magicbricks now

Times Internet-owned property portal MagicBricks has acqui-hired analytics website for an undisclosed amount. Properji provides analysis of projects, backed by secondary and primary research, to help customers decide on a particular property. Following the deal, Properji co-founders Priya Maheshwari and Guruprasad Bangle will be joining MagicBricks, although the company hasn’t mentioned in what capacity.

Properji started its operations in 2013 and has collected proprietary information and developed algorithmically-driven builder, locality and infrastructures scores. MagicBricks will now have in-depth information and analysis of projects that help consumers to choose the project that best suits their needs.

MagicBricks CEO Sudhir Pai said that the website now has over 80,000 projects and over 1.2 million listings. The website also launched of new sections on the portal such as Travel Time Search, Advice, Map Search, Insider Club, Auctions.

In October 2015, MagicBricks launched MagicBricks Now, a real estate and property television channel. The channel would be available on DTH and cable networks (excluding DD’s Freedish). Faye D’Souza would be the channel’s editor, and said that the channel would be multilingual. Some of its programs include The Property Guide, The Home Buyer’s Guide, Property Hotline, The Interiors Show, The Vastu Show, Real Estate Tycoons, and The News.

Times Internet reshuffle

Earlier in the week, Times Internet elevated Satyan Gajwani as managing director of the company. Gajwani’s role of CEO will be filled in by chief operating officer Gautam Sinha. The new appointments come into effect in April.

Developments in the online property space

  • Earlier this month,  classifieds portal Quikr has fired more than 150 employees from CommonFloor. In January, Quikr announced that it has merged property portal CommonFloor with its real estate vertical QuikrHomes.  At the time, the companies said they would continue to operate as separate entities. Following the merger, CommonFloor CEO Sumit Jain had assured employees in an email that they “should not worry about their job or role.”
  • Around the same time real estate portal’s co-founder Advitiya Sharma quit the company. In January, the company raised Rs 100 crore from Softbank, its largest investor to drive its new strategy and growth plans. In a statement, Housing CEO Jason Kothari said, “We are now well-capitalized to aggressively execute on our focused strategy and growth plans and believe 2016 will be a great year for the company.” Prior to this investment, Housing had raised $139.5 million in total from four rounds of funding.
  • In November last year, REA Group, News Corp’s online real estate company from Australia, bought rival iProperty Group for $414 million. REA already owns a stake in iProperty which operates online real estate portals in India, Hong Kong, Malaysia, Indonesia and Philippines and had bought 17.2% stake in it for $106 million from Axel Springer’s French subsidiary in July last year.