This year has not been too kind for property market in India as well as globally. The property prices are falling and most of the consumers are sitting on the fence with the hope of that property market will fall further. Various surveys suggest that property transactions have fallen by as much as 50% compared to last year.
In this kind of scenario, the online real estate portals have also seen a sharp fall in their visitors and transactions making their life much harder. Given the circumstance, RealAcres, one of the leading online real estate portals in India has agreed to part with majority stake to Asia’s leading network of property portals, iproperty.com.
The acquisition of RealAcres.com sees iProperty.com add to its market-leading online property operations in Singapore, Malaysia, Hong Kong, Taiwan and the Philippines, and represents its latest in a string of acquisitions since its listing on 11 September 2007. The Group has committed to invest over 188 million INR (AUD$5 million) in its Asian expansion and India is a key part of the plan. iProperty.com sees itself continuing to make substantial investments in the Asian region and India will be a prominent part of its future plans. [via]
Even though property market is not doing well currently, analysts expect it to revive starting next year. The question is how many online portals will be able to survive these rough times?