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Real estate online Marketplace- Facilitated 25 Thousand Transactions

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News Corp-backed realty portal has facilitated about 25,000 buy-sell and renting transactions in the last one-and-a-half years after it transformed the platform from classified to a marketplace.

Singapore-based Elara Technologies had formed the realty portal in 2011 and later acquired in May 2015 and in January 2017 to create India’s largest full service online-to-offline real estate platform.

More than a year after acquiring, Elara in mid-2016 launched a new business model of offering free and unrestricted number of listings to sellers/brokers, helping it to attract over 15,000 active sellers with more than 8.5 lakh properties listing on its platform.

“We are very excited about It has a revolutionary business model that goes beyond lead generation. It has the potential to disrupt the online real estate industry,” Dhruv Agarwala, the CEO of PropTiger, Housing and Makaan mentioned in an media interaction.

The new model has been widely accepted and has helped in facilitating about 25,000 transactions over the last 18 months, said Ravi Bhushan, Group Chief Product and Technology Officer, Housing-PropTiger-Makaan.

Of the total transactions, nearly 60 per cent were from renting while the rest from buy-sell.

“When we pivoted from a classified platform to a marketplace in mid-2016, our entire focus was on creating an alignment between home seeker, seller, and the platform. We believe in an open market where the only currency is listing quality. With no entry barriers for sellers, we wanted to ensure maximum option for homebuyers,” Bhushan said.

Elaborating about the platform, he said, is now based on the success-fee model under which brokers share some part of their revenue after completing the transactions from the leads generated on the platform.

For buy-sell of properties in the secondary market, Makaan charges Rs 8,000-15,000 per transaction depending on the location. For renting, it gets Rs 3,000-6,000 per transaction.

“Disclosing transaction helps sellers get business and branding furthermore on the platform. Given the fairness in pricing, sellers find this model an incentive to list quality properties and get a more extensive reach without paying upfront,” he added.

With credible listings data and real-time intelligence on property search, Bhushan said, has become a preferred choice for consumers looking to rent, buy or sell a home.“In an industry plagued with information asymmetry and distrust, building a trusted marketplace has not been an easy task,” he said.

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