Magicbricks posts 20% growth in revenue in 2016-17

Realty portal Magicbricks today reported 20 per cent growth in revenue during last fiscal at Rs 132.6 crore.

It posted 30 per cent growth in revenue during the fourth quarter at Rs 36 crore, Magicbricks said in a statement.

"While there has been short-term pressure on the pace of growth post demonetisation, we saw search queries recovering strongly in the fourth quarter of 2016-17, indicating consumer sentiment revival. We beat the slowdown through a series of initiatives across product innovation, traffic growth, channel initiatives and partnership alliances," Magicbricks CEO Sudhir Pai said.

In the ongoing fiscal, the company plans to launch a series of new business lines around commercial real estate, the rental segment, luxury and NRI segments.

It will also integrate products such as home loans, experience centres and assisted selling services on its platform.

"On the basis of the 2016-17 revenue figures, the company believes that it is now 20 per cent bigger than its closest competitor on revenue," Magicbricks said.

As per comScore data, Magicbricks said, it had 43 per cent traffic market share by unique visitors in the January- March quarter. In this period, Magicbricks had 74 per cent more unique visitors than the player at the second spot.

Magicbricks.com is owned by Magicbricks Realty Services Ltd, a subsidiary of Times Internet, the digital arm of The Times of India Group.