Online is the future of Real Estate in India
The real estate industry is one of the fastest growing markets in India, owing to the decline of other markets. It is estimated to reach $180 billion by 2020 with a Common Annual Growth Rate (CAGR) of 11.2% according to IBEF.
India, the world’s most populated democracy is witnessing an unprecedented Internet revolution and is recorded to have 354 million internet users and over 980 million mobile subscribers. The boom of the e-commerce industry has made almost every entrepreneur, investor, and thought leader to shift their business online. Real estate hasn’t stayed far behind.
Despite India being one of the most densely populated countries in the world, there is close to 865 million sq. ft. of untouched assets in the market. Many real estate newbies have joined in on the online space, catering to the needs of today’s fast-paced world, and leveraging most of India’s internet and technology boom.
It is evident that the Internet, as well as online aggregator websites, are important players as influencers to potential property or land buyers/renters. People have way more access in today’s world than before, and all these online organisations are doing, is enabling people to make a more informed decision. From comparing prices to 360-degree views of the home from the comfort of your house, the online real estate has come a long way.
Potential buyers are now spending more time at the pre-buying exercise, evaluating, comparing, and then making a choice. Last year, Google studies told us that internet-influenced property transactions were worth around $43 billion in India, out of which $31 billion was invested in residential, while the remaining was for commercial property, and in the last one year, internet searches on Google related to real estate and property have gone up by 3%.
It would be really interesting to watch how real estate players make the most of the technology in India over the next decade. The key is to understand your people, assess the needs, build trust, and deliver solutions.
Gearing up for the massive boom of the real estate industry in India, online real estate companies have fuelled their marketing strategies to reach out to as many people as possible across the country, the main idea being able to provide the best of both worlds, that is, online search, evaluation, and comparison, while purchase is taken offline.
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