wordpress blog stats
Connect with us

Hi, what are you looking for?

Elara Technologies’ Makaan claims to have 1 million property listings

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.

Advertisement. Scroll to continue reading.
Written By

I cover health, policy issues such as intermediary liability, data governance, internet shutdowns, and more. Hit me up for tips.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

You May Also Like

News

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...

News

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...

Advert

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...

News

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...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