INSUBCONTINENT EXCLUSIVE:
MUMBAI: Real estate portal Magicbricks has reported 74% on-year growth in the second quarter, with revenue touching `55 crore as it stayed
on course for high double-digit breakout growth in the category
The previous quarter saw revenue grow 48% on-year to Rs 47.5 crore, Magicbricks said in a release
The company also said the Magicbricks Android app had hit five million downloads, making it the only one in its category to achieve the
Magicbricks is part of Bennett, Coleman Co Ltd, which publishes ET
Robust performance in consecutive quarters has put the company on a high growth trajectory in this fiscal and signals early signs of a
much-awaited turnaround for the real estate industry that witnessed a slowdown in the past three years
The company attributed September quarter performance to a combination of factors, such as substantial increase in traffic and searches,
gains in wallet share in the developer segment ahead of the festive season, successful high-impact and exclusive digital marketing campaigns
for select customers, launch of an exclusive-dealsonly website, e-auctions and certified agents programme
These factors underpinned performance across most key metrics like traffic, supply and average revenue per advertiser (ARPA), consolidating
Sudhir Pai, chief executive, Magicbricks
successful execution of highimpact and exclusive digital marketing campaigns for top developers across India indicates that Magicbricks has
clearly emerged as the preferred online marketing channel for the industry
According to the release, these campaigns were designed to drive transactions for launches by developers and have been immensely successful
in delivering results ahead of the festive season
These high-impact campaigns not only helped developers sharpen their media plan but also optimised return on investment (RoI) in a bid to
grab more customer eyeballs
Apart from a substantial leap in revenue, Magicbricks also leads in terms of traffic and registered buyers
According to third-party tracker Comscore, the brand had a 48% share of mobile traffic and 41% of website traffic at the end of August in
terms of total unique visitors
According to the company, it achieved a run rate of 67 million visits
It also stated that it now enjoys more than 60% of all online listings in India as a result of its efforts in covering the market
holistically, which has paid rich dividends in terms of a significant rise in paid sellers on the platform
At end of September, Magicbricks hosted over 1 million active properties and is adding 55,000 daily
The company reported that during the quarter it had over 50,000 active paid sellers, gaining a 10% sequential on-quarter growth
Of these 50,000 active paid sellers, 3,000 were developers, 15,000 brokers and the remaining 32,000 paying individual sellers or landlords
According to Pai, the consistent rise in number of paid sellers has been made possible since the market has responded positively to
successful innovations and also due to relaxations in the Credit Linked Subsidy Scheme (CLSS) limit that resulted in more inventory becoming
This was also reflected in a rise in property searches on Magicbricks that jumped 50%, with cities like Bengaluru and Delhi witnessing a
spike in searches by 60% and 65%, respectively
The increase in the limit opened up a significantly large percentage of properties in most cities for homebuyers
In cities with low average prices (rupees per sq.ft) like Noida, Greater Noida, Kolkata, Hyderabad and Ghaziabad, there has been an average
96% increase in eligible properties in the middle income group (MIG) segment
Tier II cities like Jaipur, Mohali, Lucknow and Chandigarh have also seen an increase in inventory under CLSS
