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<ul><li><keyword id="2739029" type="General" weightage="20" keywordseo="nobroker" source="Orion">NoBroker</keyword> came into existence 7 years back when its founders had bad experiences with brokers.</li><li>What started as a service in 2 cities has now expanded to 6, and the platform aims to reach out to the top 50 Indian cities in the next 3-4 years.</li><li>We speak to <keyword id="262315" type="General" weightage="20" keywordseo="saurabh-garg" source="Orion">Saurabh Garg</keyword>, Co founder &amp; CBO, NoBroker who talks to us about the platform’s journey so far and what the next few years will look like for the platform.</li></ul>How many of you have rented, bought or sold a house and have absolutely hated the experience of paying brokerage? And if you are from places like Mumbai, chances are you have paid brokerage to the same broker for numerous years, even if you have not moved houses. For years, information asymmetry has forced many of us to unwillingly resort to using the services of brokers. It is this consumer problem that NoBroker identified and tried to solve by creating its platform over 7 years back, which came into existence from the personal experiences of the founding members. Fast forward 7 years, NoBroker has now expanded from simply connecting buyers and sellers or homeowners and tenants to even offering services like painting, cleaning, Movers and Packers, Home Sanitization to even AC Service &amp; Repair and Pest Control. It has also expanded to six major urban centers. The platform is now looking at ringing in its next phase of growth and recently launched a high decibel campaign to educate people about its buy-sell proposition. “We have been around for around 7 years now and a lot of our growth has come from word-of-mouth. However, there is also latent demand. People hate paying brokerage, and that’s where we have come in, and addressed a pain-point almost all of us have gone through,” said Saurabh Garg, Co founder &amp; CBO, NoBroker. Today, the platform claims to handle $2 billion worth of transactions on its platform annually. “Currently, we do nearly 50,000 rental transactions every month and around 4,500 buy-sell transactions, which is a much larger number in comparison to most of our competitors,” shared Garg. For now, the platform wants to focus on its buy and sell offering and wants to grow the number manifold. The campaign While NoBroker had earlier released a rental campaign, it was primarily aimed at targeting home owners rather than people looking for rent. The platform, over the years, has used digital advertising more. It has also come up with a lot of regional communication. But with the current campaign, the aim is to talk to a larger audience. <div type="Youtube" id="4y5Xve6LLNg" title="NoBroker Nahi Kiya Kya?" thumbUrl="https://i.ytimg.com/vi/4y5Xve6LLNg/mqdefault.jpg"></div> “While word-of-mouth has been an important driver for us, the latent demand for our offerings has helped us carve a space for ourselves. We listened to our consumers and solved a problem they had been struggling with. Currently, almost 65-70% of our customers come to us organically, without us doing any kind of marketing which is a big advantage for us. However, we thought it was a good time to come up with the campaign because people still feel we are very large in the rental space, but we are now very large in buy and sell too. We do 4,500 transactions in buy and sell every month which almost amounts to Rs 3,000 crore worth of transactions every month. So our objective behind the campaign was to tell everyone that we are pretty big in the buy and sell segment too. NoBroker came into existence because we did not want people to pay brokerage, our aim was to make the process easier and more convenient. Our ad aims to introduce NoBroker as a friend who will help you buy and sell in a more hassle-free way,” explained Garg. Expansion plans When NoBroker had been launched, it had started as a website. A mobile app followed a few years later. It started its operations in two cities, Mumbai and Bangalore. From there, NoBroker is today present in 6 large cities. The aim is to grow its presence substantially in the next few years. “We think this problem related to brokers exists in the top 50 cities in India. So, in the next 3-4 years, we want to go to the top 50 cities and solve the problem across rental, resale, or new sales. We also think that our proposition of non-brokerage clubbed with a one-stop shop works really well because as you move to smaller cities, getting professional services is also a big problem. Services like painting, movers and packers etc play a critical role in the entire real-estate journey and we are trying to make it a painless process, a one-stop shop. Our aim is to make it as seamless for our consumers as possible. We also want to ensure that when someone is availing a service on our platform, there is a certain level of quality and it is done in a proper manner. The future NoBroker had announced in April last year that it had raised $30 million (Rs 230 crore) in its series D round of funding that was led by General Atlantic. Right now, from a communication perspective, the platform will continue to talk about its increasing market share in the buy and sell segment. The aim is to increase the number of transactions drastically in the coming years. “The number of listings we have for buy and sell are much larger than a lot of other platforms. The task at hand for us is to make people aware of our play in the space and to figure out if we can take the 4500 closures to 3X that number in a year. We do resale and primary, which is also a very big business for us. So driving traction on sales and taking it from here to a very large business will be our key focus. Secondly, we want to keep on increasing our market share because when that happens, you are able to give more options to consumers, whether it is a buyer or tenant. So we will aim at going deeper into the cities. Thirdly, we will also focus on identifying pain-points and offering services to make the process easier for them. Over a period of time, we have realized that rent agreement, packers and movers and painting are pain-points, so we have added those services. People can also pay rent on our platform. So our endeavour would be to keep removing our consumers’ pain-points by adding important services so that we can make our consumers’ journey seamless. Also, <keyword id="9264124" type="General" weightage="20" keywordseo="nobrokerhood" source="Orion">NoBrokerhood</keyword>, our society management app has also gained a lot of traction so that is also something we will keep investing on,” concluded Garg.

