Melbourne-headquartered global real estate website publisher REA Group has taken a US$50 million stake in PropTiger as part of a strategic investment in India.

The company - which is controlled by News Corp - will acquire a 14.7 per cent share in PropTiger, which owns and operates proptiger.com, makaan.com and today announced the acquisition of Housing.com.

News Corp - which is the majority owner of REA - is currently the largest shareholder of PropTiger and will hold 21 per cent of PropTiger after the deal is completed.

In a statement to the Australian Stock Exchange, REA says India's real estate market is estimated to grow to US$180 billion by 2020, and as India's urban population projected to grow from 420 million in 2015 to 583 million by 2030, "the long term growth opportunities are clear".

PropTiger's network of digital property portals has established a top three position in the Indian market across key consumer engagement metrics including time on site and visits, and REA says PropTiger is the only player in India offering the full range of online and offline property services, such as personalised search, virtual viewing, site visits, legal and financial diligence, negotiations, property registration, home loans and post-sales services.

The REA Group stake will be acquired for A$67.9 million (US$50 million) cash, and funded from existing cash reserves, with REA entitled to appoint a director to the holding company board.

REA Group chief executive Tracey Fellows (pictured) says India is one of the fastest growing property markets in the world, and is seeing a rapid transition from traditional to digital real estate advertising: "This cornerstone investment in India is aligned with our global strategy.

"Coupled with iProperty, it extends our footprint in Asia and strengthens our presence in a region with long-term growth potential," she says.

The investment will leverage REA Group's real estate and digital expertise, together with News Corp's content, distribution and marketing strengths, to ensure success and continue to build value for shareholders.

Other major shareholders include SAIF Partners, Accel Partners and SoftBank.