Real estate referral and loyalty platform Reloy has announced a 60% year-on-year revenue growth in the financial year 2024–25, reaching ₹28.5 crore. The strong performance was driven by a surge in referral-based sales, deeper integration with top developers, and renewed consumer confidence in the housing market.
The company’s announcement marks a significant milestone as it continues to scale its unique business model that leverages existing homeowners as brand advocates to drive sales for India’s leading real estate developers.
“FY25 has been a year of operational maturity and consistent growth,” said Akshay Rajwade, CEO of Reloy. “Our customer referral engine has not only demonstrated its scalability but also its potential to become a key distribution channel in residential real estate.”
Referral-Led Growth Model Gaining Momentum
Reloy’s standout performance is largely attributed to the growing popularity of its referral platform, which incentivizes homeowners to refer friends and family to the same developer brand. This model taps into a trust-based network that has proven particularly effective in India’s real estate sector, where word-of-mouth plays a major role in buying decisions.
According to company data, more than 55% of Reloy’s partner developers saw double-digit growth in their referral conversion rates during the year. Several developers, including Prestige Group, Godrej Properties, and Brigade Enterprises, expanded their partnerships with Reloy, citing improved customer engagement and incremental sales volumes.
“We’ve found that customers referring their inner circle is not just more effective than digital ads—it’s more economical,” said Rajwade. “The cost of customer acquisition through referrals is nearly 40% lower than traditional marketing channels.”
Key Metrics and Financial Highlights
- FY25 Revenue: ₹28.5 crore (up 60% YoY)
- Referral Sales Contribution: Over ₹2,000 crore in property value facilitated via Reloy referrals
- Client Base: 40+ top-tier real estate developers across metro cities
- User Engagement: Over 75,000 homeowners actively using the Reloy platform
The company reported healthy growth across all major metro markets, with Mumbai, Bengaluru, and Pune leading in both referral activity and overall revenue contribution.
Tech and Product Innovations
A major part of Reloy’s success in FY25 was driven by its platform enhancements, including the rollout of AI-powered matching tools that connect the right buyer with the right property based on the referrer’s relationship, budget, and location preference.
In addition, Reloy introduced personalized loyalty dashboards, enabling homeowners to track referral progress, access exclusive rewards, and manage their digital property documents—all from a mobile-first interface.
“Tech is at the core of our referral economy,” said CTO Neha Tiwari. “We’ve built a frictionless experience that empowers customers to become micro-influencers in their own networks.”
Strong Developer Partnerships
Reloy continues to strengthen its developer ecosystem. In FY25, it added 12 new partners, including marquee names like Sobha Developers, Kolte-Patil, and Mahindra Lifespaces. These partnerships are often integrated deeply into CRM systems, allowing seamless lead attribution and tracking.
Developers are also turning to Reloy to manage post-sale engagement, turning satisfied customers into long-term brand advocates. Loyalty programs often include home upgrade services, personalized offers, and referral bonuses.
“Reloy is not just bringing in leads—they’re helping us build a community,” said an executive from a leading Mumbai-based developer. “In a crowded market, brand trust and customer advocacy have become our biggest differentiators.”
Market Trends and Tailwinds
India’s residential real estate market has seen a resilient recovery post-COVID, with FY25 marking strong sales momentum amid stable interest rates and rising urban migration. According to a recent Knight Frank report, India recorded over 250,000 new home sales in FY25, with a growing percentage attributed to repeat and referral buyers.
Reloy’s performance aligns with this trend, especially as digital-first real estate marketing matures and buyer behavior continues to favor peer recommendations over advertisements.
“The platform economy is transforming how people discover homes,” said real estate analyst Mehul Sanghvi. “Reloy is uniquely positioned as a disruptor—offering not just tools, but trust.”
Future Roadmap and Strategic Outlook
Looking ahead, Reloy plans to expand into Tier-2 cities, where referral-driven purchases remain underleveraged. The company is also in talks to launch co-branded loyalty cards with select banks and housing finance companies to deepen customer engagement.
Additionally, Reloy aims to grow its technology and product team by 30%, and is exploring international expansion into Southeast Asia, where similar referral-based property models are beginning to emerge.
“FY26 will be about scale and sustainability,” said Rajwade. “We’ve validated our model. Now it’s about taking it to the next level—more cities, more categories, and more value for every stakeholder.”
Industry Implications: The Referral Economy Is Real
Reloy’s growth story is a powerful testament to the emergence of the referral economy in Indian real estate. As marketing costs rise and buyer attention becomes harder to capture, platforms that turn customers into channels are gaining serious traction.
By combining digital infrastructure with human relationships, Reloy has created a high-trust, high-efficiency system that benefits developers, buyers, and referrers alike.
In a market where every lead counts, Reloy’s model might just be the blueprint for the future of real estate sales.