"We don't think real estate will be bought online ever," Info Edge CEO Hitesh Oberoi said during the company's Q4-FY15 earnings conference call, responding to a question from an investor who asked about whether 99Acres has plans to go beyond resale of property and new rentals. The investor pointed towards Snapdeal and Housing, which have entered the transactions side of the business; Snapdeal has a partnership with Tata Housing for selling real estate online.Note that Snapdeal recently announced that it sold a property worth Rs 1.1 crore online, and received 1800 purchase inquiries. NDTV has more, here. Oberoi said that 99Acres is "already in the new homes business, we are already in resale, we are already in rental, we do not do transaction." "Because to do a good job of serving the real estate market in a good year, you need to be in the new home market. If there are lots of launches, the new home segment may do well in a not a so good year. People (tend to) shift towards ready to move in apartments, and if interest rates are high then often they move towards rental, but the same consumer may come back and buy a house tomorrow. So, I think it makes sense to carry everyone along - that is the broker who has paid, the dealer who has paid, you know all of them do new homes, all of them do rentals, and all of them do resale as well." 99Acres recently introduced a new home platform on its site, which…
- Explained: The G20 Task Force On Digital Public Infra for Economic Transformation, Financial Inclusion & Development April 1, 2023
- MediaNama Daily: The Great Indian Surveillance Spectacle April 1, 2023
- Are Courts Doing Enough To Question “Proportionate” Intrusions on Privacy And Other Rights? #NAMA March 31, 2023
- Why did PhonePe cancel its deal to acquire ZestMoney? March 31, 2023
- RTI: Chennai police confirms 9 drones as part of a Drone Police Unit and here’s why it’s important March 31, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...