Online shopping is the latest trend that is catching on amongst the educated and busy urban Indians. The new generation of shoppers are not only splurging on clothes, mobiles and house hold good, they are also looking at buying homes and cars online. The agenda is to reduce costs and dealer margins as these costs are essentially part of the price paid on anything that is purchased from showrooms, shops etc and on housing.
The big news is that Real estate companies such as Tata Housing are launching projects online, and have tied up with Snapdeal.com to sell their apartments of their project Tata Value Homes, a unit of Tata Housing. Magicbricks and 99 acres are other online websites that showcases new properties of builders. The response of the buyers to buying homes online from portals is directly proportionate to the trust that the consumers have in the developer brand. Companies are expecting more sales from online platform in 3-5 years.
But real estate being a risk prone business, buyers would avoid buying online unless the developer is well known and reputed. All the information regarding the project needs to be available online, and the option of cancelling a booking as well within a stipulated time.
Pros and cons of buying online:
Pros – Time saving as information can be accessed on line, buyers may get opportunity to buy subsidized housing projects and may also get discounted rates/freebies.
Cons – Lacks personal touch, buyers need to look out for the credibility of the builder, actual view of the house will be missing, has to become popular with the developers/buyers.
The real estate portfolio managers and marketing services experts at Ikia Consulting services are also welcoming the change and feels that the number of buyers online will only increase in the coming days.
Source : The Business Standard