It is just a budding flower in India. Only few options like mentioned here are available currently in India. Even the available platforms lack transparency and it is still not well regulated by any authority. Any private association or privately held companies or group of well-known faces can not be considered or can replace something like SEBI. Crowd funding would definitely work in residential projects in India too. But it needs companies in real estate to work beyond the current level of transparency. A private limited company doesn't have to disclose all the details on financials and all other aspects of the project which has become the challenge towards execution of crowded fund projects in India. But a well disclosed Special Purpose Vehicle formed on a project basis by a group of people (crowd), preferably by end users, can do wonders in Indian context. Also, it has to be regulated by something like SEBI. Here there are few challenge too. The special purpose vehicle has to be driven by a board which works for the benefit of the crowd. Developers should agree to work on projects of large sizes for a fixed percentage of service charges rather than undisclosed profit. Easily said than done. The general mind set of common man doesn't allow them to take this kind of a task even if the risk is lower than most of the pre-launch projects. More visibility towards evaluation of a proposed project than normally found on a crowd funding platform. Well formed guidelines for functioning where crowd funded residential projects are protected from speculations of investors. A transparent and organised frame work which can make sure on expenditures. While the initial investors gives an impression of crowd funding to some developers, it has to grow beyond that level to become really beneficial for a true end user where the end users are benefited in terms of returns on their investment too. This will flourish Indian real estate scenario where unreasonable speculations comes to an end and common man can really benefit out of it, starting from low-budget homes to ultra luxury projects.
While the developers are benefiting, crowd can get really excited and start investing in projects of low-quality developers, too.