Almost 65-70% of our customers come to us organically, without us doing any kind of marketing: Saurabh Garg, NoBroker

<keyword id="443588" type="COMPANY" weightage="20" keywordseo="The-Central-Bureau-of-Investigation">The Central Bureau of Investigation</keyword> (CBI) on Saturday conducted searches at five locations in Delhi and Madhya Pradesh in connection with the Rs 938 crore <keyword id="68347" type="PERSON" weightage="20" keywordseo="Loan-fraud">loan fraud</keyword> in <keyword id="160270" type="COMPANY" weightage="20" keywordseo="The-State-Bank-of-India">the State Bank of India</keyword> (SBI). The searches were being carried out in Madhya Pradesh's Morena and the office premises of KS Oils Ltd on Delhi's Barakhamba Road, as also of its Managing Director and promoters. A senior CBI official here said that the searches were conducted at four locations in Morena including the residential and official premises of Managing Director Ramesh Chand Garg and promoter <keyword id="262315" type="PERSON" weightage="20" keywordseo="Saurabh-Garg">Saurabh Garg</keyword>. The official said the agency registered a case against KS Oils, based at Morena and others including its MD, Promoter, Director and unknown others on a complaint from SBI regarding a bank fraud of Rs 938.81 crore. It was alleged that the findings of the forensic audit indicated that the financials of the company while applying for loan facilities were inflated. It was further alleged that the loan amount was misappropriated through fraudulent diversion. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/india-brazil-and-south-africa-will-face-the-harshest-economic-impact-from-the-coronavirus-in-major-nations-as-theyre-corrupt-and-badly-run-a-report-says/articleshow/77692593.cms" data-type="tilCustomLink">India, Brazil, and South Africa will face the 'harshest' economic impact from the coronavirus in major nations as they're corrupt and badly run, a report says</a>

