80 per cent online realty business from 25-40 year olds
While the demand for residential and retail properties is growing at the rate of 30 per cent and 20 per cent respectively; the online demand for lease rentals for office space is growing at the rate of 40 percent.Apnaloan.com Research Bureau
10 Oct 2007
Online realty transactions are gaining popularity in India, with those in the 25-40 age group now contributing to 80 per cent of business.
While the demand for residential and retail properties is growing at the rate of 30 per cent and 20 per cent respectively; the online demand for lease rentals for office space is growing at the rate of 40 percent.
According to the industry experts, by the end of 2009, the contribution of online sales will account for 50-60 per cent of commercial properties, 50 per cent for residential and 40 per cent for retail properties.
Indiaproperties.com, a realty portal had online deals worth Rs 16 crore in 2006 and is currently in talks with developers such as Puravankara in Bangalore, Golden Gate in Hyderabad and Doshi Housing in Chennai for direct marketing activities online, according to media reports.
Hirco Plc, an arm of the Niranjan Hiranandani group has joined indiaproperties.com to undertake online direct marketing of properties in Chennai. Hirco will be developing properties, including townships, in Pune, Bangalore and Thane.
Reliance Retail had also implemented an online model for acquiring retail space, eliminating agents.