Mumbai
Many builders today make use of the web world to connect with property buyers
Indian real estate market has seen a phenomenal transformation over the past two decades.Investments in this sector, last year, jumped more than twofold to over USD five billion, helping the country to enter in the list of world's top 20 property destinations.With the growing internet penetration in India, homebuyers and investors are seeking information online before entering into property deals. According to a recent study, 50 per cent of purchase decisions in real estate are influenced by internet research. An increasing number of people are also using their mobile devices to search for properties online. A spokesperson of a renowned construction company informs, “With the reach of online medium more effective than traditional media, developers are not only engaging with prospective buyers in the primary local market, but also to those situated in other cities and countries through projectbased mobile apps. With the advent of mobile apps, consumers can now quickly browse through the project highlights, amenities, plan, photo gallery, etc., before making a purchase and stay updated about the progression of the projects at their convenience.“
Says Abhishek Kapoor, a developer, “We have seen a rapid growth of social media and digital advertising. The use of internet followed by mammoth spread of smart phones has emerged as one of the fast-growing avenues for real estate development. Potential buyers who may not be able to visit the site in person can explore the project through a virtual tour.“ Social media sites today also update visitors on the project's progress by displaying photographs of the amenities. This changing trend has urged developers to attract home buyers through online promotions and soon digital platforms will be used in full swing for property sale. Builders have also realised the potential of the online space in selling homes and some have been successful. About 70-80 per cent of the home search happens online which prompted developers to take the next step and offer the option of buying property online. Anand Gandhi, another developer says, “Buyers not only obtain details such as home values and price but also search for a home in a specific neighbourhood or area of choice. Also, nowadays, builders are more transparent and offer all the project details online, which eases the due diligence process for buyers. As the amount of quality information listed on these property websites is increasing, the online business is expected to grow.“
Sundeep Jagasia, managing director of a renowned real-estate company, agrees, “Online information enables them to shortlist the projects and considerable time is saved.Developers also prefer online marketing either directly or through various agencies as there has been considerable response. Buyers are able to see the layout of flats and other details online which helps them to shortlist their purchase easily.“
Many developers anticipate that online space will play a major role in home sales. For them, it is one of the cheapest options to sell homes. Experts cite that the online booking of super-luxury homes is likely to pick up in the times to come, especially considering that it can be the fastest way for investors to secure a property in a project with very limited units. The trend is picking up most in west India, particularly in Pune and Mumbai. This could be because of the more dynamic nature of these markets and also the buyers who inhabit them, and because the larger developers in these cities are quicker in acknowledging, accepting and addressing the realities of the high competition that exists in these markets.
In market terms, the proportion of both sellers and buyers who are comfortable with this concept is quite small.When it comes to purchasing a property, there are a lot of aspects that buyers must be satisfied with. Property experts are of the opinion that it may be easier to buy a retail product online but when it comes to property, the product needs to be thoroughly verified before deciding on purchase of property.Pallavi Purandare, general manager (Marketing) in one of the real estate firms advises, “Property needs to be technically verified in terms of title, loading factor i.e. carpet to build-up ratio, physical measurement of the carpet area offered, and more. When it comes to approvals, they should check intimation of disapproval, full commencement certificate, plans approved by CFO and whether the same are as per the prevailing DC rules.“
But realty experts agree that the ongoing success of marketing and selling properties online will depend on how much developers are willing to invest in the relevant technology.Dushyant Vijayvargiya, vice-president (residential sales) at the leading construction company says, “If we look at various technology developments in the real estate domain, the future of search and purchase looks very bright. With better technology and life-like user interface, the ever-increasing techfriendly Indian populace is now strongly moving towards the web domain to cater to their real estate needs and in future, one can expect technology to thoroughly dominate real estate sales and marketing.“
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