News Corp buys stake in Indian real estate website PropTiger.com

News Corp buys stake in Indian real estate website PropTiger.com
Jessie RichardsonDecember 7, 2020

News Corp has paid US$30 million (A$35 million) for a 25% stake in the parent company of an Indian real estate website.

The PropTiger.com purchase expands News Corp's considerable real estate investments. Their portfolio includes a 61.6% stake in REA Group, the operator of realestate.com.au, Move, which operates the US based realtor.com, and South East Asian iProperty.

PropTiger.com offers both real estate listings and advisory services. About 10,000 Indian properties in 12 cities have been sold through the site since it launched in 2011. It has employees in eight cities.

News Corp now owns a quarter-stake in Elara, the digital venture's parent company.

News Corp chief executive Robert Thomson says the company is "extremely enthusiastic about the potential for PropTiger.com" as India "fulfills its digital destiny".

"PropTiger.com will provide analysis, information and insight so that Indians will be better informed when they make the most significant investment decision any family will make, buying a home," said Thomson in a statement.

PropTiger.com also partners with developers to market their properties to clients. The site claims they carry out "extensive due diligence and research on each of our developer partners to check for any irregular practices on their part".

"We make constant efforts to ensure that our clients are not being exposed to any kind of risks," the website states.

News Corp's senior vice president, Strategy, Raju Narisetti will join Elara's Singapore-based board.

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