Commonfloor has now raised an undisclosed amount in investment from Google Capital. This is Google capital’s second investment in India (first was SaaS provider Freshdesk) and third in all over Asia (the other one being China’s InnoLight).
This investment comes at an exciting time for the online real estate sector in India, fueled by the Indian Government’s goal of providing Housing for All by 2022. To achieve this, the Government is allocating a budget of INR 4,000 crore for affordable housing, introducing incentives for infrastructure financing by the RBI. It has lowered interest rates on home loans, established a framework for REITs and, most recently, relaxed FDI norms in the construction sector.
Competitor Housing.com had recently raised $90 million in funding from SoftBank.