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Digital classifieds start-up Quikr and mortgage company HDFC has announced that HDFC Realty has been re-branded ‘QuikrRealty in alliance with HDFC’.’
The alliance creates one of the biggest O2O (online-to-offline) platforms in India.
The development is part of the strategic transaction between the two companies, where HDFC received a 3.3 per cent equity stake in Quikr, valued at $57 million, for transferring its entire shareholding of HDFC Realty and HDFC Red businesses to Quikr, that was announced in December.
QuikrRealty will now serve as an online-offline brokerage business that draws its demand from Quikr’s base of eight million visitors and in return, complete the transaction loop for home buyers on Quikr by facilitating home loans from HDFC. Quikr already has two other platforms — QuikrHomes and CommonFloor — .
“Around 220 million smartphone users, and growing, are accessing online channels like Quikr to make their purchase decisions, and we are witnessing this trend in real estate too. With this alliance, we want to reach the large base of millennial customers at the early cycle of their home search on Quikr,” said Renu Sud Karnad, Managing Director, HDFC.
Developers will be able to look at project-specific marketing campaigns from QuikrRealty aimed at prospective customers, with which they can opt for sales closure services. User of QuikrHomes will be able to seek site visits, assistance in negotiations and closures from the properties they shortlist. QuikrRealty will assist corporates and institutions in bulk transactions involving buy/sell/lease of residential properties and office-space expansions.
Pranay Chulet, founder and CEO, Quikr, said: “After the recent regulatory changes, the stars are aligned for a strong market leader to step in and organise home buying in India. We are excited to be that market leader.”
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