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Tuesday, Dec 31, 2002

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Propmart plans 26 property supermarkets

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CHENNAI, Dec. 30

Propmart Technologies Ltd, a Bangalore-based real estate marketing services company, plans to launch 26 property supermarkets in Mumbai, Chennai, Pune, Ahmedabad, Hyderabad and Kochi.

Mr John Kuruvilla, CEO and Managing Director, Propmart Technologies Ltd, said the first super mart was set up in Bangalore and offers a variety of choices in terms of properties, home loan assistance, legal advice and getting paperwork done all under one roof.

Mr Kuruvilla said that at this company-owned superstore, a homebuyer can chose from over 7,000 properties across the city. Chennai will have two supermarkets one of which will be company-owned and other franchised. Around 18 of these super stores will be franchised and will allow the customers choice in house types, locality and prices in all Indian cities.

The company has invested Rs 10 crore in setting up the basic infrastructure. Mr Kuruvilla said that the company was planning to invest another Rs 10 crore in the coming year, which will be raised from private investors, he said.

Mr Kuruvilla said that the company has a Web site, which has over 50 lakh hits per month. The company also has a real estate classified monthly and a call centre which manages over 42,000 calls.

Propmart has offices in Bangalore, Chennai, Kochi, Delhi, Hyderabad, Mumbai and Pune, besides a presence in Dubai. The company plans to open offices in Bahrain, Kuwait, Oman, Qatar and Saudi Arabia to service the real estate needs of the non-residents Indian in these countries. The company also assists property buyers with home loans from HDFC.

Propmart has positioned itself as a corporate real estate services company in a market, which is largely unorganised.

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