Property advisory portal IndiaHomes, buoyed by the Rs.150 crore venture capital investment it received recently, plans to make foray into 50 more cities, including Chennai, Hyderabad, Pune and Ahmedabad.
Besides major cities, several Tier-II and Tier-III cities are part of the proposed expansion that is to be completed over the next few months. The company is now in Delhi, Gurgaon, Noida, Mumbai, Bangalore and Kolkata.
Announcing this to presspersons here on Thursday, IndiaHomes Managing Director Samarjit Singh said the investment, by venture capital New Enterprise Associates (NEA) and Helion Ventures and Foundation Capital, said besides taking the operations to more cities, the company would enter the secondary market.
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Nationwide, the company has tie-ups with 450 developers.
“We envisage a 60:40 ratio between primary and secondary markets in the near future,” he said, adding the financial goal was to reach $5 billion (Rs.30,000 crore) of sales in gross merchandise value in 1,000 days from $1 billion (Rs.6,000 crore).
Chief Operating Officer Bhaskar Bagchi said the share of the southern region, limited to the Bangalore operations, was expected to increase from 17 per cent to 25 per cent with the launch of Chennai operations in the next 10 months.
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The trend of online becoming the preferred mode of information gathering about properties was expected to go up — 48 per cent of the buyers were starting online — with the average age of customers coming down.