Mortgage company HDFC Ltd has sold its real estate brokerage platform HDFC Realty Limited, and HDFC Developers Limited (which runs the HDFC RED platform) to online classifieds site Quikr. According to this Livemint report, the deal is worth Rs 350 crore which saw HDFC acquire minority equity stake in Quikr.
As part of the deal, HDFC’s offline brokerage business Realty, and HDFC’s online real estate classifieds RED will integrate into Quikr to offer online-to-offline real estate platform. Post integration, Quikr will offer end-to-end home buying services to the consumers.
HDFC said in a statement this will help the company to engage with customers at the start of their real estate purchase cycle when they are browsing for properties on Quikr. The online classified site claims to have 30 million monthly users, including 3.5 million monthly unique visitors for its real estate vertical QuikrHomes.
Meanwhile, HDFC claims that its Realty business has a network of 7000 brokers across the country, and RED reports 80,000 unique visitors per month.
Quikr’s real estate offerings
The classifieds company launched QuikrHomes in September 2015 and the portal allows users search for residential, commercial or agricultural properties to either buy or rent, in various cities like Pune, Delhi, Chennai, Bangalore, Mumbai and Hyderabad. In January 2016, the company announced merged property portal CommonFloor with its real estate vertical QuikrHomes for a reported $200 million.
Towards the end of 2016, it also acquired house rental and PG sharing platform Grabhouse for an undisclosed amount in an all-stock deal to launch a managed rentals portal.