Online searches for real estate- An increasing trend
India has become increasingly tech savvy and Internet and a variety of digital platforms are increasingly influencing real estate purchase decisions in India. And if you thought that this trend is prevalent only in metros, then you will be surprised to hear that even the tier 2 and 3 cities are not far behind. The traditional methods of contacting the real estate broker is passé and researching online for buying or renting is the new mantra.
There was a recent study conducted by google which states that today the overall influence of internet on real estate transaction value of both residential and commercial property, including rentals, amounted to $43 billion-$31 billion for residential and $12 billion for commercial properties. Participating at the Google online shopping festival (GOSF) as the only realty player, Tata Housing sold more than 50 homes online with sales totalling more than Rs 25 crore in just four days.
Nitin Bawankule, the industry director, Google India mentioned that before finalizing any high value purchases, individuals depend highly on the internet search and consumer behavior is no different for real estate purchases. Real estate queries on Google search have been growing consistently registering over three times growth in as many years. The rate of queries is even higher for tier-II cities and is estimated to be growing at over 350 %. Now since internet has reached in every nook and corner of the country, the new generation is heavily depending on that. They are doing proper search for a developer, finding all the rules and regulations online and making an informed choice before investing in a property.
This was not possible in the pre-internet era and internet has been a boon to many things in life and no doubt has made our lives much easier than the yesteryears.
Source- Financial Chronicle
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