September 18, 2021

The World Stock Markets Tips & Targets, News, Views & Updates

The World Stock Markets Tips & Targets, News, Views & Updates

MyGate unveils property marketplace, eyes 25,000 monthly listings

MyGate currently has over 80 brands on board across categories and plans to empanel over 200 brands by March 2021

MyGate, India’s largest security and community management solutions provider, on Tuesday announced the launch of ‘Homes’ feature – a property search marketplace – on its app, and aims to have 25,000 listings per month by the end of the year.

The feature will allow users of – which services 3 million homes in 20,000 gated communities – to list properties for buying, selling and renting on the app.

The company has completed a pilot of the feature in Bengaluru, which attracted over 10,000 property listings, a statement said.

has set itself an aggressive target of 25,000 listings per month by December 2021, it added.

The company pointed out that two trends from the ecosystem pointed to the need for ‘Homes’ on the MyGate app.

“30 per cent of all users on the platform, particularly tenants, move from one MyGate property to another every 12 months. Secondly, a sizable number of conversations on the app’s communication platform are about property, indicating that the market, in both its digital and physical forms, still does not adequately cater to the needs of users,” it added.

MyGate said as a player “firmly embedded in the gated community ecosystem”, it is “the only player capable of guaranteeing owner-only listings and offering reliable insight into the current state of a community”.

This includes regularly updated photographs, verified reviews from actual residents, and many varieties of society-specific information, such as the availability of maids, cooks and nannies, functioning of clubhouse facilities, occupancy rate and security strength.

“As the vast majority of the information is available with MyGate, homeowners benefit from a smoother listing process and buyers/tenants from reliability of the information, with a completely brokerage-free experience,” it said.

In June this year, MyGate launched ‘Homes’ for the 2,300 societies on its app in Bengaluru.

Over the next three months, the company logged over 10,000 listings with over 40,000 connections taking place.

MyGate CTO and co-founder Shreyans Daga said property search remains a time-consuming struggle even online due to the number of information gaps.

“Being deeply embedded in the gated community ecosystem, we’re able to bridge many of these. We are able to provide buyers and tenants with all the information they need about a particular community to speed up their decision,” he added.

Over the past month, 10 integrated services such as digital rent agreement with e-signing, legal assistance, movers and packers, property management, cleaning, painting and pest control have gone live on the app.

In the coming months, solutions like interior decor, furniture and appliance rental, rental deposit and home loans will also join the list, the statement said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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