Online Realty Shopping Giving Hopes to India Real Estate — Finlace Blog (Real Estate Consultant)

Buying online property is the rising trend in India which is proven by the recent announcement of Great Online Home Festival (GOHF) which is powered by Google India Pvt. Ltd. along with its Indian realty partners, starting July, 2015. This might be a fascination but one has to be cautious when dealing with online property investment.

In 2014, Tata Housing launched a campaign by the name of National Home Buying Festival. The result of 800 online requests outnumbered Tata Housing’s offering of 200 residential units. By this date, the premier housing company operating in India has been able to sell more than 1500 apartments in more 10 lakh square feet area with help of online resources.

There are few pointers that one needs to understand before purchasing or dealing with real estate properties online.

Who are the present buyers and sellers?

The online property sales are fast picking up in Tier-2 and Tier-3 Indian cities. The home or property buyers are more interested for online realty sales in regions such as Chandigarh, Patna, Ranchi, Mysore, Leh, Bhubaneswar and Mangalore. More customers prefer to follow the cyber sales. The sellers in these regions are namely Mahindra Lifespace, Ashiana and Godrej Properties.”

This is a positive trend for real estate markets which are presently going through lot of crisis period. At this time, if they are able to gain interest of homebuyers following the online channels then it can really serve some good utility to developers and real estate agents.

The difference:

Online realty shopping/ home shopping can be seen as another level of online revolution in India. Though the actual sale is done offline in most of the cases but homebuyers who wish to buy property out of their hometowns can have a virtual tour of the property. The same is true for buyers in the same city as they are able to compare different options in real estate sector online only. They need not visit every single site/property. Once they get convinced about any project they can choose it for property visit. It is also a great opportunity for builders and developers to establish a direct contact with their customers.