18 March, 2016, New Delhi: In order to expand its reach, Magicbricks has stepped forward and acquired property analysis firm Properji.com in an undisclosed amount deal. With this acquisition, company is also planning to come up with detailed report of around 10, 000 projects in six metros that might help the prospective buyers on taking their final call on property.
Properji, currently operates from its office located in Bangalore. The start-up provides detailed research to buyers and has prepared reports for about 100 projects.
Magickbricks.com has acquired Invact Technologies, the engine which runs the operations of Properji.com. Commenting on acquisition, Sudhir Pai, CEO, Magickbricks, stated, “We have acquired Properji.com which does independent analysis of projects. This will help the consumer to make an informed property buying decision.”
This move, marks as the first acquisition of Magickbricks however, even after much of probing, Pai didn’t reveal the other details of the deal. “Given our reach and scale, we would be taking this platform to six metros including Bengaluru. We would like to prepare report for 10,000-15,000 projects, both completed and under-construction, having great demand,” quoted Pai.
Talking about the synergies, Pai said Magicbricks.com generates huge data through listing of properties and same would be utilised for analysing the projects. The company also states, “The acquisition would help Magicbricks to strengthen its consumer proposition by offering in-depth information and analysis of projects that help consumers to choose the project that best suits their needs.”
Sharing her views on the news, Priya Maheshwari, Co-FOunder & CEO, Properji.com, said, ” Magicbricks has 80K projects and over 1.2 million listings. Consumers are less concerned about inventory availability, they are asking to help them with information that could prove beneficial for them while selecting properties. Properji has a proven research-analytics driven model to score projects and builders and provide customized recommendations on which project to buy, at what price and when. Together with Magicbricks, we can inject confidence and extend strong decision support to buyers at scale across India.”
Commenting on her new role, Maheshwari elaborated, “My new role would be to be the overall head of their research and to scale Properji.com to cover all projects across India. The biggest learning has been that if you focus on a real pain point (objective and credible help for home buying in our case), people will use your product and also pay for it. And you would be valued as an entity for enriching the ecosystem in that industry. Also wanted to share that in the real estate domain, which has traditionally been a man’s forte, I am probably the only woman entrepreneur. So it has been quite a learning experience for me to make an inroad and run this venture in India.”