PropTiger just made a big push for transparency in India’s real estate market

India’s real estate startups have drawn a notable amount of investment in the past couple of years. The boom in the number of market players for real estate portals and apps has contributed towards creating a more transparent property market.

PropTiger, a Noida-based startup, has been in this crowded space since 2011. It’s competing against the likes of Commonfloor, Housing, and 99acres to give property buyers and renters in India reliable details about a house or apartment. Information includes the property size, number of bedrooms, and locality.

PropTiger’s newest feature, launched today, is called City Master Plan. “Whenever we talk about real estate in India, we talk about the nearest ATM or the nearest mall. While that is very important, we don’t discuss how the infrastructure around the area is going to unfold,” Dhruv Agarwala, the startup’s CEO, tells Tech in Asia. That’s the reason behind the new feature.

Agarwala says that it’s necessary to know the bigger picture and have some idea about the area’s future when buying a place.

There goes the neighborhood

The City Master Plan has merged the government’s approved infrastructure plans with the existing geographical maps and project plans already listed on PropTiger. This provides the consumer a clear perspective about the prospects of investing in real estate in a particular area. This has been launched for Bangalore, Noida, and Pune so far. Master plans up until 2021 are now available.

“The master plan of the city is public information but an individual home buyer does not think about accessing this information,” says Agarwala.

PropTiger’s parent company is backed by Rupert Murdoch’s News Corp, which owns a 25 percent stake. Other investors include SAIF Partners and Accel Partners. The startup has managed to raise close to US$43 million.

PropTiger is a team of over 750 and is on its way to establishing itself in over 20 Indian cities. In April, the business acquired a 3D interaction company that provides the site’s users with 3D views of what their home would look like.

PropTiger and its rivals are aiming to reduce the prevailing informational asymmetry between the seller, the developer, and the end-consumer when making such a hugely important purchase. “As time goes by, we will launch more features that help the consumer to have the necessary information to make an informed decision while investing in a property or deciding to rent,” Agarwala adds.