Magicbricks geographical footprint now covers 16,000 plus localities in India
India’s No.1 property site, today announced that it has emerged as a runaway leader of supply in India’s real estate market with a whopping 1 Million active property listings and consolidated its position as the preferred online real estate platform for all buyers and sellers by increasing its reach to 16,000 plus localities in the country.
Out of 1 Million active properties, 58% are for sale and 42% for rent and 2.1 lakh Exclusive Listings posted only on its platform by individual property owners from across 700 towns and cities. Be it residential, luxury, rental, commercial, PG or co-living, Magicbricks now has a wide range of listings across all categories and multiple budget segments. With a widespread of properties, Magicbricks now enjoys more than 60% of all online listings in India.
The company said that as a result of its strategy around aggressive geographical footprint expansion to penetrate deep & aggregate supply, it is now covering the market holistically that has resulted in 60,000 properties being added daily.
The company also reported that it has now aggregated more than 3.25 lakh listings from Individual owners which it said is a testimony of the trust that the brand commands in the market. The company further reported that out of these owner listings, approx. 65% i.e. 2.1 lakh+ listings were exclusively posted only on Magicbricks by these individual owners. It mentioned that product innovations and brand pull have been the key factors in driving this growth. Thanks to the supply leadership, Magicbricks as per comScore data now has a traffic market share of 48% of mobile traffic and 41% of web traffic in terms of total unique visitors with 23 million visits per month.
Commenting on this, Sudhir Pai, CEO, Magicbricks, said: “We’ve invested product and technology bandwidth, as well as deployed significant manpower, to extensively source listings. The edge that we’ve built on the supply side is directly helping the business. We’ll continue to invest behind educating and bringing various property sellers online and helping them sell or rent out their property. With comprehensive and unmatched stock of listings, buyers need look no further for their property search.”
Around 76% of sale listings and 84% of rent supply comes from the key markets of Delhi/NCR, Mumbai/MMRD, Pune, Bangalore, Kolkata, Chennai, Hyderabad and Ahmedabad. Over the last 12 months, there has been strong double digit growth in the increase of sale listings across the end user driven markets of Thane, Pune, Bangalore, Chennai and Hyderabad. Thane is the best performing market with over 25% growth in supply followed by Pune at 17% and Hyderabad at 16%. In terms of rent, Mumbai has the highest supply followed by Bangalore and Pune.
Across budget segment for sale, around 55% of the properties are scattered across the affordable and the mid-segment ranges of Rs.0-20 lakh, Rs.20-40 lakh and Rs.50-70 lakh. In addition, there has also been a healthy 18% rise in terms of commercial listings on the platform.
Significantly, the platform also reported a 61% growth over 2017 in RERA registered listings taking it up to 50,000 property listings. The company mentioned it has been making conscious efforts to increase the share of verified properties on the platform and has achieved 48% growth over last 12 months in verified property listings.
Magicbricks has also successfully grown in newer segments like Co-Living Spaces (CLS), Banks, RWA (Resident Welfare Associations) and etc. Driven by the rising number of millennials, CLS supply grew by almost 75% in TIER I cities in 2017 and then jumped to 110% in 2018. The key markets of Delhi NCR, Mumbai Metropolitan Region (MMR) and Bangalore now account for almost 50% of the CLS listings on the platform.
Added Mr. Pai: “Supply leadership & exclusive listings are a catalyst to gain traffic. The gains in supply have directly resulted in enhancing our traffic leadership and attracting larger number of property seekers to our platform. This in turn has been instrumental in driving our strong revenue growth of over 50% this year. We will continue to innovate and strengthen the platform as we journey towards becoming a full-stack service platform.”
With industry coming out of the extended effect of various policy & regulation changes, supply leadership is likely to be a key differentiator for this category which thrives on scale.
Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.1 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content and research services, which have helped us, build the largest audience pool.