Riding high on improving customer sentiment for buying homes, property portal IndiaHomes expects to close deals worth over Rs 30,000 crore in the next three years and eyes a revenue of Rs 450 crore by then.
To achieve the target, the company, which is present primarily in six cities - Delhi, Gurgaon, Noida, Mumbai, Bangalore and Kolkata - plans to expand to additional 50 cities, including Tier-2 and 3 towns, in the next 3 months.
"The realty market in India has evolved over the years and customers are now using portals for not only searching properties but also converting them into transactions. This gives us the opportunity to enter newer markets.
"We expect to close deals worth over Rs 30,000 crore in the next three years and generate revenue of Rs 450 crore from them," IndiaHomes Founder and Managing Director Samarjit Singh told reporters here today.
According to statistics, there are over four million online searches per month with up to 20,000 properties being sold each month through portals.
The company has so far closed deals worth over Rs 1,000 crore. IndiaHomes, which initially catered to primary home buying, is also venturing into secondary home buying, reselling as well as renting of apartments.
The company, which recently received an investment of Rs 150 crore from New Enterprise Associates (NEA), has also launched a new technology 'Lead Preview System', which enables a voice clip of a caller to be sent directly to a pre-selected and validated empanelled broker.
"This will save the time of a customer as there is a perfect match between buyer and seller. All brokers are screened through a stringent due diligence process. These brokers, who show interest in helping customers, will be charged a fee of Rs 1,000, which will be our revenue," Singh said.
The company has been following the traditional method of charging two per cent brokerage or transaction fee on every deal. "But now with the launch of the new model, we will eventually scrap the traditional format," Singh added.
IndiaHomes has tied up with over 500 leading developers across major cities as well as with half a dozen banks for providing services like documentation, finance and mortgage to its customers.
