Property listing site NoBroker enters re-sale market

Mumbai: Property listing site, which is active in the rentals segment, has made a foray into the resale market to assist clients to buy and sell properties without brokers.

“We have already established our position as the only portal to assist our customers in hassle-free transactions in the rental space without the intervention of brokers. We now want to extend the services in the resale market, where there is a huge demand currently,” Chief Executive of the Bengaluru-based firm Amit Agarwal told PTI here.

He said the company was formed with a view to allow users to search and rent apartments without involving brokers or middlemen, thereby skipping the commission they charge.

“Currently, the total brokerage market in the rental and resale spaces is as huge as USD 6 billion in India. We want to disrupt this market and assist our users to buy, sell or rent properties without paying hefty brokerages,” he said. NoBroker, currently operational in Bengaluru and Mumbai, plans to expand its services to over 20 cities in a year.

“In February, we raised USD 3 million series A investment from SAIF Partners and Fulcrum Ventures. We will use these funds to expand our reach and marketing. As we expand further, we may look at another round of funding.

But we have not finalised our plans on this yet,” Agarwal said. Asked about the companys revenue expectations, he said, “We have decided to charge a minimal fee of around Rs 1,000 from buyers only if they opt for getting in touch with the sellers for a deal. We will not charge the owners for listing their properties.” PTI PSK RSY ABM MKJ