Koramangala based Web start-up Homebuy360.com hits home run in real estate

When they were brainstorming about their business plan at Infosys campus in Bangalore little did they realise that they would soon set up a Koramangala-based company that would create something that could be transformational for the Indian real estate industry - for both builders and buyers. Meet Kshitij Minglani, Rajat Kothari and Sohrab Kalra, partners ofHomebuy360.com, a technology start-up inKoramangala that has developed a cloud application that helps builders and buyer. In a telephonic interview with ET, they describe the concept of Homebuy360. Excerpts:

Why and how did you start Homebuy360?

During our journey at Infosys, we had several colleagues buying apartments. We learnt over a period of time that builder and buyer connection and communication is highly manual and ineffective. From the point of booking to handover - there were several interactions, visits or calls to builder's office. Builders struggled with the issue of high employee turnover and fall short of providing good customer care. We also found that most of the builders didn't use technology that can save them money, increase sales and delight customers.

We validated the idea further through surveys and interviews with several builders and buyers. The opportunity and need was quite apparent. And that's how the idea of creating homebuy360.com originated to connect builders and buyers over internet to facilitate the apartment buying transaction and create a win-win proposition for both.

What are the challenges you had to face while setting up Homebuy360?

Given high demand for real estate in India, builders have had good time and barring few exceptions, have not really focused on customer care. The business is so profitable that they have not focused on bringing efficiency in their office work. The biggest challenge has been influencing the mindset of builder community. Besides this, like any start-up, we faced challenge around finding the right talent, productive office space, legal advice, brand building etc.

We have a great team in place. We have been very fortunate to have reached our current stage of multiple clients and an impressive product. Perseverance has been our core virtue.

Can you describe more about Homebuy360?

Less than 10 percent of the builders today use technology solution or ERP for booking, document creation, collection, email and SMS notifications, buyer issue handling. These solutions are provided by small companies and address only part of the problem for builders.

There is a need for a cloud-based ERP that helps them manage all the interactions and transactions such as booking, documentation, collection, customisations and handover and help them manage their work with less staff and provide a wonderful and transparent experience to buyers. Homebuy360 is a simple and intuitive to use internet application specifically designed for the real estate industry for both builders and buyers.

Builders can efficiently manage marketing, sales and customer connect operations - CRM, leads, booking, documents, collections, customisations and handover. Buyers on the other hand can login to their home account and monitor progress and information relating to their dream home."

Source:economictimes.indiatimes.com