Magicbricks Secures Majority Stake in PropViz

13 Dec 2024 CW Team

Real estate portal Magicbricks has acquired a majority stake in PropViz to offer advanced technology solutions to developers. In a statement, Magicbricks highlighted that this strategic acquisition emphasizes its mission to provide top-tier technology for redefining real estate interactions and setting new benchmarks in customer engagement.

The portal has launched a new suite of 3D visualization and immersive technology solutions developed by PropViz. These include virtual walkthroughs, interactive tours, smart location maps, integrated booking systems, and real-time inventory management tools.

With the acquisition of a majority stake in PropViz, Magicbricks intends to improve buyer engagement, simplify decision-making, and boost sales velocity for developers. This acquisition also complements Magicbricks' existing developer-focused solutions, which include verified leads and site visits.

Sudhir Pai, CEO of Magicbricks, mentioned that the company now offers a complete suite of solutions specifically designed for both homebuyers and developers as part of its full-stack positioning. He further explained that in addition to their leading ad-sales solutions, Magicbricks has introduced disruptive solutions like site visits and verified leads. With PropViz, Magicbricks will broaden its range of solutions for developers, covering the entire process from pre-launch to project launch and continued sales efforts.

Founded in 2019, PropViz has developed 125 million square feet of virtual spaces, created over 1,800 interactive spatial layouts, and collaborated with more than 100 developers.

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