Indian gate management platforms like MyGate, and NoBrokerHood have the potential to capture a total addressable market of $35 billion-$40 billion through brand engagement, social/hyperlocal commerce and real estate solutions, according to Internet-focused consulting firm RedSeer .
digital adoption
The growing need for security solutions and accelerated digital adoption has led to increased use of gate management platforms in India, which also reflects the growing number of these platforms. NoBrokerHood, launched in 2019, has registered a 10-fold growth after the pandemic
“We have worked in 11,000 societies today across Bengaluru, Mumbai, Pune, Hyderabad, Chennai, Delhi – NCR, Kolkata, Ahmedabad, Nagpur, Jaipur and Kochi from working with 700-800 gated communities in early 2020,” Co-founder and CTO of NoBroker.com Akhil Gupta says business Line ,
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Similarly, community management platform MyGate claims to have grown 4x in the last 20 months. Working with 6,000 societies in March 2020, MyGate has now connected 25,000 communities and increased the number of households from 3.5X 10 lakh to 35 lakh.
“While most of our societies are in major metros, we saw inward interest in the pandemic from smaller cities and towns as well. As a result, you can find MyGate in Jaipur, Indore, Lucknow, Raipur etc,” said Abhishek Kumar, COO and Co-Founder, MyGate.
covid effect
Both platforms have seen a change in the willingness of gated communities to work with community management platforms after the pandemic. Gupta mentioned that COVID-19 pushed gated communities to trace the movement of people in the society with temperature checks, vaccinations etc., and the integration with NoBrokerhood’s Aarogya Setu, temperature checks, vaccination status helped the societies. Helped usher in digital adoption. In addition, MyGate saw an increase in usage of many of its community features such as communication, resident calling and notice boards.
MyGate has an 82 per cent market share in the community management space, followed by NoBrokerHood (13-15 per cent) and others (3-7 per cent). Currently, 25 percent of the 16 million homes in gated communities are estimated to have gate management solutions.
increase market size
A RedSeer analysis shows that although India’s top 50 cities comprise just 32 per cent of the population, gated communities account for 45 per cent of the total expenditure. The report also noted that the role of gated communities in India’s consumption story will go from significant to significant in just five years. This is because such communities are projected to host 24 million homes by 2026, a 50 percent increase over the existing 16 million homes.
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Total consumption in Indian gated communities is expected to grow 2.5 times to reach $500 billion in five years. Growth in these households will also be complemented by an increase in annual spending, which ranges from the current $13,000- $14,000 to $19,000-$20,000 over a five-year period.
integrated services
To capture the growing consumption in Indian gated communities, community management platforms have also launched various commerce features. For example, MyGet has launched a home services vertical where users can book pest control and painting services among other services. About a third of MyGet’s active users are asked to browse selections on a weekly basis and has already emerged as a major revenue channel for the company.
In September, MyGate launched a property marketplace – MyGate Homes – which is said to have seen close to 12,000 listings and connected over 40,000 buyers/tenants to homeowners.
Kumar said, “We have also forged partnerships to offer integrated services like digital rent agreements with e-signatures, legal aid, movers and packers and property management and one-click listings on Housing.com through an exclusive partnership provide.”
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NoBrokerHOOD has come up with an Explore feature that allows residents to buy and sell used items, list homes for rent, among other things. The feature is said to see around 1,000 items posted to the Explore feed every day.
The company is working on launching new features like neighborhood stores which will allow nearby stores to be listed on NoBrokerHOOD app and will enable residents of the society to start shopping from the platform. It will also allow residents to list their small businesses and start selling from the app.
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