Track2Realty-Agencies: News Corp has acquired a major stake in an Indian digital real estate company, continuing the company’s aggressive expansion into attractive early stage markets around the world.
A 25 per cent stake in the parent company of PropTiger.com, a leading digital real estate marketing platform in India, has been purchased as part of a $US30 million deal.
News Corp plans to share digital and product expertise, drawing on its success with REA Group, operator of realestate.com.au, Australia’s number one property website.
This week, the Indian economy was forecast by Morgan Stanley to grow by 6.5 per cent, which would make it the fastest-expanding economy in Asia. The residential real estate market in India is forecast to grow to $US158 billion by 2020.
News said at least 10,000 properties, with a combined value of over $US1 billion, have been purchased by Indian homebuyers through PropTiger.com.
India has a fast-growing internet population of 270 million users.
Chief executive of News Corp Robert Thomson said the company was “extremely enthusiastic about the potential for PropTiger.com”.
“PropTiger.com will provide analysis, information and insight so that Indians will be better informed when they make the most significant investment decision any family will make, buying a home,” Mr Thomson said.
“We believe the site will be the most important platform for developers seeking to market new properties and the most trusted and reliable source for purchasers, many of whom will be buying for the first time.”
The investment comes after News Corp finalised a $US950 million takeover of Move, operator of leading US listings portal realtor.com.
REA, which is majority owned by News, recently took a substantial stake in iProperty, the leading digital real estate advertising business across South East Asia.
