{"id":38492,"date":"2022-05-09T08:11:59","date_gmt":"2022-05-08T20:11:59","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=38492"},"modified":"2022-05-09T08:11:59","modified_gmt":"2022-05-08T20:11:59","slug":"australian-real-estate-group-to-increase-investment-in-india","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australian-real-estate-group-to-increase-investment-in-india\/","title":{"rendered":"Australian real estate group to increase investment in India"},"content":{"rendered":"

PHOTO: Indian culture can trace its roots back centuries and enjoys some of the world’s great wonders, such as the famous Taj Mahal.<\/span>\u00a0(Image credit: Kriangkrai Thitimakorn via Getty Images)<\/span><\/strong><\/p>\n

\n
\n

“India is the fastest-growing trillion dollar economy in the world and in addition, there is a clear passion for property in the country.”<\/h4>\n<\/div>\n<\/div>\n
\n
\n

Australia\u2019s REA Group which holds a controlling interest in REA India, formerly Elara Technologies Pty. Ltd., plans to increase its investments in India.<\/p>\n

The total cost of taking over Elara was $50-$70 million, with $34.5 million payable out of the cash reserves of Elara.<\/p>\n

<\/picture>\"REA<\/a>
Image source: REA chief executive Owen Wilson.<\/strong><\/em><\/figcaption><\/figure>\n

Owen Wilson, Global CEO of REA Group told\u00a0Economic Times\u00a0that they plan to increase investment in India more than in Australia.<\/p>\n

\u201cGoing forward, India will be getting a larger share of our investment in terms of percentage growth. We are increasing our investment in India more than in Australia.\u201d<\/strong><\/em><\/p><\/blockquote>\n

In Australia, REA owns\u00a0Smartline\u00a0Home Loans Pty Ltd<\/a>\u00a0and\u00a0Mortgage Choice\u00a0Pty\u00a0Ltd<\/a>, Australian mortgage broking franchise groups, and\u202fPropTrack\u202fPty Ltd<\/a>, a leading provider of property data services. In India, REA Group also operates established online brands such as\u00a0Housing.com<\/a>,\u00a0Makaan.com<\/a>\u00a0and\u00a0PropTiger.com<\/a>.<\/p>\n

<\/picture>\"India<\/a>
India Property Growth; Image Source: @CANVA<\/strong><\/em><\/figcaption><\/figure>\n

REA Group, which is majority-owned by\u00a0News Corps,\u00a0has benefited from a robust Australian residential property market.<\/p>\n

Wilson observed that India is the fastest-growing trillion dollar economy in the world and in addition, there is a clear passion for property in the country.<\/p>\n

Owen Wilson says that they plan to set up a tech back office for REA Australia in India.<\/p>\n

\u201cPrevious year, India accounted for less than 5% of our revenue but this year we expect it to be between 5-10%. Going forward, it will only increase.\u201d<\/strong><\/em><\/p><\/blockquote>\n

<\/picture>\"India<\/a>
India Property Growth; Image Source: @CANVA<\/strong><\/em><\/figcaption><\/figure>\n

The group also plans to add mortgage business, list commercial properties and expand to tier 2 cities in coming years. Wilson notes:<\/p>\n

\u201cWe believe India probably makes more sense for us. And so we\u2019re going to explore creating effectively a back office here in India for REA Australia to help with their tech development.\u201d<\/strong><\/em><\/p><\/blockquote>\n

REA\u2019s current market cap is AUD17 billion and the group is expected to close this financial year with revenue in excess of AUD1 billion.<\/p>\n<\/div>\n<\/div>\n

READ MORE VIA THE AUSTRALIA TODAY<\/a><\/p>\n

\"SEXY<\/a><\/div>\n
\n
\n

Sexy real estate agents \u2013 FUN Instagram Page | sexy.agents<\/a><\/h2>\n<\/header>\n<\/div>\n

MOST POPULAR IN NEW ZEALAND<\/span><\/h3>\n