News Corp., the international media behemoth and new owner of realtor.com operator Move Inc., has taken a 25 percent stake in the operator of the 3-year-old India residential real estate portal PropTiger.com.
The investment by News Corp. in the Indian portal operated by Elara Technologies Pte Ltd. expands the firm’s international presence in real estate search and highlights the firm’s international scope — one of the key differences between it and the operators of the U.S.’s most popular portals, Zillow and Trulia.
News Corp. now has a stake in four popular real estate portals from around the world: realtor.com in the U.S., realestate.com.au in Australia, iProperty in Southeast Asia and PropTiger.com in India.
|Portal, country||News Corp. stake in portal’s operator|
|iProperty, Southeast Asia||“Substantial stake”|
Source: News Corp.
News Corp. says PropTiger.com will benefit from the network effect of its various businesses and the specific real estate expertise gleaned as an owner of realestate.com.au operator REA Group and Move. As part of the investment, News Corp.’s senior vice president of strategy, Raju Narisetti, will join Elara’s Singapore-based board.
“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,” News Corp. CEO Robert Thomson said in a statement. “We believe the site will be the most important platform for developers seeking to market new properties and the most trusted and reliable source for purchasers, many of whom will be buying for the first time.”
News Corp., citing the financial research firm Venture Intelligence, notes that the value of the residential real estate market in India is estimated to total $158 billion by 2020.
News Corp. closed its acquisition of Move earlier this month and has already began integrating realtor.com into its media empire.