CBI searches at five locations in ₹938 crore SBI loan fraud case

<keyword id="22865833" type="General" weightage="20" keywordseo="online-vendors" source="keywords">Online vendors</keyword> have generated 15.8 million <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, including 3.5 million for women, with about 1.76 million retail enterprises participating in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> activity, says a report released on Wednesday. The report 'Assessing the Net Impact of e-Commerce on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">Employment</keyword> and Consumer Welfare in India' was launched by Commerce and Industry Minister Piyush Goyal. "Plugging in data from our survey, we estimate that online vendors generate 15.8 million jobs, including 3.5 million jobs for women," the report prepared by Pahle India Foundation (PIF), a Delhi-based policy research institute, said. E-commerce, according to the report, has been a key driver of employment generation In India. On an average, online vendors employ 54 per cent more people and almost twice the number of female employees, compared to offline vendors. The report noted that two of the most widely-recognised contributions of e-commerce penetration in the retail sector are --growth in employment and improvements in consumer welfare. It said rather than displacing physical markets, e-commerce is expanding into new territories like tier 3 cities. "Our data shows that a higher percentage of Tier 3 city consumers spend more than Rs 5,000 per month on online shopping as compared to consumers from bigger cities," it said, adding this is the India consumption story, which enables the co-existence of physical and digital retail. The study analysed the impact e-commerce has had on employment and consumer welfare through a pan-India survey of 2,062 online vendors, 2,031 offline vendors, and 8,209 consumers of products from e-commerce websites across 35 cities in 20 states and UTs. According to the report, each e-commerce vendor on an average employs about 9 people, of which 2 are female, while each offline vendor employs about 6 people, of which only 1 is female. It pointed out that there was increase in employment across skill levels, including high-skilled (management, marketing), medium-skilled (customer service, operations), and low-skilled (warehousing, logistics, delivery) functions. The report said that the growth of e-commerce and accompanying digitalisation have fundamentally changed the skill sets and roles required in the industry. "Vendors have experienced improved business performance parameters since listing online, including higher sales and profits," it said. According to the report, 60 per cent and 52 per cent of vendors, respectively, state that their sales and profits have increased since the time they have started selling online. "Overall, more than two thirds of the online vendors interviewed experienced an increase in online sales value and profits in the past year," the report said, adding that 58 per cent saw an increase in both. Barring costs, it said vendors have seen a positive shift in all other aspects of business performance since they started selling online. The report said there is a strong business case for offline vendors to list on e-commerce platforms or pursue an omni-channel strategy. "E-commerce integration has accrued significant benefits to vendors from smaller cities and micro-enterprises," it said. The study also delves into how e-commerce has reshaped consumer behaviour, noting that consumers have shifted to online shopping for reasons that include convenience, product variety, and access. "A highly engaged consumer base is indicated by the fact that more than 50 per cent of all respondents to the survey spent more than two hours on e-commerce platforms a week, and that 70 per cent made a purchase via e-commerce in the last month alone," it said. Speaking at the event, former NITI Aayog Vice Chairman Rajiv Kumar said, e-commerce has revolutionized India's retail landscape. Ministry of Statistics and Programme Implementation(MoSPI) secretary Saurabh Garg lauded the government's initiatives expanding digital public infrastructure that have enabled the smooth expansion of e-commerce. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Online vendors generated 15.8 million jobs in India: e-commerce report

