Taking a decision with demonetization in the backdrop, Housing.com is set to reprise its home rental business after their erstwhile diktat on doing away with it. Last year, the company had taken a tactical decision to close rentals in order to focus on the more lucrative home buying and selling segment.
“The Company has delivered exceptional results in the last one year and has achieved a successful business turnaround. We are excited with the progress and believe now is the right time to expand, starting with Rentals”, its chief executive officer Jason Kothari said.
In contrast to last year, on a monthly basis, company’s revenues have grown by 400%, operating costs have decreased by 70%, traffic has increased by more than 200% and number of homes listed has grown from 110,000 to 630,000.
Citing substantial market growth and established leadership in its core business, Kothari said, “Although we had plans to restart rentals around end of 2017, but the recent demonetization move has led us to advance our plans as it is expected to cause a slow-down in the Home Buying and Selling segment, while it will likely spur growth in the home rentals space, making it an opportune time to relaunch the rentals business. We have started the preparations, and we look forward to an aggressive launch early next year.”