Magicbricks Q3 revenue up 43 pc at Rs 37 cr

Realty portal MagicBricks today posted 43 per cent rise in revenue at Rs 37 crore in the third quarter of this fiscal.
Magicbricks' revenue stood at Rs 96.6 crore in the first nine months of this fiscal, the portal said in a statement.
Magicbricks.Com is owned by Magicbricks Realty Services Ltd, which is a subsidiary of Times Internet Ltd, the digital arm of The Times of India Group.
The company said that these figures are online revenues fromoperations and do not include any group company revenues.
"While there has been short-term pressure on the pace of growth post demonetisation, the impact was offset by a series of initiatives across product innovation, traffic growth, channel initiatives and partnership alliances," Magicbricks said in a statement.

"The company further plans to grow by launching a series of new business lines around commercial real estate, the rental segment as well as by integrating products such as home loans, movers and packers and assisted selling services on its platform," it added.

Based on the third quarter revenue figures,the company claimed that it is now 25-30 per cent bigger than its closest competitor, with a trend of continuous market share gains.
The quarter saw a slew of product innovations led by launch of an innovative 'experience centre', revamp of a popular pricing-discovery app called as PropWorth and launch of new B2B apps for the broker community among others.

The company attributed its strong Q3 performance to market-deepening initiatives led by a Dream Home Festival conducted in the pre-Diwali festival season.
Magicbricks and State Bank of India alsorecently announced a partnership to create India's largest Home Fest to be conducted in February.