Sunday, January 11, 2015

#Google Capital Invests in CommonFloor.com

CommonFloor.com a leading online real estate platform today announced that it has received a new round of funding from Google Capital. This is Google Capital’s third investment in Asia.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor.com, is India’s leading real estate platform that combines property search, apartment management and vendor management and caters to a person’s complete residential requirements.
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 Government is allocating a budget of INR 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.