Realty portal CommonFloor planning to scale up its business
With India’s realty sector poised for a turnaround for the better in the near future, leading real estate portal CommonFloor.com plans to scale up its business.
CommonFloor presently offers property listings in as many as 200 cities; and it has more than one lakh projects listed on its portal. The site also has over 4 lakh active listings. CommonFloor currently has 18 offices across the country; but, with the business set for a scale up, the total number of offices will be increased to 40 by the year 2016.
About CommonFloor’s plans to open new offices, Sumit Jain, Co-Founder & CEO, said that the key objective behind the move is to ensure that the “million-plus population cities” as well as the emerging ‘smart cities’ are covered by the property portal.
Noting that the sentiment in the realty sector has been upbeat of late, thanks to a slew of new launches, Jain said that the customer profile has become “younger” in recent years; and added that, with a number of satellite cities coming up, young professionals prefer to rent apartments in these cities.
With CommonFloor having received $30 million from its existing investor Tiger Global last week, and also having raised Rs.64 crore from Tiger Global and Accel India recently, Jain said: “We are approaching an inflexion point in our business. We grew at 100 per cent in the last six months and, going forward, our target is to have 10 lakh listings by March 2016.”
Source – The Hindu
business and finance, commonfloor.com, Economy, property portal, Real estate portal, Realty portal Commonfloor, Sumit Jain
