REA India, owner of Housing.com and PropTiger, reported a 31% revenue increase in the fiscal year ending June, reaching INR 563 crore, driven by strong residential property demand. CEO Dhruv Agarwala credited this growth to the company's innovative products, expansion in Tier-2 cities, and an app-first strategy that boosted app traffic by 45% in the latter half of the year. Part of Australia's REA Group, REA India leverages its platforms-Housing.com, PropTiger, and Makaan.com-to offer comprehensive real estate services. The company's strategic focus on digital engagement and emerging markets has solidified its market position.
REA India, the parent company of Housing.com and PropTiger, achieved a 31 percent revenue growth in the fiscal year ending June, reaching INR 563 crore, according to CEO Dhruv Agarwala. This impressive performance, driven by strong demand for residential properties, marks a significant milestone for REA India, a full-stack real estate technology firm that operates as part of Australia's publicly listed REA Group. REA India owns two major online classified advertisement platforms: Housing.com, which caters to home seekers and property owners, and PropTiger, a prominent housing brokerage.
The company's revenue, which stood at approximately INR 430 crore in the previous fiscal year (July-June 2022-23), has seen a substantial increase. Agarwala highlighted that FY24 marked a period of significant growth and innovation for the company. He emphasised that the record-breaking success of their online events demonstrates a testament to the company's strong market presence and the effectiveness of their strategy. He emphasised that the company's new products and innovations, designed to cater to both customers and home seekers, have gained widespread popularity, contributing significantly to sales growth.
Agarwala also highlighted the continued expansion in Tier-2 cities, underscoring the shifting dynamics of the Indian real estate market. These emerging urban centres are rapidly gaining prominence, indicating a broader trend towards decentralisation and growth beyond the traditional metropolitan hubs. Agarwala explained that their focus on an app-first strategy has been crucial in enhancing consumer engagement, delivering personalised services, and providing an overall exceptional consumer experience.
This focus on digital channels, particularly through mobile applications, has led to a 45 percent increase in app traffic during the latter half of the fiscal year, underscoring the success of REA India's digital-first approach. Australia's REA Group, which acquired a controlling stake in Elara Technologies in December 2020, rebranded the company as REA India. Elara Technologies previously owned the three portals-Housing.com, PropTiger.com, and Makaan.com-that now form the backbone of REA India's operations.
Housing.com, established in 2012, serves as a comprehensive proptech platform for homeowners, landlords, developers, and real estate brokers, offering listings for new homes, resale properties, rentals, plots, commercial spaces, and co-living arrangements across India. PropTiger.com, founded in 2011, functions as a housing brokerage firm, while Makaan.com continues to operate as a leading online advertising platform for real estate.
Through its innovative products, strategic focus on emerging markets, and strong digital presence, REA India has established itself as a leading force in the Indian real estate sector, well-positioned to achieve sustained growth and prosperity in the years ahead.
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