Chennai: After matrimony and jobs, online property market is all set to be the next big thing on the internet, according to chief of a leading portal dealing with real estate.
“Online property market is growing exponentially in India and it is expected that internet would take up about 10-15 % of the total real estate advertisement expenditure soon,” Indiaproperty.com CEO Murugavel Janakiram told PTI.
Indiaproperty.com, a part of the BharatMatrimony group, provides details of properties available for rental, sale, lease, besides providing information about people looking for rooms on a shared basis.
“In the US, 90 % of property buyers use internet as their primary medium of search. There is no doubt that internet is the best medium for buying and selling real estate. It’s just a matter of creating awareness,” he added.
Lower penetration of internet is a major dampening factor for low popularity of online property market. “With the increase in internet users, the online property market will see a good demand,” Janakiram said.
According to him, the success of the online model is because of the wide reach that it provides, which is beyond a particular city or a place.
“Most property owners, builders or agents are happy with the response they receive as they get calls from abroad and from cities across India,” he said adding that “This is the uniqueness of the medium, unlike the traditional methods.”
Regarding the security of this model, the CEO said that the transaction of the property does not happen online and the final decision is made by the buyer.