By Accommodation Times News Service
With a rising number of the property portals entering into the market, the online real estate business seems to be expected to improve gradually because these kinds of websites bring transparency by providing high quality information about the projects accordingly. Property portals are increasingly becoming a tool for research on buying, selling and leasing residential or commercial properties in many parts of the country, as the amount of information listed on these sites is increasing.
Through these websites increased quality of information available to end users are in greater transparency to the entire gamut of buying /selling properties. According to the experts tracking the realty sector these are becoming the fast choice of consumers looking for renting a property as well as the developers.
Currently the size of the property market is around Rs.250crore going to top line of some of the listed portal in the country. This market is expected to grow at a compound annual growth rate (CAGR) of 50-100 per cent in the coming years, mainly on the back of increased focus on this medium of communication by buyers as well as developers. This model also helps decision-making faster for buyers.
Developers and builders have different views on this, as some feels that The internet and consequently the evolution of e-mail, the company website and the onset of property portals has transformed communication between the developer and potential customer radically and for the better It has led to the democratization of information in the real estate space and evolved as a significant communication tool with the customer. Besides, it is highly cost-effective. While some has to say that such portals bring transparency they work best for small ticket transactions only. In the relatively high ticket size, this channel becomes ineffective.