Online real estate advisor PropTiger.com announced the acqui-hire of Mumbai-based start-up PropRates, a pioneer in data collation tools which gathers actual real estate transaction data.
With this acquisition, PropTiger aims to provide consumers real-time access to price related information on the property market. The latest acquisition comes close on the heels of the company’s acquisition of Gurgaon-based 3DPhy earlier in August, which was aimed at extending its lead in 3D visualisation and other technology solutions.
Commenting on the development, Dhruv Agarwala, CEO, PropTiger.com and makaan.com, said: “With this acquisition, PropTiger will be able to augment its existing DataLabs offerings. The advanced data collation tool developed by PropRates will enable users to make more informed choices based on actual transaction prices while buying or renting property. PropRates’ exhaustive Mumbai-centric data resource will soon be available to our customers on PropTiger and Makaan.”
Customers in the Mumbai market will be the first beneficiaries of the range of data points available on PropRates. The next phase of expansion will see another nine cities being added. The solution provides customers with a solid and credible benchmark by providing the actual transaction value of the latest buy or rent transaction closed in a complex or locality.
Expressing confidence over the future prospects of the data tool, Abhishek Malhotra, CEO PropRates, said: “The large user base of PropTiger and Makaan will immediately find our data offering immensely useful for the purpose of picking residential units of their choice for buying or renting in the Mumbai market. We soon plan to extend our services to the next top nine cities. The tool will help users optimise their decisions and get the best value-for-money deals.”
PropRates was founded by two techies, Abhishek Malhotra and Rohan Dey, in 2015, with the sole objective of creating transparency in the real estate market and helping users take more informed property decisions. PropRates’ team will come on board at PropTiger and will continue to build on their data gathering and analysis expertise to augment and fine-tune their offering with the available resources at Proptiger.
By providing holistic end-to-end technology and data solutions, PropTiger intends to offer greater flexibility, choice, and improved user experience to its customers.
PropTiger.com is an online real estate firm in India funded by News Corp, SAIF Partners, Accel Partners and Horizen Ventures. With PropTiger’s acquisition of brands such as Makaan.com and OOBI in the recent past, homebuyers now have access to a full stack of services — from online search to assistance with transactions. Since its inception, PropTiger.com has sold homes worth more than Rs 10,000 crores to 15,000 customers.