News Corp-backed real estate marketing platform PropTiger on Tuesday said that it has acquired Mumbai-based Housing.com in an all-stock deal.
News Corp-backed real estate marketing platform PropTiger on Tuesday said that it has acquired Mumbai-based Housing.com in an all-stock deal. News agency Reuters reported that digital real estate advertising firm REA Group has acquired 14.7% strategic stake in PropTiger. Rea Group’s stake will be acquired for a cash consideration of $50 million and will be funded by existing cash reserves. In August last year, PropTiger had acquired a Gurgaon-based startup 3DPhy, which operated in the field of virtual and 3D visualisations. The company did not disclose the deal value.
PropTiger.com offers a one-stop platform to home buyers. The portal is funded by News Corp, SAIF Partners, Accel Partners and Horizen Ventures. In the past, it had acquired Makaan.com and OoBi. The team up is expected to gain from the strengths of PropTiger, Housing.com and Makaan, also offering comprehensive experience to home owners, brokers and other consumers.
According to the press release made by Proptiger, Indian is said to become the 3rd largest real estate market in the world by 2030. The sector is expected to contribute over 15% of the national GDP, the report said. One of the major highlights of the deal according to Proptiger is the strategic investment by the REA Group. REA is a leading digital real estate company in Australia and in February 2016, which had acquired control of Southeast Asia’s digital real estate company iProperty, leading the industry in Malaysia and has a significant presence in Hong Kong, Indonesia and Thailand. REA also owns a significant stake in Move, Inc., which was acquired by News Corp in November 2014.
ProTiger is reportedly the largest brokerage firm in matters of residential real estate, with $1.5 billion worth of transactions since its inception in 2011. Housing.com just be the perfect partner with a reputation of being the most popular platform for buying and selling homes; its website receiving over 4 million visits every month. According to reports, the partnership would be the only institution in the country that offers a complete range of online and offline services like site visits, customised searches, negotiations, property registrations, among other necessary things.