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Housing.com relaunches rentals, targets to triple inventory

In November 2015, the company had suspended its rental division, saying it was not able to monetise this section then

Housing.com relaunches rentals, targets to triple inventory

Moneycontrol News

Nearly three months after merging with PropTiger, Housing.com on Monday relaunched rental segment on its platform with over 60,000 listed properties. It aims to triple the inventory in the next three months.

In November 2015, the company had suspended its rental division, saying it was not able to monetise this section then. The reintroduction of rentals has been done ahead of the scheduled timeframe which earlier was slated closer to the middle of the year.

"The rental feature on Housing.com has been enhanced with new features aimed at improving the overall experience for home seekers, the company said in a statement.

There is still no clarity on how the company plans to make money from this segment. Although it said that this platform will contribute substantially to the overall traffic to the portal which is expected to touch 10 million by the end of FY 2018.

"Renting a house is the first step for most individuals towards living independently and eventually buying a home which makes it a critical part of the home-buying lifecycle. The reintroduction of rentals is a very strategic decision for us, both from a brand salience and business perspective. We are certain that this step will take us closer to our objective of becoming the preferred real estate platform for everyone looking for a home," said Mani Rangarajan of Housing.com.

With PropTiger.com, Housing.com and Makaan.com in its fold, parent firm Elara Technologies Pte Ltd offers online and offline (O2O) services in the real estate space in India, such as personalised search, virtual viewing, site visits, legal and financial diligence, negotiations, property registration, home loans and post-sales service.

The combined entity currently claims to have a monthly traffic of over 7 million visits. It claims to have 1 million properties listed for resale and 1,20,000 properties for rent.
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