With the Indian property portal space already home to plenty of established websites, new players need to come up with an original model to have any hope of making an impact. Despite the challenges, it seems two young entrepreneurs may have found a way in with commonfloor.com.
The creators of commonfloor.com say they started out of a garage with nothing but a steady supply of Maggi noodles. The idea was to create an online communication platform for residential communities that would be hassle free, secure and private, allowing owners and residents to discuss issues relating to their particular building.
Now, three years into development, commonfloor.com powers over 22,000 online communities across more than 70 Indian cities, and has attracted funding from Accel Partners. The website generates revenue by selling on-site advertising and recommendations, and co-founder Sumit Jain told financialexpress.com that there is “clear visibility” of generating $100 million in topline over the next five years.
commonfloor.com recently got in touch with propertyportalwatch.com to outline the website’s next venture: property search. People can now use commonfloor.com to search for sale and rental properties across India and post their requirements. Owners and brokers are currently able to list their properties for free, however there are featured advertising spots available.
It remains to be seen whether commonfloor.com’s move into property listings will have any impact on established players such as 99aces.com and magicbricks.com. But the website says there is “loads more” to come in 2011, so this Indian startup could be one to watch.