Info Edge launches property portal

By : |September 14, 2005 0



NEW DELHI: Info Edge (I) Pvt Ltd, creators of Naukri.com and Jeevansaathi.com, has entered the online real estate market through its property portal – 99acres.com.

The company is projecting this website to be the one-stop shop for all information on real estate prices, service providers laws, home finance, etc.

According to Info Edge CEO Sanjeev Bikhchandani, “The company had been eyeing this market for a long time. After the dotcom bust, there were empty spaces in the Internet and there was no serious player in this space. So we decided to step into this space and our main USP would be the aggregation of content in this fragmented property market in India.”

He added that the target customers for this B2B and B2C website include brokers, builders, end users and current users looking for second resale.

Info Edge has earmarked an advertising budget of Rs 5-7 crore. The company would be charging for the listings while the site would be free to access, search and contact. The company aims to have 1,00,000 properties listed on the site across 30 cities in the next six months.

Info Edge COO and director Hitesh Oberoi said, “We have already listed 7,000 properties in the last two weeks and going forward we expect the number to go up drastically in the next few weeks.”

Set up with an investment of $2 million in the marketing and development of 99acres.com, Oberoi expects to achieve a turnover of Rs 10 crore in the next 12 months.

Currently Info Edge has a sales team of 35-40 people in the top six cities for 99acres.com, which is likely to go up to 100-150 in the next six – eight months. The site expects to break even within six months.

The current product line on 99acres.com for the sellers includes single listing, premium listing packs, featured products and property gallery. The pricing of premium listing pack starts from Rs 1,500 for five listings.

For the property gallery, where the sellers get a customized micro-site and a home page presence, the charges start from Rs 60,000 for one month. For featured projects, where 99acres.com provides prominent listing on the home page and a link to the client’s website along with a customized micro-site, the company would charge Rs 15,000 for one month.

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