Australia based REA Group buys stake in Indian real estate marketing business PropTiger

porpIndian online real estate marketing group PropTiger has sold a 14.7% stake in the business to Australia-based REA Group for US$50 million.

The move came as PropTiger, which owns and operates proptiger.com and Makaan.com, announced the acquisition of Housing.com.

REA Group chief execuitve Tracey Fellows described India as “one of the fastest growing property markets in the world”.

“The country is seeing a rapid transition from traditional to digital real estate advertising,” she said.  “This cornerstone investment in India is aligned with our global strategy. Coupled with iProperty, it extends our footprint in Asia and strengthens our presence in a region with long-term growth potential.”

REA quoted Real Estate Industry figures in India estimating the country’s real estate market will be valued at US$180 billion by 2020.

“The market is still very early in its move to digital real estate advertising and with the urban population projected to grow from 420 million in 2015 to 583 million by 2030, the long term growth opportunities in India are clear,” REA said

REA Group, owned by News Corp, will also be entitled to appoint a director to the holding company board.

The deal is expected to be completed this month.

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