A question which is discussed quite often is, whether real estate websites in India would be able to generate the confidence in an investor to buy property online. It is surely a long ask for the real estate websites in India, however it is doable if planned properly.
As on date property or real estate websites in India, predominantly look at listings of property as far as the primary market is concerned. In the secondary market, individual sellers or brokers are posting their property. Generally, commercial property is not being handled on real estate trends & websites in India. Maintenance of inventory and updation of data are the biggest challenge for the real estate websites in India. Authentic information is not available and developers are also not very keen on sharing relevant information.
This more often than not leads to a gap in data or availability of incorrect data. Such gaps and non-authentic information leads to a trust deficit with the end user. The end user is not sure whether to trust the information being provided on the real estate website or not. Till the time this trust deficit is not narrowed down with some serious data verification and updation mechanisms, the real estate or property websites in India cannot harbinger the online market. This is only possible if the real estate developers come on board and look at enhancing the credibility of the real estate sector in India.
India has a huge potential for the online market. The doubt always persists, that as purchase of property involves large capital investments, will an individual rely on online data to purchase property. Initially when the ecommerce sector was taking baby steps, nobody ever imagined that the sector in a few years would spread to verticals like fashion, automobiles and heavier consumer electronics like, washing machines, fridges ACs etc. Today ecommerce has penetrated to almost all sectors. Tough real estate sector is one of the most capital intensive, it is only a question of time when it would have to grow upto online sales. The real estate websites in India need to enhance their technological platforms to provide information which can generate online sales of property in India. With their present setup and limited information, the Real estate websites in India are really not geared up to handle serious online business.