The online web portals including MagicBricks.com and web mobile classifieds player Quikr are reportedly engaged in negotiations with the People Group, the promoters of Makaan.com, according to two sources with direct knowledge of the developments. People Group, which owns and operates real estate portal Makaan.com, said sources, claims that potential transaction could witness promoters of the venture to either outright sell its entire stake or enter into a joint venture. According to market watchers, the transaction is happening at a time when the country's online property space is being seen as the next battleground for global risk capital and strategic investors.
The People Group is backed by risk capital investors, such as Sequoia Capital, Saama Capital, Intel Capital and Citibank and as per available trend the country's online real estate has been attracting substantial attention from risk capital investors, drawn by the massive demand for housing, combined with increased internet penetration especially on the mobile platform. Commenting on the development, chairman and country head for realty services consultancy JLL India, Anuj Puri said that in the emerging scenario these portals are currently the primary source of visibility for consumers and have become default search parameters and is destined to get bigger given the size of the country.