Property
search portal NoBroker has entered the Chennai market to connect those seeking
houses on rent directly to property owners, without the involvement of
middlemen. The Bangalore-based startup currently operates in the Mumbai,
Bangalore and Pune and has targets to extend its presence to 16 cities in the
next 8 months.
NoBroker
uses a proprietary algorithm to verify genuineness of both owners and tenants
by scanning their social footprints. The startup credits technology &
innovation as their unique edge which has helped them garner 1,50,000
registered users (owners and tenants) since its launch in early 2014.
Mr. Akhil
Gupta, co-founder and CTO, NoBroker told, ''Real estate continues to feel the
pinch of middlemen-linked costs despite presence of numerous tech portals and
NoBroker's focus is on enabling peer-to-peer connections."
According
to NoBroker's estimates, the value of the Indian real estate brokerage market
stands currently at $ 4 billion and this amount is growing annually by 25%.
"The
combined brokerages spend for both owners and tenant is about 18% currently and
we are saving almost Rs. 12 crore to Rs. 15 crore in brokerage costs every
month," Gupta said.
To reduce
the dependency on brokers when it comes to registration of the deal which is
procedural in markets such as Mumbai, NoBroker has also launched an online
agreement tool.
Under this
feature, a standard template can be customized, printed and also delivered to
the parties for a specific charge.
The company
claims 35,000 listings across its Mumbai and Bangalore operations and said it
facilitates around 6,000 connections on a daily basis. "In Chennai, the
past one week alone has seen about 1,500 listings," Gupta said.
He added
that NoBroker's nimble team of about 70 employees helps the organisation to
grow faster than rivals.
NoBroker
raised $ 3 million from SAIF Partners and Fulcrum Ventures in December 2014 and
is in discussions with investors to raise a 'larger round' of funding in the
near future. The company declined to offer details about the proposed
fund-raising.
Contact
Write to hello@nobroker.in
Call 0-92417-00000
Whatsapp 0-8107-555-666
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