Mumbai, Aug 18 (ANI/Business Wire India): The iProperty.com Group, Asia's leading network of property portals owned by Australian Securities Exchange-listed IPGA Limited, has entered into an agreement to acquire a controlling stake in Horizon Infoventures Private Limited, owner of the leading Indian property buying website, RealAcres.com (www.realacres.com).
Based in Mumbai, RealAcres.com boasts over 211,000 property listings on its websites and approximately 100,000 unique visitors each month1. he company currently focuses on the Western India market, though it maintains property portals for all major cities across the country.
The exclusive online real estate media company had also launched "RealAcres TV Shows" early this year, a new segment featuring Online Television Interviews of real estate players.
The exciting new segment features interviews with various top builders, developers and real estate experts sharing their views on the booming real estate market as well as shedding light on their company products and profile.
The growth of RealAcres.com, coupled with the rapidly booming India real estate market, underscores the company's potential.
Patrick Grove, Executive Chairman of iProperty.com, noted: "We are delighted with the acquisition of RealAcres.com in India. It has huge potential for growth and we are very excited to have the opportunity to work with the talented, dedicated and motivated local team to rapidly consolidate the market position of RealAcres.com and move to dominate the India market in due course. We firmly believe that application of our vast experience to the exciting, high-growth India market will allow us a fantastic opportunity for enormous success."
As the bustling Indian economy continues to make leaps and bounds into the future, its flourishing property market and active developers continue to grow exponentially in an attempt to keep up with the burgeoning middle class's thirst for new housing.
Recent reports have shown that demand for new housing exceeds the supply by approximately 20 million units2. When this incredible demand is combined with the tremendous growth in Internet users in India, with 90 to 95 million people expected to be online across the country by early 20103, it is clear to see that RealAcres.com is perfectly positioned to ride this wave of development and to capitalize on the enormous online advertising opportunity it presents.
India was estimated to have spent 6,781.5 million INR (A7 million) in 2007 on property advertising4 and that number is expected to grow significantly over the next 10 to 20 years.
Smita Thorat, CEO of Horizon Infoventures said: "We sought out a leading Asian group to work with us to take our business to the next level and are excited to now be a part of iProperty.com Group and the iProperty.com network."
The acquisition of RealAcres.com sees iProperty.com add to its market-leading online property operations in Singapore, Malaysia, Hong Kong, Taiwan and the Philippines, and represents its latest in a string of acquisitions since its listing on 11 September 2007.
The Group has committed to invest over 188 million INR (AUD million) in its Asian expansion and India is a key part of the plan. iProperty.com sees itself continuing to make substantial investments in the Asian region and India will be a prominent part of its future plans.
iProperty.com expects to bring its suite of print, exhibition and online luxury products to the booming India market in partnership with RealAcres.com in due course, and continues to seek further strategic acquisitions of leading property portals and complimentary businesses throughout regional markets.
The Group recently made history by winning the highly prestigious CNBC Asia Pacific Property Awards in the "Best Property Portal" category for 4 of its websites - Singapore, Malaysia, Hong Kong and the Philippines.