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ICICI to hive off real estate site

Our Bureau

NEW DELHI, March 30

ICICI Ltd is proposing to float its recently launched Web site on real estate _ www.indiahomeseek.com _ into an independent company by mid-2000.

According to company officials, the Web site would have as many as seven streams of revenue when the full potential and reach of the domain is realised during the next few months. The revenue streams could include registration charges for putting propert y on sale or purchase, commissions and advertising on the site.

The Web site is currently being hosted by ICICI Ltd and is being developed as a comprehensive site on housing in the country. The site, besides giving property search, also provides information on legal, tax, insurance, stamp duty, market watch, property review, home finance, pre-approvals and real estate resources.

The Web site is currently listing over 4,000 properties in the four cities of Delhi, Mumbai, Bangalore and Calcutta, and is expected to soon add properties in four other cities. A company official said more sections are being planned which will add value for the user.

On the site, a buyer can typically identify a property online, get a pre-approval, seek housing finance, download standard format legal documents, get answers to legal and tax queries, information on stamp duty, insurance, market news, etc.

Company officials added that once the Web site is separated into an independent company, it may even go in for an initial public offering or a listing on an Indian stock exchange.