Indian realty platform Magicbricks.com has purchased Invact Technologies, which runs leading property analysis startup Properji.com. The companies declined to reveal the terms of the acquisition.
Magicbricks tells local finance portal Money Control it plans to come up with reports for more than 10,000 projects in six metros that would help prospective buyers to make the right decisions.
Properji.com started its operation in 2013 in Bangalore and now also has a presence in Bengaluru. The start-up provides detailed research to buyers and has prepared reports for about 100 projects.
“We have acquired Properji.com which does independent analysis of projects,” Magicbricks.com CEO Sudhir Pai tells Indian newsagency PTI.
“This will help the consumer to make an informed property buying decision.”
“This is the first acquisition by Magicbricks.com,” he adds. “Given our reach and scale, we would be taking this platform to six metros including Bengaluru.
“We would like to prepare reports for 10,000-15,000 projects, both completed and under-construction, having great demand,” Pai says.
Pai says the company plans to offer some reports free for consumers while others would incur a charge.
In terms of synergies, Pai says Magicbricks.com generates huge amount of data through listing of properties and some would be utilised for analysing the projects.
“The acquisition will help Magicbricks strengthen its consumer proposition by offering in-depth information and analysis of projects that help consumers to choose the project that best suits their needs,” he says.
Magicbricks.com is a leading realty portal and is owned by Magicbricks Realty Services Ltd which is a subsidiary of Times Internet Ltd.
The portal has over 80,000 projects and over 1.2 million listings.