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Indian realty sites can’t help close a deal
NEW DELHI: Although real estate portals have mushroomed in the past few years, their ability to convert a search into a transaction can at best be termed unsatisfactory.
NEW DELHI: Although real estate portals have mushroomed in the past few years, their ability to convert a search into a transaction can at best be termed unsatisfactory.
Some of the most common fears of customers while buying real estate online are whether the property is in the same condition as projected in the pictures and whether the property owner has all necessary documents. Payment is also a big concern as the industry has for long used a combination of black and white money.
According to experts, unlike other countries, where actual purchase and renting also happens online, in India, websites only provide ‘first-level information’ as the transaction process is not unified and unsystematic.
“Since real estate is state subject each city has a norm rule for concluding a transaction,” said Shveta Jain, managing director, residential services, Cushman & Wakefield India.
“In advanced markets, listings are supported by complete documentation that a buyer, occupier or investor would need. India does not have this benefit so far,” said Anuj Puri, chairman and country head, JLL India.
The Real Estate Regulatory Authorities (RERA) may hold the key. “A lot of problems might get addressed once RERA kicks in, as it makes it mandatory for dealers to get registered,” said Jayashree Kurup, head, content and advice at magicbricks.com, one of the biggest real estate portal in the country. “In western markets all property documents are online.With a lot of processes being offline, India does not have an end-to-end solution.”
Others including hdfcred.com, commonfloor.com, housing.com and 99acres.com are also trying to bridge the gap. These portals have come up with virtual 3D tours giving details of the floor plan, look and feel of the house.
Housing.com even helps buyers create and customise rent agreements for a small fee. They register the agreement deliver it to the buyer within 48 hours.
