Positive Signals for Real Estate Sector
Big brokerages on an expansion spree
Notwithstanding the COVID 2.0 dealing a big blow to the real estate business, big brokerage firms have embarked on their expansion plans. Full-stack technology advisory, 360 Realtors, is adopting a strategy by leveraging both organic and inorganic channels for its growth. It will be hiring a 500-member workforce in the current fiscal year to expand its foothold in the market. They have 150 of them on board today. Inorganically, the company is ramping up its franchise network under its newly formed vertical – 360 Edge.
This year it has set a target of enrolling 75 franchisees, out of which 13 franchisees were enrolled in the first quarter. Eyeing newer growth avenues, it has forayed into stress asset funding. It has planned an Alternate Investment Fund of Rs 500 crore. The first round of Rs 100 crore funding has already been concluded. These funds will be invested in stressed projects in Gurgaon and Noida.
Another leading tech-driven brokerage firm, Square Yards has launched a Preferred Partner Programme aimed at forming alliances with independent real estate agents and smaller agencies to ensure speedy growth. Through this program, the company has added over 5000 independent agents who will get full branding and marketing support from Square Yards. These agents will also get the services of the company’s technology platforms to get free listings, lifetime leads, and state-of-the-art CRM and marketing tools. They will also have access to exclusive inventory from Grade A developers, mortgage platforms, home management, and property management services. The company has set an ambitious target of setting up 30000 co-branded agent stores by the end of the next financial year. The company as part of its plan to raise over $100 million to scale up its operations in various verticals across the value chain, has received $25 million in funding from the global investment management company, ADM Capital. The company recently acquired platform capabilities in rentals, property management, data intelligence, and virtual reality, besides launching a full-service platform offering home furnishing and home interior services.
As customers are looking for more organized players, No Broker, a Bangalore-based start-up that connects homeowners directly with buyers, is also on an expansion spree. It is looking to hire 500 people in the next 6 months for its tech product, data science, and customer service teams.
91springboard-CBRE collaborate to clinch a mega flexible workspace deal
India’s leading real estate consulting firm, CBRE, and 91springboard, one of India’s largest co-working firms have clinched an 800-seat deal for a large private sector bank. This deal pertains to an office building in Andheri East, Mumbai. According to 91springboard CEO, Anand Vemuri, their solution-based customized service to banking and fintech companies has been responsible for pulling off this deal.
Ram Chandani, Managing Director, Advisory & Transactions Services, CBRE India stated their seamless client experiences and solutions implementation also contributed to making this mega-deal happen.
CBRE expects the demand for physical workspaces to be there as companies, especially in the financial sector, can maintain business continuity. CBRE expects India’s flexible stock to grow by 10-15% year on year from the current 36 million square feet in the next three years, with businesses in tier 2-3 cities driving this demand. Currently, Bangalore has the highest flex stock of 11.6 million square feet, followed by 6.6 million square feet in Delhi NCR and 5.7 million square feet in Hyderabad.
Owners Town mobile app for everything a property agent needs
Bengaluru-based property management solutions provider – Owners Town, has come up with a first-of-its-kind one-stop profitable ecosystem for all kinds of real estate agents in India. The app enables the agents to have faster, smoother, and more efficient closures of their property deals. The app helps boost the profits/ earnings of real estate agents by enabling them with a platform to post free of cost unlimited properties along with helping them get the right buyer through its requirements module that allows matching the requirement of a person with the right property and vice versa.
Additionally, the app empowers local and/or first-time agents by helping them to build connections with other experienced brokers. With its simplistic, easy-to-use interface and cloud-based data storage, owners Town mobile app allows people to post their property details and requirements, connect with verified agents, and even get rewarded with exciting in-app rewards/ incentives and cashback. Further, the inclusion of the PDF feature within this app makes it easier for the brokers to just download and share a PDF showcasing in-depth details of their property professionally and systematically.
Other useful features include networking groups for agents/ brokers with unlimited users and locality-based price trends of properties. By using this app, agents can find properties on the go, get and receive relevant details and chat with multiple brokers, etc., all via a single app. Whether you are a local broker or a top-end broker, the application strives to create a level playing field and create equal opportunities for all. Currently, the services of this app are limited to Bangalore but soon, a similar service will be launched in Delhi-NCR, Mumbai, Chennai, Hyderabad as well as major tier 2 cities.
Elite Landbase clocks Rs 1050 crore of sales till July in FY21-22
Beating COVID blues, Gurugram based real estate consultancy, Elite Landbase has garnered sales of Rs 1050 crores during the first four months of the current financial year. In the first quarter of FY21-22, the company sold over 220 units with an average unit size of 2000 square feet, largely in Gurgaon. In July, the sales shot up to Rs 600 crore/ 400 units with an average unit cost of Rs 1.5 crore and an average unit size of over 2000 square feet. As markets bounce back with the ebbing of the COVID pandemic, the group is aiming to top Rs 3000 crore of sales by Q2 of FY21-22.
(Vinod Behl is a senior real estate media professional and columnist. Founder Editor of Realty Plus, he is currently the editor of PropTOQ real estate magazine)