The truth about online realty trans­ac­tions

While the e-re­tail space is a ma­ture mar­ket in terms of trans­ac­tions and ser­vices, prop­erty e-com­merce still re­quires in­ter­ven­tion of an off­line medium

HT Estates - - HTESTATES - Neeraj Bansal

Epro­jects for book­ing as well.

The e- com­merce space, how­ever, needs some mod­i­fi­ca­tions and im­prove­ments be­fore it ac­com­mo­dates the real es­tate sec­tor fully. As per in­dus­try in­sights, in com­par­i­son to the de­vel­oped e- re­tail mar­ket, prop­erty e-com­merce is still at a nascent stage. While the for­mer is now a ma­ture mar­ket in terms of trans­ac­tions and ser­vices, the lat­ter still re­quires in­ter­ven­tion of an off­line help, which a devel­oper would pro­vide post the book­ing. While there may be prob­lems, the trend of list­ings has opened another win­dow to buy prop­er­ties online, as both residential and com­mer­cial prop­er­ties across cities are now on of­fer.

Buy­ing prop­erty online can have its own ad­van­tages and dis­ad­van­tages. Con­sumers should un­ders t and t he en­tire process and de­cide on the ba­sis of the risks in­volved. about the de­ci­sion of ex­it­ing or can­celling the book­ing. and other spec­i­fi­ca­tions. How­ever, buy­ers will need to run their own on- ground search for a com­plete pic­ture, which would also help them in as­cer­tain­ing the vi­a­bil­ity and pric­ing of the pro­ject.

As the pres­ence of re­tail sec­tor grows, we ex­pect the online pur­chase of prop­erty to gather mo­men­tum in the com­ing years. At present, only a minis­cule por­tion of projects are listed online, but over a pe­riod of time it is likely that all projects could be launched through this medium.

Also, as the scale in­creases, fea­tures such as op­tion to short­list projects bet­ter, sec­tions high­light­ing cus­tomer re­views, and griev­ance re­dress mech­a­nism need to be added. The online buy­ing in­ter­face would at­tract to­day’s techno- savvy gen­er­a­tion and can be­come a po­tent tool for mil­lions of prop­erty buy­ers who are look­ing to in­vest in the mar­ket.

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