PropStory now targets Southern India, starts operations in Bangalore

PropStory now targets Southern India, starts operations in Bangalore

By SiliconIndia   |   Wednesday, September 19, 2018
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real estate bangGurgaon based real-estate information portal PropStory which, deals in providing information around upcoming and developing real estate projects today announces its expansion in Bangalore. Owing to the ‘growth spurt’ in the online information consumption pattern of property investors, this startup is all set to tap into the real estate market of the city.

Bangalore’s real estate sector is riddled with challenges, and there are numerous reports of project delays, and a lack of transparency. Identifying this as a concern area, PropStory that focuses on the real estate sector, especially residential, aims to ensure transparency in all forms of communication by providing the site area/report with detailed actual site information and real photographs, which include actual visits by architects to the project sites.

Prior to entering Bangalore, Propstory surveyed its real estate market and came to realize that the apartments developed by big builders are priced at least 35%-50% more than the expected price of homebuyers. This disparity is a strong indicator of the largely ignored socio-economic reality of the people living in metropolises in India. Propstory will work towards helping builders to understand this gap and meet buyers demand accordingly.

Commenting on the growth prospects in Bangalore, PropStory, Co-Founder, Mr. Ashish Mahajan said, “Our past work with developers in Bangalore like Sobha, Puravankara, and Godrej testifies that the Bangalore market has been the most resilient and well-performing market in the recent years and for a platform like Propstory, Bangalore is the perfect market given that the developers & consumers are increasingly online and prefer digital modes of communication.”

The PropStory website traffic is in the range of 3,000-4000 user per day, which translates into 1.5 lakh per month. The momentum in traffic on their portal has seen PropStory’s revenue growth from rs33 lakh in the 2016-17 financial year, to rs1.8 crore in 2017-18.

On future plans, he further added that “PropStory aims to become the first-of-its-kind digital content marketing platform in India that is working towards bridging the gap between confused buyers/investors and quality real estate projects across the country.”

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