Housing.com's parent firm REA India's revenue surges 46% to over Rs 430 crore

REA India, the parent company of Housing.com and PropTiger, has reported a 46 per cent increase in its revenue to over Rs 430 crore for the fiscal year ending June. The company generated nearly Rs 300 crore in revenue during the previous financial year (July to June).

REA India, a subsidiary of Australia's REA Group, is a comprehensive real estate technology firm that operates three real estate portals: Housing.com, PropTiger, and Makaan.com.

The majority of the revenue was contributed by Housing.com, one of India's leading real estate classified portals.

Commitment to innovation

Dhruv Agarwala, CEO of REA India, stated that the company's strong results reflect its commitment to innovation and leadership in the market. He emphasised the company's focus on steady growth in areas such as audience expansion, consumer experience enhancement, and brand presence.

"Our approach to revenue growth includes strengthening our presence in major markets and carefully extending into new cities to take advantage of emerging opportunities," he said.

Agarwala also highlighted the company's development of specialised products for developers and brokers, which resulted in a significant 25 per cent increase in the customer base.

Monthly website traffic

In May, Housing.com experienced a four-fold increase in monthly website traffic to over 20 million compared to pre-COVID levels, driven by a revival in demand and the rapid adoption of digital tools in the real estate sector. The company's growth in traffic over the past three years has been attributed to investments in branding, advertising, and marketing activities.

"COVID has positively impacted people's attitudes towards home ownership and also towards using digital media, and hence a large chunk of our stakeholders have come online," Agarwala said.

In December 2020, Australia's REA Group acquired a controlling stake in Elara Technologies, the former owner of these three real estate portals, and rebranded it as REA India.

Housing.com, founded in 2012, is a proptech platform that caters to 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. PropTiger.com, established in 2011, is a housing brokerage firm, while Makaan.com is an advertising platform.

(With PTI inputs)