News Corp-backed realty portal PropTiger.com Monday announced global expansion with its first overseas office in Dubai as it seeks to grow residential brokerage business by tapping rising demand from NRIs amid fall in the value of rupee.
News Corp-backed realty portal PropTiger.com Monday announced global expansion with its first overseas office in Dubai as it seeks to grow residential brokerage business by tapping rising demand from NRIs amid fall in the value of rupee. “The company’s strategic international expansion marks an important milestone in its journey and comes on the back of a strong seven-year track record of helping customers buy over USD 2.2 billion worth of residential properties across India,” PropTiger said in a statement.
PropTiger.com, which is part of Singapore-based Elara Technologies that owns Housing.com and Makaan.com, said it plans to expand across other parts of the UAE as well as to Gulf Cooperation Council (GCC) countries and beyond, over the next three years. In Dubai, it currently has a 15-member team and plans to serve customers across the Middle East with a strong team of over a 100 people in next three years.
“PropTiger.com has established itself as a trusted home buying partner for customers across India. We see great opportunities in the UAE market. It is a dynamic region with an enormous potential and a large presence of the Indian diaspora,” said Dhruv Agarwala, who is Group CEO of all three portals — Housing.com, PropTiger.com, and Makaan.com. PropTiger’s Chief Business Officer Bhaskar Bagchi said the company has built a strong non-resident Indian (NRI) customer base over the years.
“NRIs contribute almost 20 per cent of our revenues and our goal is to double this to 40 per cent over the next three years by establishing our presence across geographies with significant presence of the Indian diaspora,” he added. With the recent depreciation of the Indian currency, Bagchi said India has become a more attractive destination for real estate investment. “This is the perfect time for us to take this business overseas, and help customers worldwide in buying homes via a professional and trusted channel.”
PropTiger said that the UAE is home to close to three million Indians, of which the majority lives in Dubai, Abu Dhabi and Sharjah. There is a huge unmet demand for professional property advisory services for these people who buy homes both across various Indian cities as also in Dubai. The company said it aims to fulfil this demand using its technology driven home discovery and transaction fulfilment services.