Magicbricks acquires majority stake in PropViz to offer advanced tech solutions to developers

Real estate portal Magicbricks has acquired a majority stake in PropViz to offer advanced technology solutions to developers.

In a statement on Thursday, Magicbricks said this strategic acquisition underscores its mission to provide best-in-class technology for redefining real estate interactions and creating new benchmarks in customer engagement.

The real estate classifieds portal has unveiled an innovative 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.

By acquiring a majority stake in PropViz, Magicbricks aims to enhance buyer engagement, streamline decision-making, and accelerate sales velocity for developers.

The acquisition complements Magicbricks' existing developer-focused solutions including verified leads and site visits.

Sudhir Pai, CEO, Magicbricks, said, "We now offer a full suite of solutions tailor-made for both homebuyers and developers as part of our full-stack positioning." "For developers, apart from our leading ad-sales solutions, we've launched site visits & verified leads as disruptive solutions. With PropViz, we will expand our range of solutions for developers covering the entire funnel from pre-launch to launch to sustenance selling of projects.” Founded in 2019, PropViz has developed 125 million sq. Ft. Of virtual spaces, designed 1,800+ interactive spatial layouts, working with over 100 developers.