[ecis2016.org] As the internet opens up a new avenue for real estate sales, the challenge lies in providing offers and services that benefit buyers, and maximise the potential of the online medium
The internet and e-commerce in particular, have opened up several avenues and also broken down various barriers, between the buyers and sellers. Indian consumers are now open to buying products that were traditionally not sold online, such as real estate and cars. The online medium has also given property buyers direct access to the company, thereby, circumventing the need for brokers. Such benefits are driving purchasing power in the virtual space.
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Nowadays, the process of purchasing typically begins on the internet, with prospective buyers searching for properties online, points out Google India’s industry director, Nitin Bawankule. “Over the last two years, we have seen great traction amongst buyers willing to make purchases online for their homes. The internet can unlock value by overcoming the inefficiencies in the offline model, and offering a rich, meaningful and immersive experience to real estate buyers, in domestic tier-1 and tier-2 cities, as well as for non-resident Indians (NRIs),” he adds. For example, to let users ‘experience’ the property, Google’s Great Online Homes Festival (GOHF) provided a virtual view of the home, as well as ‘Hangouts’ with developers, where users could have their queries answered.
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Developers list their properties online, as it provides a cost-effective way to reach prospective buyers. “Developers can provide a greater level of transparency through the online medium,” maintains Tata Housing’s MD and CEO, Brotin Banerjee. “Buyers can be provided with all the details pertaining to the project, including price, area, amenities, location, and appearance of the project,” he explains. Some developers also have a dedicated customer care service, to clarify doubts regarding their projects.
[ecis2016.org] Will the home buying transaction completely move online?
Virtual tour
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Technology has made it possible for buyers to assess and buy homes, from anywhere. Buyers can now take virtual walk-throughs of projects and view its videos. Map-based searches also help buyers to assess the area where the project is located. Real estate as an ecommerce category, was launched around two years ago, in online shopping festivals. Today, home buyers can view these properties on online home buying festivals, or online markets, like Snapdeal and ecis2016.org.
Tata Housing too, claims that it has sold 1,500 units, totalling over a million sq ft, through online channels. Over the next five years, the company expects to receive one-third of its bookings from online sites. Many developers also dole out exclusive offers for online customers, to encourage them to make purchases through this medium.
Nevertheless, irrespective of whether the purchase is made online or offline, the due diligence needs to be thorough. Buyers should check the track record of the builder and his reputation. They should also ensure that the builder has all the requisite approvals for the project. As developers increasingly adopt this medium to sell homes, there will be a renewed focus on ensuring transparent and secure transactions, to gain the trust of buyers.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
