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Proptech Unicorn Nobroker Introduces Metro-Based Property Search

The feature will help customers search for properties in their budget near the metro line for a faster commute

Proptech Unicorn Nobroker Introduces Metro-Based Property Search
Akhil Gupta, co-founder and chief technology officer of Nobroker.com
Akhil Gupta, co-founder and chief technology officer of Nobroker.com

Outlook Start-Up Desk

POSTED ON September 07, 2023 8:20 PM

NoBroker, a proptech unicorn, has introduced a metro-based property search on its platform that would enable consumers to choose from properties within their budget. In the post-pandemic landscape, there has been an imbalanced demand and supply scenario in the real estate market. This tilts the scales favour properties near gated communities near technology hubs, resulting in soaring rental costs

During the pandemic, many companies continued increasing their employee headcount, but the construction activity stopped. Many cities struggle to cater to the residential demand with offices opening up and the return to work from office culture. 

Recognising the need to address this issue, NoBroker has launched the met-ro-based search feature across Bengaluru, Hyderabad, Chennai, Mumbai, Pune, and Delhi-NCR.

In today's fast-paced world, people desire shorter commutes, and many cities boast extensive metro networks. Previously, individuals were limited to searching for residences near their workplaces, measured in kilometres. However, with the metro-based search feature, individuals now have the flexibility to explore homes along the nearest metro line to their workplace. 

Even if these homes are farther from the office in terms of distance, the reduced or equal travel time makes them an attractive option. This not only reduces carbon emissions but also enhances productivity and mental well-being. Affordability is a key advantage, and this improved distribution of resources will alleviate traffic congestion.

People increasingly desire shorter commutes, and many cities boast extensive metro net-works

According to the half-yearly real estate report by NoBroker, over 70 per cent of people have faced challenges while searching for rental properties that match their preferences. This can be primarily attributed to the surging rental rates resulting from robust demand and a striking mismatch between supply and demand in the real estate market.

Over the past year, there has been a staggering 40 per cent surge in rental rates in localities closer to office complexes in cities across India. This increase is primarily attributed to the growing disparity between the supply and demand of properties near tech parks.

Akhil Gupta, chief product and technology officer of NoBroker, said, "People can now explore more housing options without straining their budgets. These three key benefits—rent rationalisation, addressing the demand-supply gap, and reducing the strain on natural resources—are poised to bring significant positive change to the real estate market, especially for tenants."

With more than two crore registered users across Bangalore, Mumbai, Pune, Chennai, Hyderabad and Delhi-NCR, NoBroker was founded by IIT alumni Akhil Gupta, Saurabh Garg and Amit Kumar Agarwal. The platform has raised $366 million from investors such as General Atlantic, Tiger Global, Google & Elevation Capital, Moore Capital, Beenext and KTB Ventures. Paytm's founder Vijay Shekhar Sharma and Anand Chandrasekaran, partner at General Catalyst, are angel investors in the company.

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