The online real estate space in India has been witnessing a lot of investor interest since past few months. According to the data available, in past 9 months, over $300 Mn of investment has come into the real estate space, with over half of being raised in the last 3 months.
With over $120 Bn in revenues, the real estate market is Huge. The huge market opportunity which this sector offers has made the real estate space in India crowded with the existence of a number of players, thus the competition among the players is pretty much evident.
“Whenever a company announces a fundraise, they articulate how they are the biggest, the baddest, the most disruptive, etc etc etc. That’s all well and good, but we prefer to try to evaluate those claims as objectively as possible, with common standards and metrics. These are, of course, not the only way to evaluate a business – you have to look at product loyalty, roadmap, vision, and much more.
But overall, I don’t think there’s enough access or awareness of objective, competitive data. So we decided to share some here, with an update on how the market has evolved over the last 12 months, using data from Comscore, the industry standard for third party traffic data (web),” says Satyan Gajwani, CEO, Times Internt in a recent blogpost.
The data shows that MagicBricks has maintained a clear leadership position on reach as well engagement metrics.
Have a look into the data:
On reach metrics – daily visits, monthly visits, and unique visitors MagicBricks is nearly 2x the reach of 99Acres, and captures more visits than 99Acres and CommonFloor combined.
On engagement metrics – total minutes, page views, visits per visitor, MagicBricks is now leading in all metrics, though by thinner margins.
It is surprising to see that despite of number of funding rounds that CommonFloor and Housing have been able to secure has a very little impact on the traction on their platform. 75% of all consumer time is spent between MagicBricks and 99Acres, with the next 4 players splitting the balance of 25%.
“Obviously, we’re happy with where we stand today, but we’re not satisfied,” says Satyan.
MagicBricks currently has over 1 Lakh verified active listings (less than 60 days old) and is further targeting to reach 1.5 Lakh verified, active listings.