Real estate brokers in Mumbai have gone against Magicbricks over its auction service.
The auction service essentially enables landlords to auction their property and in the process, totally cut off the brokers from the deal (who play an important role in the lead generation for these properties).
Magicbricks is currently running auction service in NCR and Mumbai.
For now, brokers have taken a stand that they won’t post any property details on Magicbricks till the issue is resolved. And while the current protest is only in Mumbai, expect this to travel to NCR pretty soon.
Earlier HDFC bank too started a similar service in partnership with iBidMyHome.
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