Makaan.com announced that the number of property listings on the platform crossed 1 million in September 2018, a jump of over 100% in the last 18 months.
Makaan.com operates as a marketplace model with no restriction or fee for listing properties on the site. This innovative and one-of-a-kind business model in India has helped Makaan.com to attract over 45,000 active sellers with more than 1 million properties listed on its platform in a short span of time.
This marketplace is based on a postpaid advertising fee model under which agents are not required to pay any fee upfront for listing properties. Sellers are required to pay a fee only after they have benefitted from the leads/enquiry generated on the platform. A marketplace model ensures that buyers get more options on the platform and that sellers are not required to make an upfront commitment. It is indeed a win-win situation for both parties.
Mr. Ravi Bhushan, Group Chief Product and Technology Officer, Housing.com, PropTiger.com and Makaan.com said, “With over a million listings on the platform, Makaan.com is way ahead of its competition in giving the maximum property choices to homebuyers and renters. The platform has a clear dominant position in Tier I as well as Tier II cities. Hyper growth in property options has resulted in a surge in traffic across all devices including desktop, mobile and app on Makaan.com.”
Tier I cities are the most significant contributors to this increase, with 71% share. India’s financial capital Mumbai alone contributed 21%. Tier-II cities, on the other hand, claimed a 24% share in the overall listings. However, listings from Tier-II cities saw the most significant increase in the past one year, with 88% growth.
Tier I cities include Delhi, Mumbai, Bengaluru, Kolkata, Chennai, Hyderabad, Pune, Ahmedabad, Gurugram and Noida.
Users on Makaan.com enjoy a large spread of property options and types. Of the total property listings available on the site, 65% are apartments, 17% plots and 18% builder floors, independent houses, villas and other types of properties. The site also offers a healthy mix of owner, broker and developer listings. Nearly 20% property listings on the site are from either homeowner or developers.
Makaan.com has emerged in the spirit of a true marketplace by providing information that a regular buyer would struggle to find elsewhere. The site not only offers extensive property options, but also offers rating and reviews of sellers on the site. Sellers on Makaan.com are rated by the consumer on the basis of their experience. There are over 1 lakh unique reviews and ratings on Makaan.com that help home seekers in decision making.