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
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.