New Face Of Indian Real Estate: Online Is The Future!
India, considered to be world’s largest democracy has been going through an unmatched Internet revolution. With near about 354 million internet users and about over 980 million mobile subscriptions, India is a preferred destination for every investor, businessmen and leader is looking at. The mind-blowing growth of e-commerce industry in the country has already energized many executives, notion leaders and even business tycoons to merge their business online, and the modification calculation in real estate industry is yet another fine example of this. The real estate industry in India has become one of the rapid growing markets really appreciation to the meltdown of the European and US markets.
It is anticipated according to figures to touch $180 billion by 2020 with Common Annual Growth Rate (CAGR) of 11.2%, estimated by IBEF. Despite such powerful growth rate, there are 863.09 million square feet of unsold assets that are already available in the market. Therefore, besides all real estate brokerage enterprises, which are still executing business in a customary way, online real estate websites, Magic Bricks, Common Floor, etc have bounced into the industry in order to make the most of it by dragging the power of Internet and Technology.
With the appearance of high-speed net connectivity, smartphones and Effective reality technology, prospective customers are spending much of their pre-buying time assessing and contrasting the properties online. Last year, a study conducted by Google stated that the internet influenced real estate transactions worth $43 billion has been initiated in India, $31 billion of which were spend in residential projects while the rest $12 billion worth of transactions noticed for a commercial projects. It also underlined the fact that 74% of researches done online were focused on residential projects as the customer’s first priority.
The scenario has not much changed as compare to last one year. Most of the net search queries in India related to real estate is for residential projects. Besides, as noticed in the last one year, the number of Google search enquiries related to property chase has gone up by 3%. There is also a one interesting fact to learn that 62% of net users researching about property purchasing are more commonly to haunt to aggregator sites like Housing.com, etc. The availability of information related to various properties, projects, location and market trends on such aggregator sites are acquiring the confidence of prospective customers. So, it is clear that both the Internet and online aggregator sites are playing a crucial role in influencing prospective property buyers. People have authority to loads of information, data and expert views related to properties, which are helping them in making more knowledgeable decisions than ever before.