PropRates was founded in Mumbai in 2015 by Abhishek Malhotra and Rohan Dey and claims to be a pioneer in data collation tools and gathering actual real estate transaction data.
PropTiger's executive team revealed the intention of the acquisition is to provide consumers real-time access to price-related information on the property market in India.
"With this acquisition, PropTiger will be able to augment its existing DataLabs offerings,” said Dhruv Agarwala, CEO of PropTiger.com and makaan.com.
“The advanced data collation tool developed by PropRates will enable users to make more informed choices based on actual transaction prices while buying or renting property.
“PropRates' exhaustive Mumbai-centric data resource will soon be available to our customers on PropTiger and Makaan."
The PropRates team will join PropTiger and continue to build on their data gathering and analysis expertise.
"The large user base of PropTiger and Makaan will immediately find our data offering immensely useful for the purpose of picking residential units of their choice for buying or renting in the Mumbai market," said Abhishek Malhotra, CEO, PropRates.
"We soon plan to extend our services to the next top nine cities. The tool will help users optimise their decisions and get the best value-for-money deals."
In mid-August PropTiger bought Indian 3D visualisation firm 3DPhy, a specialist in the field of virtual and augmented reality and 3D visualisations.
Agarwala said this acquisition would allow the firms’ technology platforms to align and address PropTiger’s current technological gaps. It will also help PropTiger make the home search experience more immersive, he added, as 3DPhy's technology will enable builders and brokers to showcase multiple properties over phones, laptops, tablets or head-mounted devices.
“With mobile devices overtaking desktops, the real estate sector has become one of the prime sectors, where people want to have the ability to search anywhere and anytime, and that is a big priority for us,” he said.