Housing.com, part of Elara Technologies Pte Ltd, which also owns PropTiger.com and Makaan.com announced, on April 17, 2017 that its ‘Rentals’ offering has gone live on the portal. The reintroduction of rentals has been done ahead of the scheduled timeframe, which, earlier, was slated closer to the middle of the year. Following its recent merger with PropTiger.com to form India’s largest digital real estate company, this move will further strengthen Housing.com’s position within the real estate ecosystem.
The rental feature on Housing.com has been enhanced with new features, aimed at improving the overall experience for home seekers. In keeping with Housing.com’s traditions, these are verified listings with 100 checks and real images. One of the other features is ‘Activity’, which keeps track of agents you contact and takes feedback to ensure availability of listed homes. Users can also keep track of messages to agents directly from the website. This would not only help users get what they want, but will also significantly reduce the time, energy and money spent on finding a house. Within the next one month, the app will also be launched, adding new features and enhancing the overall functionality of the rental offering.
Demand for rentals in metros increasing
The genesis of brand Housing.com was to address the issue of finding homes for rent in metros and major cities. Hence, the reintroduction of rentals is a crucial step for the brand, which is a leading player in the segment. With the re-launch, the portal has over 60,000 verified units listed to be rented with the number expected to exceed 2,00,000 in three months’ time. It will also contribute substantially to the overall traffic to the portal which is expected to touch 10 million by the end of FY2018.
Recent industry trends indicate that the demand for affordable rental properties has steadily increased over the past six months. As per latest industry figures, the residential property market across Mumbai, Delhi, Bengaluru, Pune and Chennai, witnessed an increase of 8% to 12% in average weighted rental values against capital values for the year 2016. This move also follows feedback received from a cross-section of the real estate ecosystem including brokers, for whom rentals are a business critical solution and end-users for whom it is a basic need.
Verified listings and other features of the rental offering
Commenting about this, Mani Rangarajan, Chief Business Officer – Platform Business Unit, Housing.com said, “Renting a house is the first step for most individuals towards living independently and eventually buying a home, which makes it a critical part of the home-buying lifecycle. The reintroduction of rentals is a very strategic decision for us, both from a brand salience and business perspective. We are certain that this step will take us closer to our objective of becoming the preferred real estate platform for everyone looking for a home.”
Ravi Bhushan, Chief Product and Technology Officer, PropTiger.com, Housing.com and Makaan.com. added, “Housing.com’s rental offering is one of the most evolved and leading solutions in the segment and the number of verified units we have listed at the outset, is a testimonial to that. That being said, we are working towards improving our offering with the objective of adding more value to our users and would be rolling out some exciting new products features in the days to come.”
With PropTiger.com, Housing.com and Makaan.com in its fold, Elara Technologies Pte Ltd is the only player offering the full range of online and offline (O2O) services in the real estate space in India, such as personalised search, virtual viewing, site visits, legal and financial diligence, negotiations, property registration, home loans and post-sales service. The combined entity currently has a monthly traffic of over 7 million visits and has more than 1 million properties listed for resale and in excess of 2,20,000 properties listed for rent.