Housing.com's parent REA India's revenue rises 31% to Rs 563 crore in FY24

Revenue of REA India -- owner of Housing.com and PropTiger -- rose 31 per cent in the last fiscal ended June to Rs 563 crore helped by strong demand for residential properties, its CEO Dhruv Agarwala said.

REA India, which is part of Australia's publicly listed firm REA, is a full-stack real estate technology firm and owns two online classified advertisement platforms Housing.com and Makaan.com as well as housing brokerage PropTiger.

The company's revenue stood at around Rs 430 crore in the 2022-23 fiscal (July-June).

Commenting on the performance, Agarwala said, "FY24 has been a year of significant growth and innovation for our company. The success of our online events, which achieved record collections, reflects our strong market presence and the effectiveness of our strategy."

The company's new products and innovations, both for customers and home seekers, have gained great popularity among the target groups and boosted sales, he added.

Moreover, Agarwala said the continued growth in Tier-2 cities highlights the shifting dynamics of the Indian real estate market, where these emerging urban centres are rapidly gaining prominence.

"Our commitment to an app-first strategy has been a key driver behind enhanced consumer engagement, personalised services, and a superlative consumer experience. This focus on digital channels has resulted in a 45 per cent growth in app traffic during the second half of last fiscal," he said.

In December 2020, Australia's REA Group acquired a controlling stake in Elara Technologies, which earlier owned these three portals, and renamed it as REA India.

Housing.com, which was founded in 2012, is a proptech platform for homeowners/home seekers, landlords, developers, and real estate brokers.

It offers listings for new homes, resale homes, rentals, plots, commercial spaces and co-living spaces in India.

Founded in 2011, PropTiger.com is a housing brokerage firm. Makaan.com is an advertising platform.