Clover Goes D2C With The Launch Of The New Brand ‘Deep Rooted.Co’

 

●     Building an ecosystem that benefits farmers with up to 3x increase in yield and income and gives consumers consistent access to high quality and contamination-free produce

●     Focuses on shortening the ‘harvest-to-home’ cycle to less than 24 hours in the highly perishable category by controlling the entire value-chain from consumer demand to produce supply; thereby also reducing supply chain wastage to less than 10%

●     Offers 80 plus SKUs across 6 categories of fruits and vegetables in Bengaluru and Hyderabad, including an Easy Cook Range.

●     In the next 12 – 18 months, aims at ‘cluster-based’ expansion strategy to enter Chennai, Pune and Mumbai

One of the fastest-growing agri-tech start-ups, Clover launched it’s direct to consumer brand "Deep Rooted.Co" with a consumer app available as “Deep Rooted" on the Android and iOS platform. Deep Rooted.Co is a demand-backed supply chain solution for fruits and vegetables focused on quality, consistency, traceability and a high degree of predictability.

Catering to a growing market opportunity, estimated close to $100Bn in the B2B and B2C segment for vegetables and fruits, starting with Bengaluru and Hyderabad, Clover will invest over $2mn in creating farmer-facing input-output technology, investing in supply chain and cold storage capacities and communication to grow the brand Deep Rooted.Co.

Deep Rooted.Co will focus on catering to an urban city’s need for fruits and vegetables via a “consumer demand-led cultivation” process. Deep Rooted.Co will follow an “omni-channel” strategy to cater to existing consumer shopping preferences in the category and presence across modern and general trade.

Speaking at the launch, Avinash B.R. one of the co-founders at Clover said “With Deep Rooted.Co, our goal is to be India’s largest virtual farmer, facilitated by our full-stack agronomy intervention on the supply side; and an omnichannel presence, along with a consumer-facing app on the demand side. Consumers will get consistent access to zero-contamination, high-quality fruits and vegetables while farmers can experience up to a 3x increase in yield and income improvements.”

Clover’s experience in B2B, where it was already a preferred supplier to over 90 customers in over 175 locations based in Bengaluru and Hyderabad allows it to get a head-start in launching a consumer-focussed B2C brand. The Covid-19 lockdown led the company to bring forward its B2C launch while gathering valuable first-hand experience in consumer tastes and preferences in the fruits and vegetable category.

Avinash shared, “Our research conducted over September-October last year found that consumer behaviour is not to plan the buying of fruits and vegetables but to shop for it when the shortage is noticed. We see that consumers are slowly reverting to the pre-Covid preference of having the option to shop at neighbourhood Kirana and modern trade stores. Deep Rooted.Co will invest in growing its distribution from the current 150 modern trade and neighbourhood stores across Bangalore and Hyderabad to 500 and brand build to aggregate demand over multiple channels, including online via our own consumer app and web e-commerce presence.”  

High-quality fruits and vegetables will be supplied primarily from its owned greenhouse and hydroponic farms and from a network of over 100 small-medium scale land hold farmers.

Deep Rooted.Co stands on the three important pillars of ‘Fresh’, ‘Clean’ and ‘Community’. It delivers most of its produce fresh and in under 24 hours from farms primarily less than 150 km away from urban cities.

All highly perishable vegetables are grown under the guidance of a team of 10 plus agronomists who guide the farmers from the “seed-to-harvest” stage. Mostly greenhouse and hydroponically grown produce is contamination-free.

Rooted in the local community, the brand is steadfast in its focus to strike an equitable balance between farmers and consumers. Farmers should benefit from technology inputs that increase farm productivity at scale and access to consumer demand that provides an opportunity to increase incomes and the consumer should benefit from consistent access to high quality produce.

Also launched at the event was the Deep Rooted.Co consumer app, available for both Android and Apple users. Gururaj Rao, co-founder at Clover, who also leads the product and technology function said, “The Deep Rooted.Co app is a natural progression for us. We are aiming for upwards of 90,000 app downloads by the end of the year. Aside from shopping and regular promotions, we will also over time integrate product nutrition and storage advice, information on key farming practices and also take requests for farm visit schedules to share more around traceability and transparency.”

About Deep Rooted.Co:

Launched in 2021, Deep Rooted.Co is the brand of Clover, a fast-growing greenhouse agri-tech start-up. Deep Rooted.Co aims to create an equitable balance between the farmers and the consumers by building transparency and trust among them. The company has an omnichannel presence and caters to a growing $100Bn F&V market by delivering fresh, clean and residue-free produce in less than 24 hours.

