To make corner a chunk of the Rs 500 crore real estate advertising market, Info Edge India Private Limited (IEIPL) on Wednesday announced launch of a new portal dealing with real estate sector.
IEIPL, which runs job portal www.Naukri.Com and matrimonial site www.Jeevansathi.Com, introduced www.99acres.Com that would provide platform to all segments of real estate business buyers, real estate professionals, brokers and developer.
"The real estate advertising market, which stands at Rs 500 crore at present, will grow to Rs 1,000 crore by 2010," Chief Operating Officer of IEIPL Hitesh Oberoi told newspersons in New Delhi.
Oberoi said urban population of India would constitute 29 to 30 per cent of total population by 2010 making it the second largest in the world and there were 32 cities where more than one million people lived.
He said mortgage rates, which have come down from 15 per ent to 7.5 per cent in last 10 years, placed people in advantageous position to own house by the average age of 31 years which was 42 years few years back.
"Customers will now be able to access a variety of online real estate service 24/7. The service portfolio includes mechanism to list properties and search them," Chief Executive Officer of IEIPL Sanjeev Bikhchandani said.
{{/usCountry}}"Customers will now be able to access a variety of online real estate service 24/7. The service portfolio includes mechanism to list properties and search them," Chief Executive Officer of IEIPL Sanjeev Bikhchandani said.
{{/usCountry}}The portal would display pictures and walk throughs on the site to help people have time and effort, he said, adding the company set a target to have one lakh properties listed on the site across 30 cities in six months. On future expansion, he said, the IEIPL would soon launch another matrimonial portal for south east Asia region.