mumbai property website magicbricks has reported a yearonyear growth of 74 per cent in q2 fy19 revenues at rs 55 crore in the preceding quarter its revenues had grown 48 per cent to nearly rs 48 crore the real estate portal said that its android app had touched five million downloads making it the only one in its category to achieve the milestone magicbricks also said that it had more than 60 per cent of all online listings in india and as of september 30 it hosted over 1 million active properties with more than 55000 added daily magicbricks is a times group companystrong performance in consecutive quarters puts the company on a high growth trajectory in the current financial year and also signals early signs of the much awaited turnaround for the real estate industry that witnessed a slowdown in the last three years the property website saidcommenting on the q2 fy19 performance sudhir pai ceo magicbricks said our scale has now started helping us gain significant leadership across multiple key metrics as we continue to widen our leadership we have an innovationcentric dna and have built not just the largest suite of products for buyers and sellers but also several unique solutions such as a chat based solution for privacy an auction platform a deals section and services for doityourself sellersthe company also reported that it now enjoys more than 60 per cent of all online listings in india as a result of its efforts in covering the market holistically which has paid rich dividends in terms of significant rise in paid sellers on the platformpai further said that the consistent rise in number of paid sellers has been made possible since the market has responded positively to a slew of successful innovations and also due to relaxations in clss creditlinked subsidy scheme limit that increased the mig middle income group inventory in both tier 1 and 2 cities which resulted in much more properties becoming available to buyers in this categorythis increase in price limit opened up a significant large percentage of properties in most cities for homebuyers in cities with low average price rssqft like noida greater noida kolkata hyderabad and ghaziabad there is an average 96 per cent increase in the eligible properties in mig segment tier 2 cities like jaipur mohali lucknow and chandigarh have also seen an increase in inventory under clsswe launched a slew of new innovations this quarter including our dedicated website for deals offers we got great response from developers with hundreds of deals being offered across cities looking for offers and deals on ecommerce platforms has been a established consumer behaviour and we feel that experience on property portals shouldnt be any different we have tried to get all the best deals under one umbrella to ease the life of the consumer said pai