Online searches for properties in India soars
Though, there are over million searches conducted by people online for properties in India, only a few actually end up buying. Instigated by this internet searches, housing finance companies and real estate developers are putting their full efforts to convert existing business models according to buyers’ preferences in the dull realty market.
Data collected by a search engine for September quarter showed that 40 million online property searches were conducted every month on average during the period. However, the home sales were weak.
According to a property expert, most of the home buyers are keeping a wait and watch attitude to buy a property. The average time taken by a user to convert his/her search into a buy or sell action was 7.2 months in 2012, which has increased compared to 5.4 months in 2011.
According to industry estimates, the most property searches is conducted by people in the 28-36 age group with an annual income of Rs.12-17 lakh per annum. Websites help property buyers to see actual images of properties, compare these projects with similar projects, track the status of the projects and also help with legal aspects; which is absolutely free of cost since they get their commission from realty developers once the property is sold.
According to another realty expert, the market for this transaction fee-based business is estimated at Rs.30,000 crore. Established names get a bigger share of the searches with firms such as India Homes, HDFC Realty, HDFC Red, CommonFloor.com (owned by maxHeap Technologies) getting around 4-4.5 million queries every month.
Online searches are increasing mainly in metros and big cities amid the slowdown.
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Real estate firms revisiting strategies
Real estate wants industry status
Image courtesy of Danilo Rizzuti at FreeDigitalPhotos.net
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