<ul><li>Gated communities are a hot favourite amongst not only NRIs but affluent Indian residents as well.</li><li>Chennai, <keyword id="6354552" type="General" weightage="40" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>, and Mumbai are seeing the maximum <keyword id="11904949" type="General" weightage="100" keywordseo="nri" source="Orion">NRI</keyword> demand. NRIs are also showing notable interest in senior living real estate projects</li></ul> The non-resident Indians, better known as NRIs, might be having a Swades moment. No, they are not returning to their homeland but have been noticed as buying property in the country with gusto. In an interview to Business Insider, Saurabh Garg, Co-founder and Chief Business Officer at NoBroker said, “We have witnessed a 35% growth year-on-year in the investment of NRIs in Indian residential real estate. This burgeoning trend is especially evident in their preference for gated communities, which offer a host of amenities.” Gated communities are a hot favourite amongst not only NRIs but the affluent Indian residents as well. Just a month back, a Hyderabad-based construction firm launched a Rs 3,000 crore <keyword id="1775779" type="General" weightage="30" keywordseo="gated-community" source="Orion">gated community</keyword> project claiming that it is the biggest in the city which has steadily seen a rise in rentals in the past few years. Adds Garg, “These communities provide not only enhanced security but a host of modern lifestyle resources, all of which contribute to an elevated lifestyle and high returns on investment (ROI) should they decide to rent out or sell later.” The logic behind the rise in <keyword id="541044" type="General" weightage="80" keywordseo="nri-investment" source="Orion">NRI investment</keyword> The increased investment in Indian real estate by NRIs can be attributed to the ease of investment, owing to technological changes, especially as things are now online. The increased demand from NRIs is especially from the gulf countries, followed by Singapore, the United States, and Australia, says the NoBroker research. Chennai, Hyderabad, and Mumbai have seen maximum demand, but no surprises there. Parallel to this trend, NRIs are also showing notable interest in senior living real estate projects for their parents or grandparents. These properties usually have healthcare facilities or partnerships with nearby healthcare providers. Thus, their elders can have easy access to medical assistance within the comfort of their homes. “A substantial 65% (of the interested NRIs) are opting to purchase properties for personal use, either for themselves or their parents,” Garg adds. Other interesting trends The NoBroker half-yearly report points to some changing patterns in the Indian real estate market, especially when renting is concerned. 3BHK units in greater demand: Potential buyers from Bangalore, Chennai and Delhi-NCR prefer 3BHK units over the earlier favourite 2BHKs. The primary reason behind this is the hybrid work culture as there is a need for a larger space to work as well as live. Further Investments: For the first time in many years, property owners are getting the “asking price” for their properties. The report says that 40% of landlords are considering investing in a new property. Quick renting turnaround: On average gated society properties get rented out 30% faster than non-gated society properties, says the report. 52% of the surveyed in Delhi mentioned that their properties got rented out within a fortnight. This was 46% in Mumbai.

