Not long ago, searching for a property of one’s choice in South Asia, especially India, was no less than a mind-boggling mission. The process was long and arduous, but, even so finding a suitable property was not guaranteed. Then a unique kind of technological innovation started influencing the real estate buying and selling market and changed the outlook of this business once and for all.
With the advent of modern technology and the service industry taking a competitive form in India, a new breed of realty brokers have stepped into the realty business. Manned by educated, professional and well-connected people, a virtual world of online property portals was born.
Online property portals have made real estate transactions simple for many Indians who understand the importance of this technological breakthrough. So much so that many people from this South Asian country are now favoring online property websites over traditional real estate agents. The reasons for their choices are many.
Online is the Future of Property Transactions
India’s ongoing internet revolution is making great things happen for the country. At present, the country has 354 million internet users and over 980 million mobile subscribers, thus proving to be an investment haven for international capitalists.
The large number of mobile phone and internet users mean that people in India can now search for their desired properties (or products) with just a click of a button or swipe of a finger.
Advances in e-commerce industry in India has prompted businessmen and executives to shift their businesses online. The changing face of the realty industry from traditional to online is a good example in this respect, and people are getting the hang of conducting property buying and selling activities online.
According to IBEF (India Brand Equity Foundation) the Indian real estate sector alone is expected to reach the $180 billion mark with compound annual growth rate (CAGR) of 11.2% by 2020. And did we mention that India has around 863.09 million square feet of unsold assets up for grabs in the market. According to expert opinion, the biggest cut of this real estate pie will be taken by online real estate sites as long as Indians keep using this platform to conduct online property transactions.
On the Go Search
With the emergence of high-speed internet connection, smartphones and virtual reality technology, potential buyers now have the privilege of time on their side. A property search on a computer or mobile phone now enables a buyer to evaluate every decision by comparing properties in different parts of a city.
Last year, a study commissioned by Google said internet had played a vital role in influencing real estate transactions worth $43 billion in India. Of this, $31 billion worth of transactions were made in residential units, while $12 billion were used for buying commercial properties. The study revealed that 74% of research done online was related to residential buying activities which shows public trust in the internet’s ability to deliver results for them.
Customizable Search Options
Online property portals are designed in a way that are easy to use even for a person with average working knowledge of computers or mobile phones. This is one reason why property websites are becoming popular with the average Indian man.
Most property websites provide a variety of features on their sites and apps for mobile phones that make property transactions hassle-free. For instance, some of these features introduced by online property portals in India include services such as location map service, email alerts, virtual walk throughs for exclusive properties, deals on different properties and other similar facilities, all for the convenience of its users.
With these kind of facilities available to people online, it is only natural that they will avoid the trouble of dealing with a traditional realty broker to secure some mental peace.
Ease of Hunting for a property
Searching for a property of your choice online is a far better option than spending hours on the road or in your broker’s office looking through maps and files, but still not finding anything that suits your budget.
Indians, it seems, have had enough and instead started fishing for properties online to avoid any inconvenience.
Since the past few years the largest number of internet search queries in India related to real estate have been for residential properties. Apart from this, the number of Google search queries in connection with property hunting has risen by 3%. Furthermore, almost 62% of internet users thinking about buying a property will visit an online property portal rather than going to a realty broker. This says a lot about the preferences of Indians when it comes to accumulating information about real estate market.
Evaluating the Market through Online Bidding
Right after property transactions were shifted online, potential buyers and sellers got involved in online bidding. This is a very useful activity since the entire process enables buyers and sellers to learn something about each other and what each one of them want to extract from the deal.
There are no restrictions on the flow of information taking place online and it also puts an end to the culture of a property broker hiding essential information from clients or intentionally distorting facts about a certain property to get instant profits per their desire. Transparency in business is another plus point that has attracted the attention of millions of Indians.
Future Growth Potential Greater for Online Property Sites
The hopes of some big international property investors rests on the shoulders of India’s realty sector which is expected to grow to $158 billion by 2020. According to KPMG estimates, the vast property market in India was worth $121 billion in 2013 and is growing steadily.
People who have adopted the internet as the go-to place should know that the future of this format is secure as investors pour more money into the Indian online realty market. According to data shared by Venture Intelligence, investment in property portals increased five-fold to $193 million last year. This is also one reason why Indians are in favour of online property portals – The money keeps coming and the market inches closer to stability.
Modi Makes a Move
India’s trust in online property portals is strengthening after Indian PM Narendra Modi vowed to provide a house to every Indian family by 2022, and property websites will definitely play an important role here.
Foreign investors have already invested more than $200 million in online property portals in India that will help millions of people engaged in real estate buying and selling to get their money’s worth if a deal does go through.
There is no way that investors and the general public can escape the internet logic when it comes to conducting business in the virtual world. The average Indian is gradually realizing this and is getting more involved in understanding the working of the internet in general, and property websites in particular.
These online options are proving fruitful for Indians, who can now take informed decisions when it comes to investing millions in a certain property.
There is no denying the fact that the new disruptive innovative models of real estate dealing in the form of online property portals has made life easier for everyone. Hopefully, it will continue doing so in the years to come.
Credits CXO Today