His business education started when he was 8 years old. CommonFloor Co-Founder & CEO, Sumit Jain’s inspiring journey from managing his father’s shop at a very young age to running a leading real estate portal.
If you drive from Delhi to Dehradun, there are chances you’ll ignore a small town called Khatauli in the state of Uttar Pradesh, India. Our story begins with a dweller from this small town, who had little expectation from life, though he never lacked focus, perseverance and determination.
He used to study, play and work at his father’s shop on the highway. The eight-year-old boy took care of the shop and soon mastered accounts, orders and cash transactions.
“I was never clear about what to do in life and always looked up to my elder brother. I thought that I was not as intelligent as him. My brother did his engineering in Roorkee; at that time there was nobody from my town who went to the IITs,” says the proud little brother.
Meet the uncommon Sumit Jain, Co-founder and CEO of Google Capital-backed CommonFloor, one of the leading online real estate platforms in India. From searching for an apartment, to facilitating interactions within an apartment community, to connecting one to relevant service providers — the platform is dedicated to meeting all aspects of consumers’ needs around their home.
Aditi Shrivastava spoke with Sumit Jain, CEO and Co-Founder at CommonFloor to understand the technological breakthrough that Live In tours brings in to the industry.
CommonFloor has launched virtual tours for resale and rental property listings, seeking to provide home seekers a 360-degree view, from wall to wall and ceiling to floor, while differentiating itself. “Photographs are of the past,” said Sumit Jain, cofounder and CEO of Common-Floor. “With virtual tours of resale and rented properties, we will provide a close to reallife experience and try as far as possible to eliminate the need to go visit a property to make a decision,” he added.
The story captures the growth of online real estate industry in India and how CommonFloor is a leader and its strategy to be ahead in the game.CommonFloor aims to map every property in the country and will charge the sellers on cost per lead. “We’ll be free for buyers and individual sellers [home owners], but we will charge businesses [developers and brokerage firms]. We have the vendors’ list for various services [legal aid, interior designers, etc], and users can pay them directly,” says Sumit Jain, co-founder and chief executive, CommonFloor. It has 5.2 lakh listings, of which around 2.2 lakh are posted directly by owners, from 200 cities in India. The Bangalore-based company is backed by Accel Partners, Tiger Global and Google Capital.
Acquiring a home or rather building one has always been on top of the list of ambitions for every Indian for sure. The beginning of the 21st century has witnessed significant growth in this trend with an increased supply of disposable income in the hands of young Indians. Here are 10 must follow tips for first time home buyers in India before signing the home buyer’s agreement.
1) Budgeting: First time home investment is always multi-dimensional. Your home provides you the much needed shelter, security, satisfaction of having achieved a major milestone in life, an elevated social status, a sense of responsibility, financial commitment, and better returns on your investment. A well thought out budget is therefore the stepping stone for first time home buyers in India.
2) Affordability: Many first time home buyers in India fail to factor in a long list of expenses after they have moved into their new home. Furnishing, interiors, painting, and other miscellany can potentially gobble up several lakhs of rupees. Finding an affordable home and making the space comfortable for you and your family should gain priority over your passions and other influences.
3) Location: Like the famous quote goes the three most important factors in buying a home are location, location, location, choosing the right location is the important step for the first time home buyers.
4) Assessing your needs: For first time home buyers considering city dwelling units in particular, the wide array of options can present significant confusions like what floor should you choose in high rise structures and why, what is the quality of material used in the construction, is there a recurring monthly cost of maintenance, what deviations from standard specifications are possible and at what cost are among the major questions that should be answered to tune into the needs of your family.
5) Scalabity: The acquisition of a home for most first time home buyers is among the earliest investments in life. The number of occupants in most families will steadily go up over a period of time. Ensure you consider scalability options while buying a home.
6) Factor in delays: With high rise structures and community housing, delays are inevitable for varying reasons. Fewer builders across the nation have demonstrated their ability to stick to committed delivery schedules. Working with a cushion of 90 to 120 days will therefore work to your advantage.
7) Know how to deal with builders: Dealing with builders offering high rise structures and/or group housing is no mean task for the first time home buyers. Ensure you understand every bit of fine print in your agreement with the builder to avoid serious difficulties.
