NoBroker.com, a leading peer-to-peer real estate platform in India, within just 3 months of breaking into commercial real estate, has closed 1,050 deals across Bangalore, Mumbai, Pune, Chennai, and Gurgaon.
The company has saved INR 30 crore (approximately US$42 million) worth of brokerage. Having thoroughly disrupted the country’s residential real estate sector through technological innovation, NoBroker.com, is now transforming the commercial real estate segment with its tech-led approach. NoBroker is currently operational in the five cities mentioned above and is already a leader in residential real estate with 15,000 closures every month.
With around 41 lakh (approximately 4.1 million) small commercial units in top 25 cities, the Indian commercial real estate sector is currently extremely fragmented and disorganized and is plagued by large-scale information asymmetry and lack of transparency.
Within these cities, commercial rental brokerage accounts for around INR 14,000 crore (approximately US$1.9 billion) annually, growing at a CAGR of 13%. The annual brokerage for commercial resale is about INR 7,000 crore (approximately US$999 million). There is therefore huge potential in the small commercial units space which is currently dominated by brokers.
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