Construction Intelligence · India

You Can't
Price What
You Can't See.

India's construction lending runs on faith.
Infragrammar replaces the compromised LIE report
with verified, lender-commissioned intelligence.

Request a PilotSee the PIR →
₹31.7L Cr
Construction-linked credit. Zero independent monitoring.
1,74,000
Homes stalled. Lenders couldn't see it coming.
Oct 2025
RBI mandates independent monitoring. Infrastructure doesn't exist.
11.5%
NPA peak, March 2018. Construction was the primary driver.
RBI/2025-26/59 — Independent Engineer Certification Now Mandatory₹3,000 Cr — Diverted in Amrapali. Courts found lenders to be mute spectators.130,000+ — RERA Projects. No independent monitoring at scale.K-RERA — Recovered 12% of court-ordered penalties. Enforcement is broken.RBI/2025-26/59 — Independent Engineer Certification Now Mandatory₹3,000 Cr — Diverted in Amrapali. Courts found lenders to be mute spectators.130,000+ — RERA Projects. No independent monitoring at scale.K-RERA — Recovered 12% of court-ordered penalties. Enforcement is broken.
The Problem

The LIE report
has a structural problem.

Selected by the developer from the panel. Paid by the developer. The word “independent” is structurally false.

Every disbursement decision in Indian construction lending rests on a document designed to satisfy compliance — not inform credit.

“…acted as mute spectators to diversion which was almost happening evidently in all banking transactions.”

Supreme Court of India · Amrapali Judgment · July 23, 2019
The Core Insight

Priced on air.

When lenders can't see the site, they're not pricing risk. They're pricing a story. Infragrammar makes the invisible visible.

01
Drawdown Fraud
Funds drawn against phantom progress. The developer's word is the only evidence.
02
Material Substitution
Once concrete is poured, what's inside can't be verified. The pre-encasement window is the only opportunity.
03
Fund Diversion
Loan proceeds leave the project. RERA escrow certifications are signed by the developer's own professionals.
04
Green Premium Risk
Green certifications awarded on paperwork. No one verifies what was actually built.
The Product

The Project
Intelligence Report

Three data streams — documents, financial flows, and GPS-verified site reality — converge on one disbursement verdict. The lender appoints. The developer has no role.

Construction Intelligence
GPS-verified photos. Physical progress vs. BOQ. Pre-encasement material checks.
Financial Intelligence
Financial flows cross-referenced against physical reality. Fund diversion signals built in.
Green Credential Tracking
EDGE, IGBC, GRIHA compliance verified during construction — not after.
PIR · Visit #3
Review Required
Project
Arcstone Canopy — Tower A
Visit Type
Stage-Gate · Disbursement
Physical Progress
62% (claimed: 74%)
Draw Request
₹4.2 Cr — Tranche 3
Verdict
HOLD — Variance >10%
EDGE Status
Verified
GPS
Confirmed · 14:32 IST
Physical vs. Claimed
62% vs 74%
The Process

Three Steps.

Lender appoints. Site is verified. Report goes to lender — not the developer's file.

Step 01
Lender Appoints
The lender selects the agent. The developer has no role. Structural independence from first contact.
Step 02
Site Verified
GPS-confirmed visit. Physical progress documented. Pre-encasement material checks. No advance notice given.
Step 03
PIR to Lender
Progress, financials, green status, disbursement verdict — delivered to the lender. Not to the developer.
Who We Serve

Lenders Who Want to See.

Private Banks
Data-hungry. Fast to adopt. The natural first pilots for verified construction intelligence.
Primary Target
NBFCs
Highest construction exposure. Lowest current monitoring quality. The most to gain.
Primary Target
Housing Finance Companies
Construction risk is their core book. NHB refinance eligibility follows monitoring quality.
High Relevance
The Mandate

The regulation exists.
The infrastructure doesn't.

RBI/2025-26/59 mandates independent construction monitoring as a disbursement condition. Effective October 2025. Every lender in India now needs what Infragrammar delivers.

RBI/2025-26/59 · June 19, 2025
“Lenders shall ensure independent validation of project progress by certified engineers or architects as a condition of disbursement.”
Reserve Bank of India — Project Finance Directions, 2025
Early Pilots Open

We're at an early stage.
Let's build together.

Get in Touch
insights@infragrammar.in
International Standard

In the US, UK, Australia, and Norway — the inspector is lender-appointed, lender-paid, lender-aligned. India's LIE system is structurally inverted.

United States
Lender-appointed inspector before every draw.
Australia
Progress payment requires independent inspection.
United Kingdom
GPS-verified, 48-hour turnaround to lender.
Norway
Independent engineer appointed before financial close.