Purchasing Property in India is one of the most deliberate and exhaustive experience for any investor. The whole exercise is like a long drawn battle starting from choosing the city, followed by the location or locality and then finalizing a particular project. It all depends on the budget and whether it is being purchased for investment or self-use; these factors govern the choice of location and the scale of accommodation. For a first time investor this cycle is more complicated as one may not have the right and reliable contacts that can be trusted to give appropriate advice.
Property websites in India have a very important role to play as they can be the eyes and ears for the potential investors. For this, these property websites in India need to provide authentic and unbiased information to the end user which helps him to take a decision.
However, almost all property websites in India follow a business model where the aim is to generate potential leads for the developers. This aspect forces the property websites to tie up with developers and willy-nilly they end up being promoters for projects of specific developers. One essential reason for this has been the fact that real estate developers lacked the technical expertise as well as will to host their own websites and were dependent these third party property websites to showcase their projects; however, this is fast changing, today with the ease of technology and decreased costs more and more developers are hiring their own teams to look into the aspects of digital marketing.
The property websites in India cannot be completely held responsible for a business model like this. The investors need to share the blame as they are not demanding authentic information and are neither ready to carryout due diligence at their end. The investor at best looks to find a reliable middleman, who can guide and help him in shortlisting a property. Therefore, most property website in India cater for a service like this; providing a common platform for investors and brokers to connect. Till the time investors don’t look to empower themselves and demand more services in terms of analysis, comparisons, insights etc. the property websites in India won’t bother to cater for it. It is time for the real estate investor to call out ‘yeh dil mangae moor’.
However it is only a question of time when property websites in India will have to sit back and realign their business model to services which provide a value add to the investor than merely catering to listing of property.