Indian real estate sees 35% rise in demand from NRI customers

<ul><li>Positive economic data, lowering inflation and timely project completion is expected to drive home sales in 2024 too.</li><li>The possibility of interest rate cuts in 2024 can be another driver for residential home sales.</li><li>Hybrid work policies, love for amenities and community living will determine choice of homes.</li><li>Changing lifestyle preferences of tier-2 and tier-3 consumers expected to drive more branded home developments from Chandigarh to Coimbatore. </li></ul> Indian home sales are all set to hit a 15-year peak in 2023, with over 3 lakh residential units purchased. Come 2024, they will go higher as lower inflation will push more fence-sitters ahead in addition to all around positivity around the Indian economy. There is also another key factor that will drive more people to buy homes. Grade A developers who are completing their projects on a war-footing, providing a supply of new-homes. “Timely project completion is giving a major boost to overall consumer sentiments, and they are coming forward to take the plunge,” Anuj Puri, chairman of <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> consultancy Anarock group, tells Business Insider India. Pricier yet affordable Residential home sales for the ongoing festive quarter have been 30% higher than that of 2022. Thanks to heavy demand and new launches, the prices of homes have also been going up. A few micro-markets, in and around the tech hubs of Hyderabad, Bangalore and Pune, prices have shot up by anywhere between 25-33%. “Capital value growth is expected to witness divergent trends across micro-markets and property categories and will largely be governed by unsold inventory levels and inventory overhangs,” says Anshuman Magazine, chairman &amp; CEO - India, South-East Asia, Middle East &amp; Africa, CBRE. Whitefield in Bangalore, Gachibowli in Hyderabad and Wagholi in Pune are some of the micro-markets that have seen good price appreciation. Overall, across the top 7 cities, the average growth in property prices has been anywhere between 8-10%. As per Anarock, it’s expected to see at least 12% increase in 2024. Emerging infrastructure is also expected to push for price growth. Mumbai Metro Connectivity in the western suburbs has pushed up the housing demand in the Andheri-Borivali belt significantly. “With the backdrop of tremendous infrastructural development going on in full swing across the cities and states, we foresee the emergence of newer micro-markets as well as the strengthening of the existing ones. Similarly, the demand for housing in other cities and peripheries is expected to grow, owing to the phenomenal connectivity boost, leading to price growth across the targeted micro-markets,” Dhaval Ajmera, director, Ajmera Realty tells Business Insider India. While home prices might turn pricier, there is a chance that the net costs of home buying may go down if interest rates ease. The central bank has kept base interest rates unchanged for the fifth consecutive time in December. A few experts hope that a lower interest rate cycle might kick off in the coming year. "In 2024, we are likely to see a renaissance with affordability levels expected to be on an improving trajectory as macroeconomic fundamentals support a repo rate reversal and thereby interest rate reduction that could provide another fillip to the residential sales market," said a JLL report Home Purchase Affordability Index' (HPAI). The depreciation of the rupee against major global currencies, together with stable economic conditions in India is also a factor. "A notable trend has been the heightened interest in Indian real estate from NRIs. The advancement of technology has streamlined the process of property management from far away which has boosted NRIs confidence in Indian real estate as an avenue for investment, said Saurabh Garg, Co-founder &amp; Chief Business Officer, NoBroker. Space not price is the criteria Indians’ love for spacier and larger homes might not go away and are ready to shell out more. The lockdown-era love for people needing more space will not reverse as fast as companies went back from work-from-home policies. Lingering hybrid work policies are expected to keep people yearning for workstations inside homes that support remote work and flexi-living. It indicates a long-term shift in behaviour. “Buyer demand for large homes is still high, even in light of impending changes to laws about remote work. This tendency is anticipated to continue, reshaping the real estate market in 2024 as people look for homes that strike a balance between comfort, usefulness, and adaptability to changing work environments,” said Manju Yagnik, VC of Nahar Group. Indians will no longer base their home buying decisions on affordability alone. More factors have come into play like health &amp; safety, community living, sustainability, and integration of smart home technologies. “Home buyers are expected to continue to display strong preferences for projects which offer enhanced accessibility to essential infrastructure, ancillary amenities and thoughtfully designed indoor and outdoor spaces – which will propel the demand for this segment going forward,” says Magazine. Emerging tier-2, tier-3 opportunity Growing affluence in smaller cities and towns is also building demand for branded homes. Many developers will be going beyond top 8 cities where demand for amenities-driven homes is going up. Most of this demand is seen in tier 2 &amp; 3 cities such as Lucknow, Jaipur, Ahmedabad, Coimbatore and Chandigarh. “What aids the real estate market in these smaller towns and cities is their affordable prices as against big cities and the superior infrastructure that many of these Tier 2 and Tier 3 cities provide,” said Chitnis. There is a lot of home-buying interest by NRIs in such cities too, especially Kochi and Ahmedabad. That’s where a chunk of the new demand for the coming year will come from. These regions provide profitable prospects for developers and homeowners, say developers. “Our prognosis for continued development is positive beyond the top 7 and 8 cities. We anticipate a spike in major branded properties due to growing demand and promising development opportunities in emerging economies. This growth is driven by greater connectivity, changing lifestyle preferences, and infrastructure developments,” says Yagnik. ALSO READ: <a href="https://www.businessinsider.in/stock-market/markets/news/midcaps-will-move-but-not-as-fast-in-2024/articleshow/106143826.cms" data-type="tilCustomLink" target="_blank">Bulls &amp; Bubbles: Midcaps will move but not as fast in 2024</a> <a href="https://www.businessinsider.in/india/webstories/mukesh-ambani-to-savitri-jindal-indias-richest-in-2023-and-their-wealth-change/slidelist/106175315.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani to Savitri Jindal: India's richest in 2023 and their wealth change </a>