8) Documentation: Documenting the acquisition of a home for first time home buyers is best done in consultation with a competent legal professional as it can be modified to reflect your specific needs and concerns if needed.
9) Financing options: Most first time home buyers in India opt for a home loan to finance their acquisition. Though most financing options may portray an identical picture, you should know that each financier has a profit maximization objective. Understanding the fine print is therefore critical to peg your cost of finance at affordable levels.
10) Understanding common areas: First time home buyers considering high rise structures should educate themselves on the concept of ‘common area’. Some builders do offer a differential pricing for ‘common area’ since much of the amenities provided in the carpet area offered to you do not apply to the common area.
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Bangalore, May 11, 2015:CommonFloor.com, India’s leading online real estate platform today announced the launch of a first-of-its-kind feature – ‘Live-In Tours’. This new offering has been especially designed for the rental and resale realty market in India. This technological breakthrough offers real property experience for the seekers using cutting-edge mechanics allowing them to get a complete perspective of the rental, resale & new properties from anywhere, at any point of time, on-the-go.
Commenting on the launch of this innovative feature,Sumit Jain, Co-founder & CEO, CommonFloor.com, said, “As a new-age online realty player, we are committed towards simplifying and revolutionizing the process of property search. Given the boom in the rental and resale property market in India, this new offering is our endeavour to create tools and technology that makes property search easy and hassle-free for the end-consumers. We intend to introduce this feature across 18 major cities by March 2016 and plan to have five lakh properties listed with Live-in Tours.”
About the feature – Live-In Tours
Live-In Tour can be accessed on the Personal Computer’s web, mobile app and will soon be available on mobile web
Reduces time and efforts of property seekers looking in the secondary market
Helps buyers in getting complete perspective and shortlist properties quickly
Lalit Mangal, Co-founder and CTO, CommonFloor.com said, “This product clearly brings in market differentiation for CommonFloor. The primary objective of this feature is to provide property seekers a 360-degree view of the property, right from wall-to-wall and ceiling to floor. We are working towards scaling the number of properties listed with Live-In Tour, thereby helping property buyers find property with ease.”
Live-In Tour by CommonFloor.com works as a great filter for property seekers, helping them shortlist prospective properties of their choice and eliminate the need of physically visiting the properties to a great extent. The offering is live on CommonFloor.com and is absolutely free for the end-users. It currently has over 1000 properties from three key cities: Bangalore, Delhi and Mumbai.
CommonFloor.com has the largest number of genuine/ verified property listings with more than 1 lakh residential projects listed on their platform from over 200 cities. The platform has already mapped 10million homes and is committed to map every property in India on its platform. The company has a team of 1000+ employees and their constant endeavour is to get the best talent to work with them.
Launched in 2007 by Sumit Jain, Lalit Mangal and Vikas Malpani, CommonFloor.com, is India’s leading real estate platform that combines property search, apartment management and vendor management and caters to a person’s complete residential requirements.
From searching for an apartment to facilitating interactions within an apartment community on the ‘CommonFloor’ platform, to connecting one to relevant service providers, the platform is dedicated to meeting all aspects of consumers’ needs around their home. With over 5 lakh active property listings from over 200 cities, it has over 1 lakh residential projects listed with it. CommonFloor.com has been funded by Accel Partners, Tiger Global and Google Capital.
Ever wonder what would be the perfect house to represent your zodiac sign?
The idea is to build a home that will reflect the essence of your personality.We thought through and these are a few cool ideas we came up with.
1) House Aries
These strong-willed, ambitious overachievers are almost always the life of any party. This house displays fiery, courageous traits.
2) House Taurus
Quite evidently, this house is stubborn down to every bit and will stand its ground no matter what! At the same time, it reflects patience, generosity & a practical nature.
3) House Gemini
The Gemini house is always brimming with energy and vitality and are adaptable to every situation.
4) House Cancer
This majestic house is all about family and domestic bliss. They may appear conservative from the outside but step in and look closer before you decide!
5) House Leo
The Leo House exudes power, charm and high stature! It stands out & demands attention and respect from all others.
6) House Virgo
Get ready to see the most clearly organized and observant house of all signs, the Virgo house. Their need to have very well organized surroundings combined with the extreme pickiness and finickiest makes the house picture perfect.
7) House Libra
One of the most artistic house in all the sun signs. Taking their penchant for art and interior designing to a whole new level, the House libra exudes excitement, adventure and the unusual.