Clover was founded by Avinash BR, Arvind M, Gururaj S Rao, and Santhosh Narasipura in 2018. Based out of Bangalore, the company is funded by Accel, Omnivore, Mayfield and Alteria Capital. Deep Rooted.Co is building an organized supply chain for fresh produce. Their solutions is in a demand-backed supply chain for perishables that is focused on quality, consistency and traceability. The company manages a network of peri-urban farms that cultivate this fresh produce in high quality, high-yield manner. The company is currently managing over 100 acres of farms by working with small-medium landholding farmers. DeepRooted.co supplies its high-quality fresh produce to Bangalore and Hyderabad. 

Reebok Introduces Walking Products To Encourage People To Live A Fitter, Better Lifestyle

* The new range of products launched under the walking category has been designed to keep consumers’ basic fitness needs in mind

Reebok, India’s leading fitness brand, believes that people will get better through fitness and movement, and Reebok is committed to inspiring people to become the very best version of themselves. Now more than ever, staying fit and healthy will be the top priority, and Reebok aims to introduce more consumers into the fitness category.

Over the years, Reebok has seen that people have taken to walking as an activity to keep fit. To encourage people to take this up as a lifestyle change, the new walking range from Reebok will provide high-quality products accessible to all. The category will see a host of newly introduced products for both men and women, built to provide maximum comfort and support.

Reebok’s walking range is backed by superior quality, comfort, and technology. The new products, namely Reebok Ever Road DMX, Leap Slip On, Evazure DMX Lite, Reebok Lite Slip and Ardara 3.0, among others, are set to strengthen Reebok’s position in the walking category by making technologically advanced and superior quality shoes at an affordable price range.

The advanced and signature DMX technology of Reebok ‘s walking shoe ‘Ever Road DMX’ is built with small pods carved out of the midsole. The same shaped pods are pressed into the outsole with matching geometry to provide maximum support while walking. Channels to connect these pods are also carved out of the midsole and pushed into the outsole. These channels allow the trapped air to move between pods to create natural cushioning from heel to toe for a comfortable walking experience.

Commenting on the walking range, Malaika Arora, Reebok’s Brand Ambassador shared, “Reebok India has been my fitness partner for years now. I could not have been more delighted to join the brand yet again to launch this fantastic new range of walking products. Walking is an activity everyone can pick up on a daily basis, and to have Reebok provide comfort, quality and affordability through their range will surely act as an added impetus for more people across the country to lead a fitter, better life.”

Some of the products being introduced in the new walking category are:

·         ARDARA 3.0- INR 3,999

·         EVAZURE DMX LITE 3.0- INR 4,999

·         Inbound Slip on- INR 2,799

·         LEAP SLIP ON- INR 2,799

·         Reebok Ever Road DMX 3.0- INR 5,999

·         Reebok Ever Road DMX Slip On 3- INR 5,599

·         Reebok Ever Road DMX Slip On 4- IR 5,599

·         REEBOK LITE SLIP 2.0- INR 3,599

Physiology, M. Sc.  Exercise and Sports Physiology, Bachelors in Physical Education, Masters in Physical Education, and MA Hindu Studies, etc.

Prof. Ajay Kumar Singh, Vice-Chancellor, SSU delivered vote of thanks and mentioned that Sri Sri University is on the path of becoming the Institute of Global Eminence and the launching ceremony of today is a step towards that direction.

These products are available in men, women and unisex sizing starting from INR 2,799/- at Reebok stores and online at shop4reebok.com. Other fashion retailers such as Amazon, Flipkart, Ajio and Tatacliq will also see a wide range of the new walking products. 

About Reebok India -

Reebok International Ltd., headquartered in Boston, MA, USA, is a leading worldwide designer, marketer and distributor of fitness and lifestyle footwear, apparel and equipment. An American-inspired global brand, Reebok is a pioneer in the sporting goods industry with a rich and storied fitness heritage. Reebok develops products, technologies and programming that enable movement so people can fulfill their potential. Reebok connects with the fitness consumer wherever they are and however they choose to stay fit – whether it’s functional training, running, combat training, walking, dance, yoga or aerobics. Reebok Classics leverages the brand’s fitness heritage and represents the roots of the brand in the sports lifestyle market. 

