Housing Development Finance Corporation (HDFC) has announced that it has entered into definitive agreements to transfer its entire shareholding in HDFC Realty, a real estate brokerage platform, and HDFC Developers (which runs the HDFC RED platform) to Quikr, one of India’s leading online classifieds platforms.
The value of the entire shareholding transferred by HDFC in the two entities to Quikr is Rs. 3.57 bn. In lieu of this, HDFC has acquired about 3.4 per cent equity stake in Quikr India Pvt Ltd (Quikr India).
HDFC, in a statement, said, “Post integration of HDFC Realty and RED, Quikr will become India’s leading online-to-offline real estate platform, and offer consumers end-to-end home buying services.
“The transaction also takes HDFC a step further in engaging with customers at the start of their real estate purchase cycle, when they are browsing for properties on Quikr’s digital platforms.”
HDFC Realty is HDFC’s offline brokerage business with presence across residential and commercial properties as well as consulting and valuation services. It has a 300-member in-house sales team and 7,000-strong nationwide broker network.
HDFC RED is an online real estate classifieds platform with 7,000 project listings on its platform. It generates traffic of over 80,000 unique visitors per month.