NoBroker enters Dubai to tap NRI's property demand; aims to help buy-sell of Rs 2K cr worth properties in 1st year

But before making the final purchase of a new property where the house is not already constructed, buyers have a lot of queries, and the physical presence of a company representative helps, the company said.NoBroker.com is a tech-based brokerage-free real estate platform.

Proptech unicorn NoBroker on Monday said it has opened an office in Dubai to tap demand from non-resident Indians (NRIs) and is expecting to facilitate transaction of properties worth Rs 2,000 crore in the first year.

The company has opened the branch office in the Business Bay spread over 1,500 square feet.

Saurabh Garg, Co-founder & Chief Business Officer of NoBroker, said it has hired 10 people to provide services to NRI's who are looking to buy properties in India and plans to recruit more employees.

The company has opened office to cater to the demand coming from the NRIs who are looking to purchase a property in India.

''We are looking at doing business worth Rs 2,000 crore in the first year,'' Garg said.

Already, NoBroker has been catering to NRI demand from international markets such as the UAE, Singapore, Australia, and the US.

Given the volumes of queries and interest in the Indian residential sector from the NRI community, the company has decided to station its representatives closer to the customers to address the same.

''The NRI interest in the Indian residential sector had peaked during Covid and is still quite strong. We realised that customers feel more confident about their purchase decisions when dealing with a company representative in person,'' Garg said.

NoBroker works with grade A builders and has a robust primary sales vertical.

''Buyers are comfortable using a portal for online property discovery. But before making the final purchase of a new property where the house is not already constructed, buyers have a lot of queries, and the physical presence of a company representative helps,'' the company said.

NoBroker.com is a tech-based brokerage-free real estate platform. It caters to all property-related needs such as house search, packers & movers, home loans, home painting and cleaning services, legal services and rent pay.

The company said it has more than 2 crore registered users across Bengaluru, Mumbai, Pune, Chennai, Hyderabad and Delhi-NCR.

The company was founded by Akhil Gupta from IIT-Bombay, Amit Kumar Agarwal from IIT-Kanpur and IIM-Ahmedabad and Saurabh Garg from IIT-Bombay and IIM-Ahmedabad.

The platform has raised a total funding of USD 366 million from investors such as Google, General Atlantic, Tiger Global, Elevation Capital, Moore Capital, Beenext and KTB Ventures.

In November 2021, NoBroker.com raised USD 210 million from investors at a valuation of USD 1 billion to become the first unicorn in the proptech sector.

The adoption of technologies in the real estate sector has increased significantly in the last three years amid the Covid pandemic.

Proptech startup PropShare, Reloy, Xanadu Realty, Landeed, Brick&Bolt and Onsite have also got funding from investors in the last few years.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)