ACT Fibernet Upgrades Internet Broadband Plans Across Tamil Nadu And Hyderabad

 * Increased speed and data limits across Chennai, Coimbatore, Madurai, and Hyderabad at no additional cost

ACT Fibernet, one of India’s largest fiber broadband ISP (Internet Service Provider) recently upgraded speed and data limits for its existing fixed term broadband plans across Tamil Nadu and in Hyderabad.

Internet has become a necessity that is enabling smooth functioning of professional, educational, and personal interactions in the new normal. Considering the usage of internet has increased, ACT Fibernet has rolled out its revamped plans across different cities.

“We always aim to provide unrestricted and uninterrupted internet access to our customers at all times, especially now when everything is digitalised. With the increase and demand in the usage of internet, we have upgraded data and speed limits for existing broadband customers in these cities. We believe this will help to empower them to undertake work seamlessly and more effectively.”, said Sandeep Gupta, COO, ACT Fibernet, speaking on the announcement of the upgrade.

In Hyderabad, ACT Fibernet is providing unlimited data with A-Max 1325 and Incredible 1999 with 300 Mbps and 400 Mbps speed respectively. The A-Max 500 plan has been upgraded to 500 GB FUP from 300 GB FUP, and 40 Mbps from 30 Mbps. The A-Max 700 plan has been revised to 1000GB FUP from 500 GB FUP with 75 Mbps speed from 50 Mbps speed and A-Max 1075 plan has been upgraded to 150 Mbps speed from 125Mbps speed.

In Chennai, ACT Fibernet has launched a new plan ACT Starter which will offer 40 Mbps speed and unlimited FUP. Additionally, ACT Basic has been upgraded from 60Mbps to 75Mbps at no additional cost while the rest of the plans remain the same.

In Coimbatore, ACT Fibernet revamped all the existing plans to enable seamless internet access. The ACT Basic plan has been upgraded from 500 GB FUP to 1000 GB FUP, and 40 Mbps to 50 Mbps speed.  ACT Rush has been upgraded from 1000 GB FUP to 1500 GB FUP with 100 Mbps speed. ACT Sprint has been revised from 1500 GB FUP to 2000 GB FUP, and 150 Mbps to 200 Mbps speed and ACT Race has been upgraded from 2000 GB FUP to 2500 GB FUP, and 175Mbps to 250Mbps speed. Similarly, ACT Zoom has been increased from 2500 GB FUP to 3300 GB FUP, and 200 Mbps to 250 Mbps speed and ACT Bolt has been upgraded to 3300 GB FUP from 3000 GB FUP and 250 Mbps to 300 Mbps speed.

For Madurai, ACT has doubled its two plans, ACT Silver and ACT Gold. ACT Silver has been upgraded from 500 GB to 1000 GB FUP, and 50 Mbps to 75 Mbps speed. ACT Gold has been boosted to 2000 GB FUP from 1000 GB FUP, and from 100MBps to 150 Mbps.

L&T Technology Services Selected By Airbus For Skywise Partner Programme

* LTTS to provide technology and digital engineering solutions for Airbus’ Skywise platform

L&T Technology Services (NSE: LTTS), a leading global pure-play engineering services company, announced that it has been selected by Airbus to provide technology and digital engineering solutions for Airbus’ Skywise platform as part of the ‘Skywise Partner Programme’.

With more than 130 airlines around the world already connected to Skywise, the platform is playing a very important part in enabling and accelerating digital transformation of the aviation sector as a whole. LTTS will support the airlines in the development of complex workflows, creation of new interfaces between their existing information systems and Skywise and also provide assistance in their digital transformation with Skywise.

LTTS has a set of highly experienced engineers and data scientists who will work exclusively on the Skywise platform and build solutions to address the digital transformation needs of airlines and the fast-expanding Skywise ecosystem. LTTS’ demonstrated experience in building digital engineering platforms based on strong domain knowledge help strengthen the interdependencies these digital technologies are enabling.

Abhishek Sinha, Chief Operating Officer and Member of the Board, L&T Technology Services commented, “Airbus is one of our valued customers in the aerospace domain, a sector which offers tremendous potential for disruptive business opportunities. We are delighted to be selected as a partner for Airbus Skywise programme, a true reflection of our long-standing partnership with an important market leader like Airbus and our deep understanding of Airbus’ product development and customer needs”.

LTTS has a track record of serving the aerospace landscape for over a decade, helping airlines and aerospace manufacturers maximize their Return on Investments (RoI) and increase quality and output. Having forged strategic alliances with several Fortune 500 companies, LTTS has the strong technical knowledge, aerospace engineering expertise and skilled resources to drive innovation for aerospace and defense customers across the globe.

