The Changing Face Of Real Estate Industry In India: Online Is The Future!

Must Read

Apple Inc. (AAPL) And Samsung Group (005930) Combined Smartphone Market Share Shrunk To Below 50% In Q1 2014: Huawei and Lenovo Rising Fast!

Apple Inc. (NASDAQ:AAPL) and  Samsung Electronics Co. Ltd. (KRX:005930) are the undisputed heavyweights of the smartphone world. Together, both brands accounted for 50%...

Sales Of iPhone XS, XS Max In India: Buyers Giving The Cold Shoulder, But It’s Not Time For Apple To Panic Just Yet

Apple Inc. (NASDAQ:AAPL) recently launched their new flagship lineup of iPhone for 2018, and they were met with equal...

Uber India Layoffs 25% Workforce Citing Tough Market Conditions

After laying off thousands of employees in the US, Uber is scaling down its operations in India...

India, the world’s largest democracy has been going through an unprecedented Internet revolution. With 354 million internet users and over 980 million mobile subscriptions, India is a country every investor, entrepreneur and leader is looking at. The exploding growth of e-commerce industry in the country has invigorated many executives, thought leaders and even business tycoons to take their business online, and the changing equation in real estate industry in India is yet another such example.

The real estate industry in India has become one of the fastest growing markets; thanks to the meltdown of the US and European markets. It is expected to touch $180 billion by 2020 with a CAGR (Common Annual Growth Rate) of 11.2%, according to IBEF. Despite such convincing growth rate, there are 863.09 million square feet of unsold assets available in the market.  Consequently, besides all real estate brokerage firms, which are still doing business in a traditional way, online real estate sites, likes of, Magic Bricks, and Common Floor, have jumped into the industry to make the most of it by leveraging the power of Internet and Technology.

With the advent of high-speed Internet connectivity, smartphones, and Virtual reality technology, potential buyers are investing much of their pre-buying time evaluating and comparing the properties online. Last year, a study commissioned by Google said that the internet influenced real estate transactions worth $43 billion in India, $31 billion of which were residential while the rest $12 billion worth of transactions were for a commercial purpose. It also highlighted the fact that 74% of research done online were focused on residential buying.


The scenario has changed not much in the last one year. Most of the Internet search queries in India related to real estate are for residential buying. Besides, in the last one year, the number of Google search queries related to property hunt has gone up by 3%. It is also interesting to learn that 62% of Internet users researching about property buying are more likely to resort to aggregator websites like The availability of information related to properties, projects, location, market trends and unbiased opinions on such aggregator websites are winning the confidence of potential buyers.

So, what does it all sum up to?

It is evidently clear that both the Internet and online aggregator websites are playing a major role in influencing potential property buyers. People have access to loads of information, data and expert commentaries related to properties, which is helping them make more informed decisions than ever before.

Subhankar Mitra, Head, Strategic Consulting (West) at JLL India says, “At best, it (online real estate websites) can be used for information dissemination, due diligence and price comparison. Unlike retail products, here it is better to research online and buy offline”.

In the next five years, the online real estate industry in India is estimated to be a $85 billion market. Visualizing the enormous potential and a great growth opportunity, most of the online real estate companies have fuelled up their marketing activities to reach as many Internet users as possible. One of India’s leading online real estate start-ups – has teamed up with MCHI-CREDAI to bring India’s biggest property exhibition, Property Expo 2015, both offline and online, starting from 29 October. The idea here is to provide the “best of both worlds” experience to all home buyers and investors.

All said and done, it would be interesting to see how the real estate industry in India will leverage the enormous potential of the Internet in the next five years. While the country has already surpassed the US in terms of the number of Internet users and is on its way to beat them on smartphone grounds as well, online real estate portals have got to solidify their brand value and build trust. For a buyer, it could be another property if not the first one, and no one is going to ask, but for an online real estate portal, brand reputation trumps everything else. However, with newer disruptive models, online real estate portals have definitely made life simpler for everyone.



Please enter your comment!
Please enter your name here

Latest News

Worldwide Smartphone Shipments 2020: Record Decline In The History of Smartphones

The revised projection of worldwide smartphone shipments in 2020 is definitely going to disappoint all smartphone manufacturers...

Uber India Layoffs 25% Workforce Citing Tough Market Conditions

After laying off thousands of employees in the US, Uber is scaling down its operations in India now. Uber is downsizing its...

Apple is Being Evil For 1.5 Billion iPhone, iPad Users Worldwide

Last year when Apple Inc. (NASDAQ:AAPL) was accused of recording everything that iPhone users were talking through Siri, the company was quick...

Is Bill Gates Developing Covid-19 Vaccine To Track Billions Of Users Worldwide?

Bill Gates is once again at the centre stage of controversy related to novel Coronavirus. Battling falsehood and paranoid...

Darkest Before Dawn: Can India Survive Its Worst Ever Recession?

Bolt your doors, batter down your hatches, brace yourselves. Recession is about to make landfall. According to Goldman Sachs, a...

Crisis Of Trust: The Glue Between Brands, Customers And Employees!

The COVID-19 crisis, which shows no sign of stopping any time soon, has left no life untouched in terms of impact. It...

In-Depth: Dprime

Fantastic 4: Four Day Work Week A Flashpoint Of Innovation?

It has been an idea that has been mooted by many, perhaps also somewhat sceptically. From being a dark horse to becoming...

TikTok Is Facing The Wrath Of People Who Love It The Most

Ever since the popular social media app TikTok entered India, it has been growing very aggressively in terms of users. Within a...

Facebook Shops: Looking Beyond Ad Dollars!

Amid this global pandemic, when companies are struggling to find new verticals to pivot towards in order to maintain their revenue and...

More Articles Like This