CRE Matrix terms PropEquity's lawsuit alleging data theft as malicious; to take legal remedies

New Delhi, Aug 21 (PTI) Real estate data analytics firm CRE Matrix on Thursday said that PropEquity's legal suit is "malicious" and termed the data theft allegations against the company as "false".

Mumbai-based CRE Matrix said it would take appropriate legal recourse against Gurugram-based listed entity P E Analytics that runs property data platform PropEquity.

PropEquity has filed a legal case against CRE Matrix, alleging theft of data of primary residential market by the latter. It has also sought a permanent injunction and damages of Rs 8 crore on account of alleged data theft by the defendants.

The legal face-off between the two companies is perhaps the first of its kind in the fast-growing proptech space where entities vie for business opportunities by tapping data analytics.

On the PropEquity's law suit, the Delhi High Court has sought the response of CRE Matrix.

Justice Manmeet PS Arora issued summons to defendants Bhugol Analytics Pvt Ltd (trading as CRE Matrix), its directors and some employees. The court, in its July 24 order, granted time to the defendants to file their written statements and posted the matter for September 19.

In a statement on Thursday, CRE Matrix said it "strongly refutes the recent false and malicious allegations made by PropEquity in connection with alleged data theft".

These claims are entirely unfounded and appear to be a desperate attempt to tarnish our reputation and hinder our continued growth in the residential real estate analytics space," it added.

CRE Matrix said it has been operating since 2018 and has also been consistently publishing reports on the residential sector since 2019.

"We are aware that PE Analytics has previously attempted to impede our progress through various means, including unsolicited merger discussions, coercive proposals, intimidation of our founders and employees, and undue pressure on our institutional investors," the Mumbai-based firm alleged.

Now, CRE Matrix said, PropEquity has resorted to litigation.

"We categorically deny any wrongdoing. These repeated attempts to weaponise the legal process against us only highlight the growing insecurity of a legacy player unable to keep pace with innovation and client expectations," CRE Matrix said, adding that it would pursue appropriate legal remedies to protect its brand image.

The plaintiff (PropEquity) alleged glaring similarities and almost near similar figures in the primary residential data segment, reported by the defendant firm.

PropEquity alleged that CRE Matrix was not even operating in the domain of primary residential data during 2021-2024 for which the primary data figures were released in May 2025 in a report titled 'India Housing Report'. PTI MJH MJH MR