Real Estate

NoBroker to hire 130, to support demand spike

Sangeetha Chengappa Bengaluru | Updated on May 21, 2020 Published on May 21, 2020

Amit Agarwal, CEO & Co-Founder, NoBroker

Real estate platform Nobroker.com is on an aggressive hiring mode to support demand spike since the beginning of the month. The brokerage-free platform is ramping up its team with 130 additional hires across technology, operations, business, marketing and customer facing roles, a top executive told BusinessLine.

“When the lockdown was announced in the fourth week of March, we were faced with two options – to go defensive with salary cuts and layoffs or to adopt the aggressive approach by retaining our employees and hiring more people to support the growth of our existing and new streams of revenue that we continue to identify. We decided to go with the second approach. We are adding 30 new people to our 300-strong core team and 100 to our 1,200-strong call centre team. And this is the right time to hire good talent, because a lot of companies have laid off their employees in order to keep their heads above the waters,” said Amit Agarwal, Co-founder and CEO, NoBroker.com.

Demand for home rentals

“We have started seeing a lot of pent up demand for home rentals and commercial rentals in the six cities that we operate in including Bengaluru, Chennai, Hyderabad, Mumbai, Pune, Delhi and NCR since May 1. In the last seven days alone, demand has spiked by 20 per cent, especially in Bengaluru where pent up demand is high with lockdown restrictions being eased since May 4,” said Agarwal.

The company’s revenues have been growing 3X year-on-year in the last few years. Its Bengaluru and Mumbai operations are fully profitable. After identifying its core proposition of home rentals, commercial rentals was added on as another revenue stream soon after. Today, the company participates in the entire user journey starting from house search to packers & movers, home loans, home painting and cleaning services, legal and insurance services, among others.

“Pre-Covid we attracted 7 lakh unique customer interactions every month, which has halved to 3.5 lakh interactions during the lockdown. However, since prices are down, because of the pandemic, the intention to buy and sell ready-to-move-into homes is high. People who postponed their home purchase decisions until they had time to research properties had enough time to finish their research during the lockdown, as they are working from home. This buy and sell demand is from end users, not from investors,” said Agarwal.

Founded by Akhil Gupta, Amit Agarwal and Saurabh Garg, NoBroker.com is working towards streamlining the country’s largely unorganised real estate industry.

Published on May 21, 2020

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Sincerely,

Support Quality Journalism
  1. Comments will be moderated by The Hindu Business Line editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.