India-based real estate community app MyGate has launched ‘MyGate Homes’, a property search-and-discovery marketplace.
Founded in 2016, MyGate is predominantly a community management site, offering a comprehensive suite of services for owners, tenants and facility managers. The solutions include management of visitors, security, deliveries and payments. Over 20,000 housing communities across India use MyGate.
According to a report, MyGate Homes was piloted across 2,500 housing communities in Bengaluru in June. In the last three months, the company clocked 10,000 property listings, encouraging it to set a target of 25,000 listings per month by December. MyGate hopes to achieve this feat by leveraging its presence in over three million housing communities across India.
According to the company, the move to classifieds/search-and-discovery model was incentivized by two findings about its current model: about 30% of all users, particularly tenants, move from one MyGate property to another every 12 months; secondly, a significant number of conversations through the app’s communication feature are about properties/rentals.
Shreyans Daga, CTO and Co-founder of MyGate 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.”
The company is now scaling the service pan-India, during a juncture marked by increasing activity in the rental sector. Existing marketplaces are shifting their focus from sales to rentals as India’s real estate sector faces a long road to recovery. Square Yards recently launched a no-deposit rental program, while Housing.com has been ramping up its end-to-end rental services, recently partnering with Homzhub—a property management platform similar to MyGate.