With so many ups and downs happening in all the sectors due to global economic slowdown, investments in Indian real estate is the hottest topic for discussion. This phase of slowdown is also witnessing mass developments in real estate sector. Everyone is touched by one of the aspects of selling, buying or renting property. Apparently, changes in behavior of consumers and financial firms can be seen with the changing trends in unprecedented times.
Each one of us is generally involved in property related issues of investing, leasing or selling. Since it is difficult to take these decisions and there is some amount of risk involved, we mostly depend on property brokers and the prevalent word of mouth. These tendencies are now facing a make over with the ever growing internet penetration and the constantly increasing internet users. With user base exceeding 50 million, online property portals are set to revolutionize the real estate sector.
Real estate portals in India introduce a completely new way of sending across property related information and transactions. The developed real estate markets abroad are accustomed to the concept of online portals but it is comparatively new for Indian sellers and buyers. Even as the popularity of these portals in India is growing, it is expected to burgeon in the coming years. Number of listings and conversions of both residential and commercial property is multiplying everyday. Moreover, the feedback of both buyers and sellers of real estate in India has been favorable.
Online property portals are a platform for exchange of information relevant to property. They display residential and commercial property listings; buying, selling and renting options; other recommendations for property registrations, property loans, property laws, property news, etc. This newly developing trend of portals has made internet an acceptable as well as effective medium for real estate transactions. Both property sellers and property buyers find this medium highly cost effective, descriptive and extremely helpful.
For real estate sellers i.e. the supply side Internet is useful in more than one way. It can be noted as following;
o Advertising on internet allows more descriptive ads as against space restricted print ads.
o It enables lower costs as compared to other modes of advertisements.
o It offers various add on features like virtual walk through, uploading video clips, online databases, archives of listings, etc.
o Internet is the most interactive way of advertising as it connects the sellers with the potential buyers through chat messengers, etc.
o It extends more exposure to targeted buyers and offers measurable returns.
The real estate buyers i.e. those who stand on the demand side of property also find internet a feasible way of looking for property because:
o It is convenient and time saving to search for available property online than visiting real estate agents and waiting for their response.
o Portals reduce dependability on third parties as all the information and listing are available online.
o There is no limitation to number of properties available as property agents are generally popular within a particular area.
o The search and comparison between properties according to localities, etc has become effortless as portals are doing that too.
o Buyers can soon make online transactions, see featured galleries and walk through vacant properties.
The current times witness tenants and landlords interacting in a high tech way. The concepts of ‘automated transactions’ and ‘smart buildings’ is gaining popularity on this front. Apartment owners and commercial builders welcome automated rent payments, placing of work order requests online, display of facilities management, etc.
Creating a system that blends bricks and clicks is instrumental in changing the face of Indian real estate sector. Internet connectivity and meeting of buyers and sellers online only further enthuses the property market.