Online real estate

#PropTiger.com and #Housing.com, two of India’s leading online real estate service providers, to become India’s largest online real estate services company.

As part of the transaction, #REA Group Limited (ASX: REA) will invest US$50 million in the joint entity, with an affiliate of #Softbank Group Corp, investing US$5 million.

#News Corp (NASDAQ: NWS, NWSA)(ASX: NWS, NWSLV) remains the largest shareholder of PropTiger, and also owns 61.6 per cent of REA Group.

Representatives of REA and Softbank will join the board of the joint entity, which will continue to be chaired by a News Corp representative.

The joint entity will draw on strengths of PropTiger, Housing.com and #Makaan.com to offer a unique holistic experience to consumers, real estate developments, brokers and homeowners.

PropTiger is the largest online residential real estate brokerage firm, having completed transactions worth US$1.5 billion since its founding in 2011, while Housing.com is India’s most popular online platform for buying and selling homes, receiving over four million visits every month.

By 2030, India is expected to be the 3rd largest real estate market in the world with the sector contributing to over 15 per cent of gross domestic product.

The joint PropTiger-Housing.com entity is exceptionally well positioned to win the digital real estate market in India with its unique capabilities and a strong set of institutional investors, which also include #SAIF Partners, #Accel Partners and #Nexus Venture Partners, said the companies in a statement.