Real estate market on the boil but homes will still be ‘affordable’ in 2024

<ul><li>About 71% of respondents of NoBroker’s <keyword id="6361997" type="General" weightage="20" keywordseo="rent" source="Orion">Rent</keyword> Report have already moved to their work cities.</li><li>These relocation activities have caused a property crunch in cities like Bengaluru, Mumbai and Pune.</li><li>The crunch in available property has increased the rents as much as 12% across cities.</li></ul>People are willing to spend much more on their rents in search of better and bigger accommodations after the Covid-19 pandemic, a latest report by online property rental platform NoBroker has revealed. However, the rents in the markets have also increased, and that’s pushing people to buy out their own property. About 71% of respondents of NoBroker’s Rent Report have already moved to their work cities, while 54% are looking to relocate within the city or to the city they work in the near future. These relocation activities in the last six months have caused a property crunch in cities like Bengaluru, Mumbai and Pune, the report added. Saurabh Garg, co-founder and chief business officer of Nobroker, noted that the dearth of available property and demand – has increased the rents by 12% across cities. Meanwhile eight in ten of the respondents have stated that they are having difficulty finding a property of their choice. “Past few years have seen rentals hit rock bottom with many landlords reducing rent to retain tenants. The last few months have however been challenging for tenants who are now having to pay a much higher price for the same properties which were available for much lesser rent during Covid,” Garg said, adding that the rent inflation could subside in the next few months. <cmsannotation type="cmsannotation" annotationid="Buying out an apartment is one the bucket list" comment="subhead" text="Buying out an apartment is one the bucket list">Buying out an apartment is one the bucket list</cmsannotation> The tenants are looking for bigger apartments to start their work from office life once again. The report by NoBroker noted that seven out of ten respondents have confirmed that their rental budget has increased, especially since they are looking for a bigger accommodation. “Savings due to pandemic and increase in salary were other reasons that contributed to this,” the report added. NoBroker also noted that 72% of the tenants are even considering purchasing a property since <a href="https://economictimes.indiatimes.com/wealth/borrow/brace-for-10-hike-in-home-loan-emis-if-repo-rate-rises-back-to-pre-covid-levels/articleshow/91765019.cms">interest rates</a> are “really” low. “Interest rates have shot up somewhat but they are still much lower than pre-pandemic level. Interestingly, the reasons cited for this are that EMIs are more manageable, it is difficult to find a good property to rent, and that prices are anticipated to shoot up,” the report added. A report by Crisil, published in May, noted that the housing demand in India's top six cities — Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Pune, Kolkata, and Hyderabad — is expected to grow 5-10 % despite rising property prices, interest rates and a high-base effect. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-salary-in-2022-at-3-lakh-crore/articleshow/92957422.cms">IT biggies spent 62% of revenues on wages in FY22, salary bill at ₹3 lakh crore</a> <a href="https://www.businessinsider.in/business/startups/news/if-musk-goes-to-mars-well-deliver-diesel-there-too-says-this-ratan-tata-backed-startup-founder/articleshow/92973971.cms">If Musk goes to Mars, we’ll deliver diesel there too says this Ratan Tata-backed startup founder</a> <a href="https://www.businessinsider.in/cryptocurrency/news/rbi-seeks-a-crypto-ban-but-it-needs-global-collaboration-says-nirmala-sitharaman/articleshow/92954958.cms">RBI seeks a crypto ban but it needs global collaboration, says Nirmala Sitharaman</a>

