NEW DELHI: MagicBricks, India's No.1property site, on Monday announced a strong third-quarter performance with revenue rising 36% sequentially and 11% YoY to Rs 41.1 crore, furthering its leadership position in the online real estate industry.
These numbers are from external customers only and exclude any group company revenue or revenue from bundled products.
"We are really glad to see an upswing in business in the last two quarters, after a challenging start to Q1 of the current financial year. Due to a concerted effort, we've managed a strong uptick in revenues in Q3 driven by strong traction in traffic, listings active customers and innovation-led new revenue streams," said MagicBricks CEO Sudhir Pai.
As per comScore, MagicBricks had 34% traffic market share by unique visitors. It had 40% more unique visitors than the No 2 player and was 27% ahead on traffic, with a trend of consistent market share gains. While transactions have remained weak, Pai said there has been an overall revival in customer sentiment.
"We are seeing an improvement in customer sentiment though the trade-side recovery is expected to be more gradual. Our data suggests that 15 lakh buyers searched for homes in 2017 and we hope that this pent-up demand will soon translate into sales. We expect growth momentum to continue as our new products scale up," Pai added.