India’s CommonFloor.com has declared to be the fastest growing real estate portal in the country. The company supports this claim with data from comScore April 2013, which indicates that the portal is currently growing at the rate of 106.3% year on year, making it the third largest real estate portal in the country. In Bangalore, CommonFloor.com is the number one portal in terms of traffic as per Alexa traffic rank.
The company began its operations in 2007 with the apartment management solution and ventured into the real estate listings market nearly three years ago. CommonFloor.com is funded by Accel Partners and Tiger Global.
CommonFloor.com’s apartment management solution has been adopted by more than 60,000 apartment communities across the country.
Vikas Malpani, Co-founder & Head of communities said, “Today the budget of many apartment communities is similar to SME’s and the enterprise grade solution we offer is available for free to the RWAs and apartment associations. The apartment management tool is already a preferred choice in the metro cities and is seeing increased adoption in Tier 2 cities”.
CommonFloor.com has become the fastest growing portal in the Real Estate category. Currently, the number of projects listed on CommonFloor.com is more than 60,000 and according to the company, this is the largest on any property portal in India.
- The number of property seekers registered with CommonFloor.com has grown more than twice in the last year.
- The number of property listings on CommonFloor.com has grown by more than 500% in the past financial year and the portal currently has more than one lakh live active listings.
Sumit Jain, Co-founder & CEO said, “We are very happy with the traction we are witnessing on the real estate front. The phenomenal growth since our entry into the segment three years ago has come on the back of the integrity of our listings and a host of features like map based search and mobile apps developed with the property market in mind.”
The company revealed that it has a base of more than 1000 paying customers which include top-of-the-line builders, brokers and other property agencies such as Prestige, Brigade, Unitech and Investors Clinic to name a few. CommonFloor.com’s revenue has been growing by more than 100% every quarter and the company aims to achieve a turnover of $25 million in the next two years. The company has also expanded its geographic footprint across the country with offices in 7 cities – Bangalore, Gurgaon, Noida, Pune, Hyderabad, Mumbai and Chennai.
CommonFloor.com recently launched a mobile application for its users with unique features like augmented reality and map search which allows users to view properties around them, using their phone’s camera.
CommonFloor.com claims to have been one of the first property portals to introduce map based search in May 2012, which has now been further refined with enhanced design and useful functionalities enabling viewers to look at multiple properties with all the relevant information at one glance.
On the people front, the notable hires during the last year included Ramathreya Krishnamurthi, President – Business Operations, (earlier Director – Product & Business Operations, Minglebox Communications), Shikhar Mohan, Vice President – Marketing, (earlier Head of Brand, HCL Infosystems) and Shayak Sen, Head – Product Experience, (earlier Interactive Designer of Frog Design). The company is planning to double its current workforce of 400, over the next 2 years.
Lalit Mangal, Co-Founder & CTO said, “We are extremely happy with the way we are growing and the focus continues to be on being the destination portal for everything to do with property. We aim to be the largest property portal in the country soon.”