Online Real estate portal Housing.com has acquired RealtyBI. Housing.com is the brand operated and owned by Locon Solutions P Ltd. RealtyBI is a real estate intelligence service firm. The deal is tipped to be around $2 million to $4 million. However there are no further information whether RealtyBI will be integrated into Housing.com fold or managed as different entity under Housing.com.
RealtyBI is the brand operated by New Delhi based Reality Business Intelligence P Ltd is professionally managed company that offers uncluttered and intelligent information on real estate sector. They track real estate trends and create collateral risk management tools with the help of technology.
RealtyBI was founded by ex PropEquity Chief Executive Officer Rajeev Nowhar. He has tremendous experience in real estate world. He had worked with home loan and construction finance with Bank of America, ICICI Bank and YES Bank. Apart from working the bank he worked with K Raheja Group.
RealtyBI has clients ranging from individuals, real estate marketing companies, housing providers, banks and housing loan providers on their list. The company assures a 50% cut in costs and back end related to due diligence.
Housing.com close competitor Commonfloor was in race for the acquisition of RealtyBI. However everything has been to put rest by Housing.com. This is the second acquisition by Housing.com in recent past. Previously they had acquired Indian Real Estate Forum (IREF) – online discussion forum which shares real estate information and is in talks to acquire PropEquity too.
Housing.com is India’s fastest growing online real estate company. The company has secured several rounds of funding and have increased their presence to over 100 cities. Their employee base is swelling with 2,000+ individuals. They have incorporated various features in the real estate space like verified listings, slice and aerial view option of the house, life style rating, price heat maps, visibility index and demand flux map.
After acquisition of RealtyBI, Housing.com CEO Rahul Yadav said “Through our acquisition of Realty BI, Housing.com strengthens its technology platform and consumer promise to deliver a powerful collateral risk management platform addressing the entire due diligence lifecycle to validate new projects.”
He further added “With this acquisition, Housing.com customers will now be empowered with credible real estate market intelligence and risk assessment to aid informed decision-making for investments in new projects,”
In a statement from Housing.com, “Backed by this acquisition, Housing.com will further augment its due diligence efforts to ensure verified listings, risk-free transactions and secure investments, while giving Realty BI access to a vast database of realty developers and end consumers.”
In India, real estate sector is considered to unorganised and is in a path of major overhaul in terms of information. Due to advent of internet and smartphone, things are changing in terms of information accessibility. The birth of online real estate portals have played a vital role in disseminating information.
Now the online real estate segment is witnessing lot of investor interest in terms of acquisitions and funding. Housing.com, Commonfloor, No Broker and Magic Bricks are competing each other for top slot with various features in their services.
Meanwhile acquisition news by Housing.com provides a relief to many, since the company was in limelight for boardroom tussle between the CEO Yadav and institutional investors and Yadav’s announcement of transfer of his stake to employees.