Gen X plans to expand services to major cities

GenX has drawn up plans to expand its services to all major cities in India, hoping to take advantage of the surge in demand because of the Smart Cities scheme and other urban development initiatives being taken by the Union Government.

"GenX Deals helps people save money by buying property in a group at a discount. GenX Deals creates a win-win situation as buyers are happy to buy properties at a discount and the builders are happy to sell properties in bulk and liquidate their inventory," said Jetesh Prasher.

"We have got tremendous response from various market players in Delhi/NCR and now we would like to expand aggressively to other cities as well outside Delhi with the help of our angel investors. We aim to be one of the top three real estate web portals of India two years down the line," Prasher added.

Prasher further said that the concept involved collating the property requirements of group of buyers and then negotiating rates and terms for mass property-buying with developers.

"We provide a platform for buyers to form a group and then deal with the developer directly," he added.

Prasher also said that the extent of gains the buyers make through group buying depended on the strength of the group, in terms of their profile and the number of people in the group.

"If the developer has massive inventory unsold in a particular project, the chances are that the group may get upto 15-20 % discount than the market price. Normally, in most of the cases, the discount is in the range of 10-15 %," he said.

GenX Deals introduced the group buying feature on its portal in 2014 after seeing the huge potential of this concept. The feature is already a success amongst its customers in Noida, Noida Extension and Vrindavan.

According to the company, the market for group buying is picking up and it is handling more than ten projects currently.

"Smart City is an amazing concept, especially in metro cities like Delhi and Bangalore, provided the Government takes appropriate policy decisions, and thereafter the developers do the construction activities on the ground at a good pace," Akash Kohli said.

"It is thus a thumbs up investment from our side on a medium to long term perspective," he added.