Australian-based REA Group has partnered with Indian digital real estate portal operator Elara Technologies to unveil a new brand, REA India.
The brand name REA India was chosen to reflect the name of the new parent company, while prominently distinguishing the local market of operation.
Elara Technologies, now known as REA India, operated real estate portals Housing.com, PropTiger.com and Makaan.com.
REA Group first invested in REA India in 2017, becoming the majority 61 per cent shareholder in 2020. A subsidiary of News Corp has become the remaining substantial shareholder. News Corp is also the majority shareholder in REA Group.
REA Group CEO, Owen Wilson said the key pillar to their long-term growth strategy has been to expand into large growth markets.
“Our strong presence in India provides REA Group with exposure to one of the world’s most attractive economies and complements our existing footprint in Australia, Asia and North America,” Mr Wilson said.
“The residential real estate market in India presents enormous growth opportunities on the back of rapid digital adoption.
“Leveraging the combined talent and expertise of REA Group and REA India, we have an exciting roadmap, fuelled by the delivery of highly personalised consumer experiences, to become the clear number one digital real estate business in India.”
Within the REA Group structure, REA India will continue to operate as a separate organisation under the ongoing leadership of Dhruv Agarwala, co-founder and CEO, along with the current leadership team.
“In the new venture, we will solidify our position as the digital real estate platform of choice in India,” Mr Agarwala said.
“The new branding will provide us with a strong brand legacy backed by cutting edge technology. We will continue to serve our consumers and customers with the same passion and expand our presence in the promising real estate market in India.”
Mr Agarwala went on to explain the pandemic has elevated the Indian property market, which has increased the need for technology, just as it has in Australia and internationally.
“This quick and transformative shift has led to accelerated digital adoption and the need for digitally enabled full stack services that are core to our business strategy,” he said.
“Our objective is to optimise our offerings around this shift and build a more engaging and transparent platform for our user base, with support from REA Group’s team.”
REA India has a proud history of successful offerings, including PropTiger.com and Makaan.com which were launched in 2011 and 2015 respectively.
Housing.com, a start-up founded in 2012 by a dozen IT graduates, became part of the group in January 2017.
Following the acquisition of Housing.com, the company went through a reorganisation to make optimal use of its resources.
PropTiger is currently one of the leading online real estate brokerage firms in the country. Housing.com is one of the leading digital real estate platforms catering to developers, brokers, homeowners, buyers and renters.
REA India is well-positioned to take advantage of the attractive market dynamics in the country with its differentiated full-stack strategy.