E-commerce has seeped into every aspect of our lives. Purchasing properties online is increasingly being preferred as consumers are looking for ease and comfort, with everything at their fingertips.
Two factors are responsible for this major shift – rise in the number of smartphone users in India and Covid pandemic that made people work from home.
About 10 years ago, it was customary for homebuyers to research housing projects through the internet. Due to rising trends in digital awareness, homebuyers choose the online medium to first establish the acquaintance with real estate projects. This doesn’t only mean a cursory check on location, price, plan and amenities but also a comprehensive view of the property, including virtual tours that give a true picture.
House shopping online
Real estate companies are aware of this new trend and catering to this new customer base that prefer to vet and compare properties online before going for an in-person site visit.
Majority of the projects offer video contents, such as virtual tours of sample flats from multiple perspectives, animated walkthroughs of the housing complex and amenities and construction updates that show real time progress at the site.
The animations are made with fine details and provide an accurate picture of the property with location. There is no need for a personal visit during the initial phase. Real estate companies are making use of the YouTube platform to build a communication channel with customers who can research all projects at a single digital address.
Benefits of digital house hunting
Convenience, cost and clarity are the three reasons that make internet a perfect point for house hunting.
The Covid pandemic had forced people to shop online as the pandemic had restricted their movements. This in turn has made their home search easy. Digital access cut down multiple site visits as homebuyers could compare properties at one go.
This new way of hunting houses online gave customers more clarity. Consumers, who are digitally sound, know their rights and demand more information and details. This has prompted real estate companies to have a transparent digital presence that informs buyers about project, its clearance and progress. Laws, such as Rera that deal with construction non-compliance, have alerted homebuyers about possible traps. Real estate companies also try to show that they have the required license to attract homebuyers.
What next?
Industry reports suggest that millennials are driving the realty market in India. The trend is likely to sustain and points towards a future where real estate companies would have to increasingly cater to a technologically adept customer base.
While homebuyers may not be comfortable in closing the entire home purchasing process online, they are increasingly using digital platforms to aid the process.
Home loans are available instantly. Thanks to the penetration of digital financial services, buyers use online EMI calculators to vet their potential purchases, seek experience and reviews of other buyers online during the research process.
Going forward, real estate companies will have to adopt the digital-first approach. Some may embrace immersive digital experiences like virtual and augmented reality technology to enable homebuyers inspect properties easily and comfortably.
(The author is the chief operating officer, Wave City.)
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected] |
CJ Singh is the COO of Wave City. With an MBA from the University Business School, Punjab, he has held significant positions in companies such as Berger Paints, Shalimar Paints and SABMiller in the past. He stands out for his expert marketing and managerial experience in the real estate domain.
Related Posts
Longer construction hours: Boon for home buyers, bane for home owners?.
Wadala: A suburb with one of the highest ROI in Mumbai.
Vastu Shastra tips for buying a new home during the festive season.
Grip collaborates with Strata and introduces Commercial Real Estate (CRE) to its alternative investment offerings.
Embassy Services introduces ESG framework for real estate operations.
9 top construction companies in India.
