For the tech-savvy, home buying now begins online

Jun 21 2014, 12:18 IST
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Real estate queries on Google search have been growing consistently registering over 3x growth in the last three years. Real estate queries on Google search have been growing consistently registering over 3x growth in the last three years.
SummaryProperty portals have taken the lead as the first port of call for property purchase decisions.

buyers look for a house via maps. In the beginning, this ratio was less than 50 per cent. People have got more selective with their house-hunting requirements. Now their search specifications are more about nearby availability of hospitals or nearby commute stations,” says Sharma.

Buyers are not logging on to search for preliminary information. The searches increasingly are turning towards hard data on appreciation potential and construction quality.

“Property buyers today are extremely particular about the amenities and construction quality of the property they are buying. As people are spending more on houses, search queries are shifting towards higher appreciation potential areas. Amenities are becoming important as families usually look for availability of essential facilities for their children,” says Sumit Jain, co-founder and CEO, Commonfloor.com.

The one need a buyer seeks to fulfil through their property search online is validated and current information, says Ganesh Vasudevan, CEO, Indiaproperty.com.

“In the context of real estate, this means reliable information on availability, selling price, floor plans, amenities promised, legal and statutory approvals amongst others. We have over 1,500 projects where we have verified the legal documents. In addition, we provide a video of the last mile approach to the property, to give an accurate picture of the surroundings and neighbourhood,” says Vasudevan.

Developers say that 25-30 per cent of sales now originate online, which is why they see a need to tie-up with some of the real estate portals and leverage their technology and transparency.

“Tie-ups with leading property portals are now de rigueur and a default route for major developers in cities like Pune, Mumbai, Bangalore, Delhi-NCR, Chennai and Kolkata. Since the on-ground conversion factor is also quite high, this trend is bound to gain increasing traction in the coming years,” says Arvind Jain, managing director, Pride Group, a Pune-based developer.

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