Forget about the value of real estate transactions in Delhi-NCR, the brokerage amount itself is as high as ₹15,000 crore in the region, according to Saurabh Garg, founder and chief business officer of NoBroker.com, a real estate portal that connects owners directly with the potential buyers or tenants.
Speaking at the official launch of NoBroker.com platform services for the Delhi NCR region on Wednesday, Garg, said, “ ₹15,000 crore is paid as brokerage while buying, selling or renting properties in Delhi NCR annually." The platform started the listing process in Delhi-NCR about a month now.
Launched in 2014, NoBroker.com first started off in Mumbai and Bengaluru and has now expanded its services to six cities. Delhi NCR is the latest addition.
“The company’s entry in New Delhi comes on the heels of its recent series D funding of $50 million, led by Tiger Global and existing investors," according to media statement issued by the firm.
Brokers are not allowed to list their properties on the platform. “Our in-house algorithm ensures that no broker listing happens on our platform," said Amit Agarwal, founder and CEO, NoBroker.com.
There’s no brokerage either. “The idea of zero brokerage holds a lot of appeal for value-conscious Indian consumers. Our platform aims to create a transparent real estate ecosystem by eliminating brokerage from the equation," said Agarwal.
Talking about the revenue model, Garg said, “We earn from allied services such as phone relationship managers who do all the basic search for the person looking for a property. The charges are in the range of ₹2,000 and ₹3,000. We also provide services like packers and movers, home loan and legal assistance, among others."
“We have got a good response in the Delhi NCR market," said Garg. “Since its launch in New Delhi, NoBroker.com has already garnered 62,000 consumer registrations and is over 27,000 listings on the platform. So far, 1,100-plus deals have happened in the region," according to the media statement.