We missed this earlier
Makaan.com claims to have 1 million property listings as of September. It said that the number of listings has doubled in the last 18 months. It also claims to have 45,000 active sellers. Makaan is run by Elara Technologies, which also owns and operates real estate websites Housing and PropTiger.
Note that last year, all three portals — Housing, Makaan and PropTiger — began listing international properties. Indian users were able to access 4.5 million international listings from 72 countries, and Indian developers/homeowners could list to a global audience.
The company has detailed its 1 million mark:
- Tier 1 cities — Delhi, Mumbai, Bengaluru, Kolkata, Chennai, Hyderabad, Pune, Ahmedabad, Gurugram and Noida — accounted for 71% of this increase
- Tier 2 cities claim a 24% share of the increase in listings. However, listings from Tier 2 cities grew 88% in the past year.
- 65% of the listings on Makaan are apartments, 17% plots, 18% builder floors, independent houses, villas and other types of properties.
- 20% of the listings are directly from the homeowners or developers
- It claims to have 45,000 active sellers and 15,000 active brokers
- Consumer ratings were made on 30,000 sellers
Makaan was acquired by PropTiger in 2015 but it continues to operate as an independent entity. Parent company Elara first founded PropTiger.com in 2011, acquired Makaan in May 2015, and acquired Housing in January 2017.
Developments at Makaan and Elara
- In August, Elara Technologies raised $35 million in debt from Citi Singapore to hire an additional 150 employees.
- In June 2017, Elara Technologies filed an international patent for technological advancements in 3D augmented and virtual reality. It had already acquired 3DPhy, a 3D visualization startup in 2016 and Out of Box Interactions (OoBI), a user interface design firm.
Real estate regulation
- In August, the Maharashtra Real Estate Regulatory Authority (MahaRERA) sent notices to several real estate portals — 99Acres, Magicbricks, Makaan and Housing — asking why they had not registered as real estate agents with the regulator. Consumer body Mumbai Grahak Panchayat had pointed out that these portals widely advertise real estate projects, and facilitate the sale and purchase of property. The portals then asserted that they are not real estate agents since they do not make profit or collect commissions.
- The Real Estate Regulatory Act (RERA) was passed in March 2016. A year ago, in November 2017, Info Edge (parent company of 99Acres) CEO Hitesh Oberoi said in an investor call that the RERA rules were being notified at the time, while other states had not notified RERA rules.