Online Real Estate Portals Rising in India..!


With a rising number of property portals entering the market, the online real estate business is expected to improve gradually as these websites bring transparency by providing high quality information about projects, believe industry experts.

The real estate property portals are increasingly becoming a tool for research on buying, selling and leasing residential, rental or / commercial properties in many parts of the country, as the amount of information listed on these sites is increasing.

 

Mr. Sudhir Pai, Business Head, Magicbricks.Com, said, "By increasing the quality & quantity of information available to end-users, we attempt to bring in greater transparency to the entire gamut of buying / or selling properties. It is our constant endeavour to increase the amount of information listed about a particular property & to avoid spam or incorrect listings"

According to experts tracking the real estate sector, sites like Magicbricks.Com, 99acres.Com, Makaan.Com, IndiaProperty.Com and CommonFloor.Com, www.myreality.in are fast becoming the choice of consumers looking for renting a property, as well as for developers or / promoters.


"The online real estate market is yet to reach an inflection point as seen in the travel or e-commerce sector.

However, with the penetration of internet more &  more consumers in the urban areas have started using this medium as the first point of search for all their real estate needs," HomeShikari.Com chief executive Mr. P. Sunder told.

Now, the size of the property portal market is about Rs. 250 crore going by the topline of some of the listed portals in India.
 
This market is expected to grow at a CAGR of  50 to 100 % in the coming years, mainly on the back of increased focus on this medium of communication by buyers as well as developers/ promoters. This model also helps decision-making faster for property buyers.

"The internet & consequently the evolution of e - mail, the company website & the onset of property portals has transformed communication between the developer / promoter and potential customer radically and for the better.

"It has lead to the democratisation of information in the real estate space & evolved as a significant communication tool with the customer. Besides, it is highly cost-effective," Poddar Developers MD Mr. Rohit Poddar said.


Omkar Realtors and Developers Director Mr.Devang Varma, however, said that though such portals bring transparency, they work best for small ticket transactions only.

"Marketing property through web platform helps in reaching out to a large size of consumers who are keen on instant product information.

"Internet has evolved as one of the crucial platforms in sharing information to clients. For engaging your audiences, it is an extremely transparent channel. But, these work best in low size transactions between Rs. 10 lakh and Rs. 80 lakh," he said.


In the relatively high ticket size property, this channel becomes rather ineffective, Mr. Varma claimed.
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