HDFC Realty is now called QuikrRealty

HDFC Realty, which was recently sold to Quikr, will be called 'QuikrRealty in alliance with HDFC'.

Announcing the new brand identity here, both Pranay Chulet, Founder and CEO of Quikr and Renu Sud Karnad, Managing Director of HDFC Ltd said, this signifies the creation of one of the biggest online to offline (O2O) platforms in the country.

Quikr recently announced that it purchased HDFC Developers and HDFC Realty for Rs 357 crore. HDFC has also bought a stake in Quikr.

QuikrRealty will serve as an online-offline brokerage business that draws its demand from Quikr's large real estate consumer base, and in return, completes the transaction loop for home buyers on Quikr.

Quikr, which already has two platforms QuikrHomes and Commonfloor for consumers' home search needs, said this will bring a large forward integration opportunity. Quikr is used by over 30 million users a month and it operates several large classifieds business across real estate, automobiles, jobs, services and goods.

Renu Sud Karnad said the future is digital and with this new partnership, we are targeting millennials. "With 220 million smartphone users and growing in leaps, these users are accessing online channels to make their purchase decisions and we are witnessing this trend in real estate too," she said, adding QuikrRealty augurs well for the members of the real estate ecosystem due to its unique capability to translate online demand into actual transaction closures.

"Close to 30% of our revenues come from the real estate vertical, which is our largest vertical. HDFC's continued strategic association with QuikrRealty, QuikrHomes and CommonFloor is a testimony to our leadership in real estate and in other large sectors that move the economy," Chulet said.