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 16,000 employees spread across 17 global design centers, 28 global sales offices and 62 innovation labs as of December 31, 2020.

Sri Sri School Of CyberPeace, CyberPeace Foundation Partner To Offer 20 Programs In 2021-22

Today is a historic day not only for Sri Sri University but also for the world to launch first of its kind in the globe, Sri Sri School of Cyber Peace and five other Centers and Faculty which will offer 20 programs in the upcoming academic year 2021-22. CyberPeace Foundation and Sri Sri University have joined hands for “Infusing CyberPeace in cyberspace”. The first step towards the goal is the launch of “Sri Sri School of CyberPeace”, a joint initiative of CyberPeace Foundation and Sri Sri University (SSU) in the presence of Poojya Gurudev Sri Sri Ravi Shankar Ji. The School is committed to strengthen the global CyberPeace Ecosystem through the research and innovation focused educational framework in sync with the ace initiative from the CyberPeace Foundation. The curriculum for the degree Programmes in the field of cyber security has been conceptualized keeping in mind the Learning Outcome-based Curriculum Framework (LOCF) on the one hand and having 65% plus hands on experience for the students as per the spirit of National Education Policy 2020 on the the other hand. This will enhance their employability quotient as well as entrepreneurial skills so that they are competent enough to start up their own ventures which is a step towards ‘Atmanirbhar Bharat’.

As per the Cybersecurity Ventures, there will be 3.5 million unfilled cybersecurity jobs globally by the end of 2021, up from one million positions in 2014. Moreover there is a growing number of cybercrimes and threats across the globe, therefore, the degree Programmes in the following areas are the need of the hour:

UG Programmes

B. Tech. / B.Sc. (Research) in CSE (specialization in CyberSecurity & Cyber Defense)

B. Tech. / B.Sc. (Research) in CSE (specialization in Digital Forensic & Incident Response)

M. Tech. (Regular) (specialization in CyberSecurity)

M. Tech. (Research) (specialization in CyberSecurity)

PG & Integrated Programmes

 MBA (Cyber Security Management)

 Executive MBA (Cyber Security Management)

 Integrated MBA (B. Tech. / B. Sc. (Research) + Cyber Security Management)

 Integrated M. Tech. (B. Tech. + CyberSecurity)

 Integrated M. Sc. (B. Sc. (Research) + CyberSecurity)

This joint initiative will involve a bouquet of activities of CyberPeace Foundation such as Global CyberPeace Challenge, eRaksha - Nationwide online safety competition, Hackathons, Seminars, Conferences, Colloquiums, Roundtables, Global CyberPeace Dialogues, Global CyberPeace Summit, CyberPeace Clubs, CyberPeace Corps, and Academia CyberPeace Ecosystem (ACE) Initiative - An initiative for Excellence.

Many dignitaries graced the occasion with their presence, including Shri G. Asok Kumar, Additional Secretary and Mission Director, National Water Mission, MoWR, RD and GR, Govt. of India, Mr. Erik Solheim, Former Executive Director of the United Nations Environment Programme (UNEP) and Former Minister of International Development and Environment, Norway, Padma Bhushan Saroja Vaidyanathan, Padma Shri Dr. Puru Dadheech, Dr. Sandhya Purecha, Mrs. Rajita Kulkarni, President, SSU, Prof. Ajay Kumar Singh, Vice Chancellor, SSU, Captain Vineet Kumar, Founder and President, CyberPeace Foundation, a think tank and grassroots NGO of CyberPeace and cyber security experts to name a few.

Gurudev Sri Sri Ravi Shankar ji during his address said, “The world is incomplete without art, culture, architecture, and science. We need to nurture both the left and right brain activities and achieve synergies between the two in the contemporary world. Today’s Programme has witnessed so many experts nationally and internationally to make the world a better place to live for the present and future generation. We can give the dream of a better world to the future generations including the current generations through these initiatives. I congratulate CyberPeace Foundation and encourage all to continue this journey by creating waves of excellence for growth of the students across the world. This collaboration has created an ecosystem of happiness and harmony where happiness is realized as one's nature and spreading happiness is one's dharma. Together we can make this research unit one of the best in the whole world."

Talking about the importance of CyberPeace Education, Captain Vineet Kumar, Founder and President, CyberPeace Foundation, said, “The CyberPeace Foundation envisions creating a global CyberPeace ecosystem which is only possible with the active involvement of the young generation in understating, learning, working, and innovating in the field. I am glad and thankful to Poojya Gurudev and the Sri Sri University for their insight and understanding of the need of the hour to ensure a peaceful and resilient Cyberspace.”

