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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