8) House Scorpio
As strong as a rock, Strength with Elegance is the USP of this house. Beware of coming on their way. If you do, be ready for a tough time!
9) House Sagittarius
This house is full of energy packed within. It takes on the world with its charismatic attitude.
10) House Capricorn
Introvert yet head-strong defines this house ‘the’ best. As they say, Silent people have the loudest mind’.
11) House Aquarius
This House is very attractive and popular in and around the town. Being a crowd-puller, it attracts a lot of Friends
12) House Pisces
They live in two worlds, the real world and the spiritual or mystical world where they interpret what they see into what they want just like the sign mysticism, mystery and the spiritual unknown
Since 2012, Google’s ‘Now cards’ have been enhancing our Smartphone experience. Be it a timely reminder about your phone bill payment or when you should you leave for a movie show based on city traffic, these unobtrusive notifications give us right information at the right moment.
Doubling this delight, with the latest version of the Google App, we introduce CommonFloor’s Now cards, our new tool that gives you the right property information at the right time. The CommonFloor app works in the background to match newly-posted property listings to your requirements and presents you a Now card when there is a match. Now, you don’t have to check back in the app again and again! Simply tap the Google app to start seeing the Now cards.
Here’s how it works: You search for a property on the CommonFloor app. Lets say you found 4 relevant results but you think you can still get a better deal. So, the next day if 3 similar listings are added on CommonFloor, you’ll be immediately notified through a Now cards in the Google app.
Our ‘Now cards’ automatically (or shall we say magically) take you to the right property in the app – letting you view the details as well as virtually exploring it via Live-In tours. Just sit back, relax, and settle on your dream home.
It was April 17th, 2008 when 3 friends decided to bring in a revolutionary change in the field of online real estate industry and founded CommonFloor. Their fierce desire to win haven’t changed till today as the company hosted the quarterly town hall meeting – ‘Involve, Interact, Inspire’ for the employees.
The meeting held at ‘The Leela Palace’ in Bangalore was also the occasion to celebrate the 7th anniversary of CommonFloor Foundation Day.The evening began with the interesting story on how it all started in the year 2007-2008, some untold facts with a pinch of drama too. The new bold vision of CommonFloor was also unveiled to the team.
The key business, organization and people update of Jan, Feb, and Mar was presented to the team by the co-founders. It was also the occasion to felicitate employees completing 5 years of service in recognition of their commitment and dedicated service to the organization.
It was indeed an event where the team CommonFloor involved, interacted and got inspired with the messages shared by the co-founders.
CommonFloor.com organized its second Hackathon – ‘HackAttack’ from March 26 to 28, 2015. This surely was a one of a kind three-day Hackathon, and yes, it gathered an overwhelming response! We had more than 60 registrations and best 26 enthusiastic teams comprising of a mix of techies, marketeers,designers battled it out to solve the real world business problems with their innovative ideas.
The hacks were to be presented around themes like Internal productivity, Invent, 3rd Part Data/Crowdsourcing, Re-imagine, Wearables/Internet of Things, Whacky and Super hack which were being judged by external judges Amod Malviya, CTO, Flipkart and Alok Goel, CEO Freecharge. The internal judges included Sumit Jain, Co-Founder & CEO, Lalit Mangal, Co-Founder & CTO, Chandrashekhar Vattikuti, VP Product and Parveen Kumar, VP Engineering.
To win a trip to New York with the co-founders, the teams had to impress the judges and make them say ‘Super Hack’ which was done by the team that built the hack ‘We are without Glasses’. The best hack team in each theme won INR 50,000 each.
Watch the video to know more about the hackathon.
Hack Attack is a platform to unleash creativity in the employees and deliver innovative ideas that could help us make better offerings to our consumers.
Don’t you agree that home is that special, warm haven where you can completely be yourself? It’s the place where you can find that perfect balance of all emotions. Home symbolizes happiness, peace and that feeling of belongingness. Home for one can be person, a place or simply a corner while the people in it make your house a home.
He is the happiest, be he king or peasant, who finds peace in his home – Goethe
There is nothing like staying at home for real comfort.- Jane Austen
It takes hands to build a house, but only hearts can build a home.
Home is a place you grow up wanting to leave, and grow old wanting to get back to. – John Ed Pearce