Magicbricks looks to bring more property sellers online, expand reach

Realty portal Magicbricks Sunday said it will keep investing on bringing more property sellers online as it continues to add around 60,000 properties on its platform on a daily basis.

The company, which has over 10 lakh property listings, also claimed to have increased its reach to over 16,000 localities across the country.

"We've invested in product and technology bandwidth, as well as deployed significant manpower, to extensively source listings. The edge that we've built on the supply side is directly helping the business," Magicbricks CEO Sudhir Pai said in a statement.

The company will continue to invest in educating and bringing various property sellers online and helping them sell or rent out their property, he said.

Out of the 10 lakh active properties listed on its platform, 58 per cent are for sale and 42 per cent for rent. A total of 2.1 lakh listings are posted by individual property owners from across 700 towns and cities, the company said.

It added that currently 76 per cent of sale listings and 84 per cent of rent supply comes from the key markets of Delhi/NCR, Mumbai/MMRD, Pune, Bengaluru, Kolkata, Chennai, Hyderabad and Ahmedabad.

The company said over the last 12 months, there has been strong double digit growth in sale listings across the end-user driven markets of Thane, Pune, Bengaluru, Chennai and Hyderabad.

Magicbricks said around 55 per cent of the properties on its platform are from the affordable and the mid-segment range of Rs 0-20 lakh, Rs 20-40 lakh and Rs 50-70 lakh.

Besides, the company has seen 61 per cent growth over 2017 in RERA registered listings, taking the current number to over 50,000, it added.