations in Delhi & Pune by June 2025
Venturing into B2C in June’25
Expected to launch centralized Project Appraisal and Monitoring Services to Banks and HFCs in 2025
2022-2024


