Shri G. Asok Kumar, Additional Secretary and Mission Director, National Water Mission, MoWR, RD and GR, Govt. of India, has spoken about various methods and importance to conserve water.

Mr. Erik Solheim, Former Executive Director of the United Nations Environment Programme (UNEP) and Former Minister of International Development and Environment, Norway said, Water management and environment are the most critical issues of our time. Mr. Solheim pointed out that water is precious for life and he applauded the initiative of Poojya Gurudev and The Art of Living to conserve water. He further stated that water is the most precious and important issue of the global community for climate change, be it melting of glacier in Himalayas and its effects on river systems of India, China, etc., the rise of sea level, cyclonic storm and extreme weather events. He applauded the commitment of Sri Sri Centre for Advanced Research in Water Resources and Environment Management to work in such an important domain to address the issues of water, agriculture and environment.

Mrs. Rajita Kulkarni, President, SSU delivered the welcome address and briefed about the various launches which were planned for the day, namely, Faculty of Emerging Technologies (First of its kind Faculty in India offering Industry integrated Programmes in line with National Education Policy 2020)

Department of Emerging Technologies

Sri Sri School of CyberPeace (World’s first School for cyberPeace in association with CyberPeace Foundation)

Sri Sri Centre for Advanced Research in Water Resources and Environment Management

Sri Sri Centre for Advanced Research in Kathak (SSCARK) (First and largest in the world)

Sri Sri Centre for Advanced Research in Bharatanatyam (Third in India)

Sri Sri Centre for Translation and Interpreting Studies (First in India)

Prof. Rabi Narayan Satpathy, Director, SSU shared the vision and mission of the Faculty of Emerging Technologies and the Sri Sri School of CyberPeace along with the list of 15 Programmes to be offered.

Speaking on the importance of classical dance form Kathak, the exponent Padma Shri Dr. Puru Dadheech credited Poojya Gurudev for his vision and co-operation in developing the Advanced research Centre for Kathak which can transform the youths through its rich heritage.

Dr. Sandhya Purecha, Director, Sri Sri Centre for Advanced Research in Bharatanatyam, which is third of its kind in the world, and Padma Vibhushan Saroja Vaidyanathan aspire for innovative research and exploring new talent in the field.

Prof. (Dr.) Sanghamitra Mohanty, Director, Sri Sri Centre for Advanced Research in Water Resources and Environment Management and Dr. Rindon Kundu, Director, Sri Sri Centre for Translation and Interpreting Studies spoke about the importance of the centers.

Ms. Gayatri Dhume, Head of Admissions and Promotions, SSU shared the list of new Programmes launched during the ceremony namely Master of Computer Applications (MCA), M. Sc. Computer Science-Artificial Intelligence, M. Sc.  Computer Science-Data Science, B. Sc. Exercise and Sports.

Vikram Kirloskar Conferred With Prestigious IIM-JRD Tata Award 2020

* Mr. Kirloskar has been conferred with this coveted award for his ‘Excellence in Corporate Leadership in Metallurgical Industries’

Toyota Kirloskar Motor India’s Vice Chairman, Mr. Vikram Kirloskar was today honoured with the prestigious IIM-JRD Tata Award for 2020 by the Indian Institute of Metals (IIM).  The award was conferred to him for his service to the country through his ‘Excellence in Corporate Leadership in Metallurgical Industries’.

In a digital event held on February 24, 2021, the IIM-JRD Tata Award for 2020 was handed over to Mr. Kirloskar, in the auspicious presence of the Honourable Minister of Steel Mr. Dharmendra Pradhan, and the Honourable Minister of State for Steel, Mr. Faggan Singh Kulaste. The event was attended by many other distinguished industrialists, academicians, and researchers from across the country. 

Expressing his gratitude upon being bestowed with such an honour, Mr. Vikram Kirloskar, Vice Chairman of TKM, said “It is a privilege to receive this award as it is a much appreciated recognition and encouragement. I have strongly been guided by a vision of making India a world-class manufacturing hub & my commitment has always been towards developing world-class manufacturing competencies and building great talent, thereby driving a socio-economic growth agenda which fosters growth not just for the company but for the people, the society and the country at large. I am thrilled to receive this award as it is a true testimony to our efforts in this direction”.

