REA India Sees 31% Revenue Growth to INR 563 Crore in FY24, Driven by Strong Demand for Residential Properties
REA India, part of Australia's REA Group, leverages its platforms - Housing.com, PropTiger, and Makaan.com - to offer comprehensive real estate services.
Rea IndiaRea GroupHousingcomProptigerMakaancomReal EstateProptechDigitalfirst ApproachReal Estate NewsAug 18, 2024
REA India owns two major online classified advertisement platforms: Housing.com, which caters to home seekers and property owners, and PropTiger, a prominent housing brokerage. The company's revenue, which stood at approximately INR 430 crore in the previous fiscal year (July-June 2022-23), has seen a substantial increase.
Agarwala highlighted that FY24 marked a period of significant growth and innovation for the company. He emphasized that the record-breaking success of their online events demonstrates a testament to the company's strong market presence and the effectiveness of their strategy. He emphasized that the company's new products and innovations, designed to cater to both customers and home seekers, have gained widespread popularity, contributing significantly to sales growth.
Agarwala also highlighted the continued expansion in Tier-2 cities, underscoring the shifting dynamics of the Indian real estate market. These emerging urban centers are rapidly gaining prominence, indicating a broader trend towards decentralization and growth beyond the traditional metropolitan hubs. Agarwala explained that their focus on an app-first strategy has been crucial in enhancing consumer engagement, delivering personalized services, and providing an overall exceptional consumer experience.
This focus on digital channels, particularly through mobile applications, has led to a 45% increase in app traffic during the latter half of the fiscal year, underscoring the success of REA India's digital-first approach. Australia's REA Group, which acquired a controlling stake in Elara Technologies in December 2020, rebranded the company as REA India. Elara Technologies previously owned the three portals - Housing.com, PropTiger.com, and Makaan.com - that now form the backbone of REA India's operations.
Housing.com, established in 2012, serves as a comprehensive proptech platform for homeowners, landlords, developers, and real estate brokers, offering listings for new homes, resale properties, rentals, plots, commercial spaces, and co-living arrangements across India. PropTiger.com, founded in 2011, functions as a housing brokerage firm, while Makaan.com continues to operate as a leading online advertising platform for real estate.
Through its innovative products, strategic focus on emerging markets, and strong digital presence, REA India has established itself as a leading force in the Indian real estate sector, well-positioned to achieve sustained growth and prosperity in the years ahead.
REA Group is a leading global online real estate advertising company, with a presence in Australia, Asia, and the United States. The company provides a range of property-related services, including residential and commercial property listings, property news, and property advice.
REA India is a subsidiary of REA Group, and operates as a full-stack real estate technology firm, offering comprehensive real estate services through its platforms - Housing.com, PropTiger, and Makaan.com.
Frequently Asked Questions
What is REA India's revenue growth in FY24?
REA India has achieved a 31% revenue growth in the fiscal year ending June, reaching INR 563 crore.
What are the platforms owned by REA India?
REA India owns two major online classified advertisement platforms: Housing.com and PropTiger, as well as Makaan.com.
What is the focus of REA India's strategy?
REA India's focus is on an app-first strategy, which has been crucial in enhancing consumer engagement, delivering personalized services, and providing an overall exceptional consumer experience.
What is the growth trend in the Indian real estate market?
The Indian real estate market is shifting towards decentralization and growth beyond the traditional metropolitan hubs, with Tier-2 cities rapidly gaining prominence.
What is the role of REA Group in the global real estate market?
REA Group is a leading global online real estate advertising company, with a presence in Australia, Asia, and the United States, providing a range of property-related services.
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