The Indian portal, which was established in 2011, provides multi services to investors and buyers, assisting them to sell, buy, rent or lease properties across India.
Favista will remain as a standalone portal, providing marketing and lead generation services to developers and Coldwell Banker India’s current and future franchise network.
All of Favista’s assets, IP, and employees will become a part of Coldwell Banker India as of the closing date.
Favista has also developed technology to help developers in the affordable housing space to launch their projects online including the ability to collect bookings online using the portal. This significantly reduces the time and cost to market for such projects.
The managing director at Coldwell Banker, Ramnik Chopra, said the company’s decision to invest in a tech company would serve its stakeholders well.
“Investing in technology is a strategic goal of CB India and fits in line with our goal of providing a world-class brand, training and technology to our franchisees and agents,” Chopra said. “We believe that this acquisition will help our franchisees and agents reduce their overall lead costs and enable a significantly larger volume of transactions. Favista’s technology and focus on reducing online lead generation costs fits in that strategy.”