Mr. Vikram Kirloskar is the 4th Generation scion of the Kirloskar Group. He is the Chairman and Managing Director of Kirloskar Systems Ltd. and the Vice Chairman of Toyota Kirloskar Motor Pvt. Ltd. Mr. Kirloskar’s contribution to the industry has been pivotal, having held and lead several prestigious positions in SIAM, CII & ARAI.

Instituted in 2007 by the Indian Institute of Metals (IIM), the IIM-JRD Tata award is conferred annually at the National Metallurgists Day instituted by the Ministry of Steel & Mines. IIM in its journey spanning over 74 years has been recognizing eminent metallurgists, material scientists, industry professionals, researchers, teachers, and students for their significant contributions concerned with Minerals, Metals, Materials, and their applications, since its inception. Eminent personalities like Ratan Tata, Chairman Emeritus, Tata Sons and Tata Group,  B Muthurmanan, former Vice-chairman of Tata Steel, Dr. E Sreedharan, former MD of Delhi Metro, Debnarayan Bhattacharya, MD, Hindalco Industries, Dr. Sanak Mishra, vice-president of Arcelor Mittal, HM Nerurkar, former MD of Tata Steel, Mr. S K Roongta, Chairman, Bharat Aluminium Company Limited, Mr. Sajjan Jindal, CMD, JSW Group and Mr. SN Subrahmanyan CEO & MD, Larsen & Toubro Limited. have been earlier recipients of this award. 

Demand Rising For Home Loans In Mid & High-Range Segments: Magicbricks Home Loans Consumer Report

 -   Rs.34 lakhs is average loan amount searched on Magicbricks

-   Increased consumer demand for Balance Transfer and Loan Against Property

-   Bajaj, ICICI, HDFC most sought after banks for balance transfer and loan against property

Good deals for mid and high-range properties continue to attract prospective property buyers as around 46% of the consumer preference is now in the range of Rs.30 lakh-Rs.1.crore and above category, with most of the demand being generated from the key residential markets of Bengaluru, Hyderabad and Delhi, revealed Magicbricks Home Loans Consumer Report.

A recently conducted consumer poll by Magicbricks, India’s No.1 property site, revealed that nearly 38% consumers want to take a home loan ranging between Rs.30 lakh - Rs.1 crore indicating the demand revival towards mid and high range homes for multiple reasons like need for an extra room due to Work From Home (WFH), reduction in circle rates, stamp duty, and low interest rates. As per the poll (sample size of 1100 respondents), about 20% prospective home buyers are planning to borrow a home loan between Rs.50 lakh and Rs.1crore and above category.

Commenting on the consumer trend, Mr. Sudhir Pai, CEO, Magicbricks, said: “Thanks to the recent initiatives by the Central and the State governments, we are witnessing a rise in demand for home loans for mid-segment and high range properties. The market sentiment seems to be well aligned to the demand and reflects the same as consumer search data on Magicbricks Home Loans suggests that the average loan amount searched on the platform is Rs.34 lakh. This augurs well for the industry and indicates that transactions are picking up gradually across all segments of residential real estate."

Consumer behavior on Magicbricks Home Loans also suggests that most of the demand is being generated from the key residential markets of Bengaluru, Hyderabad, Delhi, Mumbai, and Pune. Besides Home Loans, Loan against Property (LAP) and Balance Transfer seems to be gaining currency in terms of consumer preference.

The average LAP amount searched in Hyderabad is Rs.35 lakh, Rs.45 lakh in Delhi-NCR, Rs.50 lakh in Mumbai and Kolkata and Rs.70 lakh in Bengaluru. Similarly, the average balance transfer amount searched in Bangalore is Rs.60 lakh, Rs.35 lakh in Delhi NCR, Rs.32 lakh in Pune, Rs.40 lakh in Hyderabad, and Rs.80 lakh in Mumbai.  

Several public and private banks and other financial institutions have reduced their home loan interest rates, which in turn offers further impetus to rising consumer appetite in the home buying space. With the Reserve Bank of India keeping the repo rate unchanged at a constant 4% in its recent policy review meeting, many banks are also offering interest rates less than 7% for home loans to further catalyse the rising demand for home buying.

Magicbricks Home Loans enables property seekers avail medium to long term loans to finance their dream home. It offers cheaper, easier, and faster home loans from more than 15 banks. It also allows loan seekers to compare the best available offers and rates, gain online and offline assistance during the application process and also get a wide range of home loans including balance transfers and loan against property.

About Magicbricks

Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.4 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content, and research services, which have helped us build the largest audience pool.