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Google Capital invests in CommonFloor.com

India Blooms News Service | | Jan 09, 2015, at 02:50 am

#Google Capital invests in CommonFloor.com

New Delhi, Jan 8 (IBNS): Online real estate platform CommonFloor.com, on Thursday announced that it has received a new round of funding from Google Capital.

This is Google Capital’s third investment in Asia.

Sumit Jain, Co- founder and CEO at CommonFloor.com said, “This investment shows that Google Capital believes in CommonFloor and our vision to transform the real estate market in India. We look forward to drawing on the technical and operational expertise of Google Capital's partners and advisers as we continue to scale our business.”

David Lawee, Partner at Google Capital said, “CommonFloor.com makes it easy for people in India to research, buy, sell and rent real estate. The online real estate market in India is poised for tremendous growth, which is why we're excited to work closely with CommonFloor's excellent team in the months and years ahead.”

This investment comes at an exciting time for the online real estate sector in India, fueled by the Indian government’s goal of providing Housing for All by 2022.

To achieve this, the covernment is allocating a budget of Rs. 4,000 crore for affordable housing, introducing incentives for infrastructure financing by the RBI. It has lowered interest rates on home loans, established a framework for REITs and, most recently, relaxed FDI norms in the construction sector.

Jain adds, “This will further fuel our vision to empower people to realize their property dreams. We continue to exhibit industry leading growth; the money raised will be strategically invested in making the platform more robust to enable the buyers and sellers to find their match faster.”

CommonFloor.com has more than 1 lakh residential projects listed on their platform from over 200 cities, which is more than any other property platform in India. The platform has already mapped 10M homes and is committed to map every property in India on its platform. The Company has a team of 1000+ employees and their constant endeavour is to get the best talent to work with them.

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