The Dutch-based global online marketplace, OLX Group, founded in 2006 and operating in 45 countries. In 2014, the platform reportedly had 11 billion page views, 200 million monthly active users, 25 million listings, and 8.5 million transactions per month. Like in other marketplaces where OLX is present, Indian users can buy, sell, and find just about anything on the platform, from cars, furniture, electronics, jobs, services listings, and real estate.
This year’s Madrid Property Portal Conference was Amrendra Shukla’s first time at one of our events, “I enjoyed listening to Simon Baker; he has so much experience in the real estate realm and is very knowledgeable about what is going on around the globe. It’s also interesting to hear about the latest trends, such as the current focus on iBuying, creating a hybrid agent, and the different combinations and views from other people attending the conference,” said Shukla.
We asked Shukla if iBuying would work in the Indian property market, “iBuying in India from my personal view it is not scalable. For one, India is a very fragmented country, with a huge population and geographical distribution, so there are different legalities throughout the country,” said Shukla. “Historical data partaking to the legalities to the ownership is still in an evolving stage, and things are getting digitized, but it’s specific to new developments for now. The government has taken a lot of initiative toward digitizing the registrations in India. However, there are still a lot of properties that have no ownership document or public records associated with them. So getting a fair transfer and pricing point and getting transparent paper and legal work, it’s going to take some time,” he added.
Shukla observed that India’s real estate market needs to be more streamlined, “For example, in India, commissions can go from 1% up to 15%, and there are parts of the country which are driving different commission scales still. The different legalities also make it challenging to buy or sell a property. But there has been a lot of improvement in India’s real estate sector, and the government is helping in the matter, especially with new developments, whose information is in the public domain. So, before buying a property, consumers can search for its details on a data platform; there is transparency, which enables a lot of trust in Indian consumers,” he said.
When asked what some of OLX’s innovative products, methods, or processes are, Shukla said that OLX is focusing on authenticated unit content on its platform. “We are making sure that there is no duplication, and that unique properties are being listed. Since OLX is a classifieds platform, our users are interested not only in one category, but in several, for example, someone who might be interested in buying a second-hand car may be a prospective buyer for real estate. Whereas somebody looking to buy a used bicycle might be a candidate for a new job. People are always browsing for services, cars, real estate, etc. so we are touching the lives of our users 20-30 times a year, this allows for higher penetration of the market and the building of an entire ecosystem. OLX has an outstanding reputation, and it is trusted in India.
Over 220 attendees are expected at our next event - the Asian Property Portal Watch Conference in Thailand. The Conference will be held in Bangkok from 26th to 27th February 2020, and it will run for two days, featuring expert Industry Speakers, Innovative Companies at the forefront of the online real estate industry. The Asian Property Portal Watch Conference also offers amazing Social Events, a perfect opportunity for networking.
We hope to see you there.
Join us February 26-27 for the Property Portal Watch Conference Bangkok 2020.