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Housing confirms job cuts; restructuring operations focus on home buying

housing

Online real estate portal Housing has confirmed a new round of lay offs and is restructuring its operations to focus more on the home-buying segment. The company, however, did not reveal the reduction of employees but an Economic Times report pegs the number at 200. The report added that the lay offs at the company were to meet tightened cost targets set up by its shareholders.

In August, Housing confirmed that it had let go of 160 employees but MediaNama had received an anonymous tip-off that the number of staff cuts could be as high as 1,100, almost half of its workforce, and most of the people who would be affected would be the company’s ground and operational staff. The Economic Times had reported that the number of job cuts was 600 at the time.

Focus on home buying

Housing in its statement said that it will be reorganizing its teams to more efficiently execute the new focused strategy on home buying.

“Housing.com will now be laser focused on solving the pain points in home buying and selling, the largest real estate segment, and we are excited about the potential impact our solutions could have on consumers, developers and agents across the country. We will be reorganizing the company to fit this new focused strategy and, to this end, expect to reduce our workforce.  The Company values the contributions of its talented team and will do everything it can to support its departing team members,” Housing’s recently appointed CEO Jason Kothari added.

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Other top level hires

Earlier this month, Housing appointed Nikhil Rungta as its chief marketing officer. Last month, Housing appointed Nandini Mehta as general counsel where she would be responsible for defining the company’s legal framework. The same month, it also appointed Mani Rangarajan as its chief financial officer. In his new role Rangarajan will be responsible for financial strategy and planning.

In October, Housing also appointed Keerthi Kiran as the vice president of its new real estate projects division. Kiran was with Housing for nearly 2 years before being promoted to this role.

Housing’s acquisitions

In September, Housing acquired Plat, a startup that operates as an online network for agents allowing them to share real estate inventories and requirements. It had also acquired BigBHK, a property management software targeted at rentals suppliers. Other than this, Housing also acquired sales lifecycle management HomeBuy360 for $2 million in May, the Delhi-based real estate analytics portal Realty Business Intelligence for an estimated $2-4 million and the realty-focused online community Indian Real Estate Forum (IREF) for Rs 8 crore in March.

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