As people move back for work, rents rise by 12% across cities, says report

<ul><li>Delhi NCR is the 10th most expensive commercial real-estate market, followed by Mumbai.</li><li>Hong Kong SAR continued to be Asia’s most expensive office market.</li><li>Bengaluru also made it to the list at the 22nd position with an annual rent of $20.5 per square foot.</li></ul>Three Indian cities — Delhi, Mumbai and Bengaluru — are among the most expensive commercial real estate markets in the Asia-Pacific (APAC) region, according to a recent report by property consultancy firm Knight Frank. These markets may get even more expensive as the rents of commercial properties in these cities are expected to rise in the next 12 months. Hong Kong SAR continued to be Asia’s most expensive office market with an annual rent of $175.4 per square foot per year. India’s national capital Delhi NCR is the 10th most expensive commercial real-estate market in the APAC region, with an annual rent of $51.6 per square foot. Delhi was followed by India’s financial capital Mumbai in the eleventh rank, as the commercial property rents stood at $45.8 per square foot per year. Bengaluru also made it to the list at the 22nd position with an annual rent of $20.5 per square foot. The rental value in all three cities is expected to increase over the next 12 months as transaction volumes are expected to pick up going forward, the report added. “The Indian office market witnessed (a) strong leasing trend that continued into Q2 2022 with Bengaluru leading in transaction volumes. With its unique position, India can expect its key driving sectors such as IT/ ITeS to continue to grow despite global headwinds,” Shishir Baijal, chairman and managing director, Knight Frank India said. A report by <a href="https://www.businessinsider.in/business/news/as-people-move-back-for-work-rents-rise-by-12-across-cities-says-report/articleshow/92983097.cms">online property rental platform NoBroker</a>, released last week, also revealed that about 71% of respondents of NoBroker’s Rent Report have already moved to their work cities, while 54% are looking to relocate within the city or to the city they work in the near future. These relocation activities in the last six months have caused a property crunch in cities like Bengaluru, Mumbai and Pune, the report added. Saurabh Garg, co-founder and chief business officer of NoBroker, noted that the dearth of available property and rising demand had increased the rents by 12% across cities. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/business/corporates/news/it-is-attrition-rates-and-not-the-wage-hikes-dampening-indian-it-cos-earnings/articleshow/93120202.cms">It is attrition rates and not the wage hikes dampening Indian IT cos earnings</a> <a href="https://www.businessinsider.in/stock-market/news/tata-steels-net-profit-declines-in-q1-on-the-back-of-rising-raw-material-costs/articleshow/93116879.cms">Tata Steel’s net profit declines in Q1 on the back of rising raw material costs</a> <a href="https://www.businessinsider.in/business/startups/news/need-more-than-35-say-swiggy-workers-who-threaten-strike-against-new-policies/articleshow/93114671.cms">Need more than ₹35 say Swiggy workers who threaten strike against new policies</a>

Delhi, Mumbai & Bengaluru — Asia-Pacific’s most expensive property markets, set to get pricier

New Delhi, Dec 4 () NoBroker.com, a brokerage free property platform, on Wednesday announced its entry into the Delhi-NCR market and aims to have presence in 20 major cities over the next three-four years. 
In October, the Bengaluru-based firm raised USD 50 million in Series D funding, led by Tiger Global Management, for business expansion. It has raised USD 121 million since its inception in 2014. 
NoBroker.com helps in buying/selling and renting of housing and commercial properties by connecting owner and property seekers without involving brokers.
"We have entered into the Delhi-NCR which is the biggest property market in the country," NoBroker.com co-founder Saurabh Garg told reporters here.
The company now has presence in six cities -- Bengaluru, Mumbai, Pune, Hyderabad, Chennai and the national capital region and aims to have presence in 20 major cities over the next three-four years.
Since its launch in New Delhi, NoBroker.com has already garnered 62,000 consumer registrations and over 27,000 listings on the platform. It has, thus far, facilitated over 1100 deals in the region.
On operational front, co-founder Amit Kumar Agarwal said the company is facilitating 20,000 transactions per month, of which 85 per cent are for rental.
Asked about revenue model, Agarwal explained that the company earns money by charging for premium service which is providing a phone relationship manager to help fast execution of transaction.
The company also generates revenue by offering value-added services like packers and movers, property loan, legal documentation, furniture rental and 'NoBroker Pay' for rent payment through credit card, he added. 
Garg said the company has already achieved break-even in Bengaluru and Mumbai. It takes 12-18 moths to break-even in any city, he added. 
The company, however, declined to disclose the revenue posted in the last fiscal. 
"The idea of zero brokerage holds a lot of appeal for the value conscious Indian consumer. Our platform aims to create a transparent real estate ecosystem by eliminating brokerage from the equation." Agarwal said. NoBroker also helps customers in suggesting the ideal location to buy or rent a property as well as the rent or capital value of the property. 
The company raised an initial round of funding from SAIF Partners of USD 3 million in 2015, followed by a Series B of USD 17 million from Japanese investor Beenext and Korean investor KTB Ventures in 2016. 
In June 2019, NoBroker raised USD 51 million from General Atlantic. MJH DRR
DRR

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