Nobroker.com , a Bengaluru-based startup that connects home renters to property owners, has ventured into resale of property from October. So far, the marketplace model allowed people to either list their own properties or search for properties for renting without dealing with brokers. “Everything can be made easier with technology,” says Amit Agarwal, who co-founded the startup in March 2014. “Every month, we are closing 3,000 rental deals.”
The startup is operational in Mumbai, Bengaluru, Pune and Chennai and provides paid-for ancillary services like verification of title deeds, and preparing and renewing rent agreements. The target is to expand to 20 cities in the next 12 months. While buyers and renters can now browse the listings for free, this is set to change with plans to charge Rs 1,000 for four months to access the contact details of listed properties. “The rental market is large, but resale is a larger market for us,” Agarwal says.
Online listings for renting and resale of property has been growing in the real estate sector, with startups like Grabhouse, Commonfloor, Zenify, Zocalo and eezyrent. These companies have varying revenue models, with some charging the tenant or buyer.
“At present, the broker market is largely un-organised and is believed to favour the seller,” says Sharad Mittal, director and head of real estate investment at Motilal Oswal Real Estate Fund. Effective use of technology shall determine the success of these startups, he adds.
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(This story appears in the 13 November, 2015 issue of Forbes India. To visit our Archives, click here.)