99Acres.Com Revenues declined by 24.7% yoy due to weak buy and sell activity in 1QFY21. Billings declined by a sharp 71% yoy, and this is indicative of continued weak real estate activity.
Brokers now contribute 56% to revenues (rest from builders and home owners).
Real estate has been already slowing down for the past few years and was severely hit by the long period of lockdown. Billings had declined 90% in April, 85% in May and 52% in June.
Rentals are still down compared to last year but form only a small part of overall business.
Total listings have recovered to pre-Covid levels. Dealers and developers are slowly coming back to the platform but have not reached back to previous-year levels.
Traffic recovered to 85% in June. Buyer traffic in August was up 11% from pre-Covid levels and 3% yoy. Buyer enquiries were up 65% yoy.
