Why is Online Booking of Home Trending in Indian Realty Market?
With broadband rates continuously dropping and 4G becoming available almost everywhere in the country, India is experiencing an internet boom, with new people getting online daily. The socio-culture environment of the country is already showing the influence of the internet, financial and business world are also experiencing new trends. Online shopping and companies like Amazon, Flipkart etc have already changed the retail market of India with e-shopping showing phenomenal growth.
In a situation where hardly any sector is untouched with this increasing availability of the internet, the realty sector is also witnessing quite a few changes. For those who are embracing these changes, it is an opportunity and those who are still trying to resist these may not last very long. Online booking of houses is one such trend, many of the new housing projects boldly advertise the availability of online booking and some have even started posting videos of an actual tour of the housing units. Even government housing schemes are providing the option of online booking.
All this is not because the developers want to promote it or government wants to use it for greater transparency, but it is the customer demand that is making the option of online booking a must for developers. There are quite a number of factor that is responsible for this trend in the Indian realty market and some of them are what we will be discussing here.
Ease of research:
The internet is providing the tools and reliable sources of information to the buyers to conduct their research and verify the claims of other parties. No longer you rely solely on the words of the broker when the state the number of schools in the area, you can go online and verify the figure anytime you want. A person who has done all his research by visiting the project and has also verified the claims using the internet would love to book the house then and there from his bedroom.
Ease of comparison:
Just like the internet has made it easy for the buyer to do his research, it has become quite easy to compare various projects in the same locality. The buyer has to go online and check out all the facilities, floor plans, rates, and other benefits that different developers are providing. There are websites which can make the comparison for you based on some per-determined factors and thus can help buyers make a well-informed decision. Nowadays as people spend so much time in comparing various projects, it just feels comfortable and rewarding if he/she can book the home online too.
Availability of proof of claims and promises:
Whatever message is conveyed to the buyer over the internet is mostly in written form, via chat, email or on the website, these written statements can be used by the buyer anytime he feels the developer trying to backtrack. In face to face transactions, promises and claims are made verbally and have no proof for later use. This also attracts people to converse and transact over the internet, availability of evidence of transaction done through online banking rather than cash also increase the attractiveness.
Ease and familiarity of internet banking:
The continuous efforts of government and banks have increased the usage of internet banking among Indians. The level of comfort that a lot of Indians have started to feel while using the internet for their banking needs is also boosting this trend of online home booking. The banks are also continuously working to make internet banking safer and safer thus more people are starting to use it with each passing day.
Ease of booking and cancelation:
The removal of human interference and repeated interaction has made the process of booking a home and even canceling a previous booking quite fast and hassle-free. This ease with which this process can be completed by the buyer from the comfort of his house or office has also made this more popular and trendy.
Availability of online reviews:
Any organization which is selling some product or service online can not overlook the importance of online reviews. Any website which has a good number of positive and genuine reviews attract customer confidence, and their claims and promises are readily accepted to be true by the prospective buyer. There are many websites which are solely dedicated to providing a platform for internet users to submit reviews of various products and services they have bought over the internet. This large number of review cannot be accessed without the internet by any buyer.
Communities of current owners and other buyers:
The Internet can be used to reach the owners of previous projects of any developer and also other people who are interested in the current offering. Facebook groups and WhatsApp groups provide an easy way to organize the past and future buyers of a developer. Such internet communities can be used effectively by buyers and by developers if they are internet savvy. These community also popularize the concept of online booking among buyers.
The government fully realizes the potential of the internet and e-governance, both the central and state government help and motivate businesses to use the internet. This attitude is visible in the availability of online booking facility for most of the government housing scheme in recent years. This attitude and policies of the government are also helping this trend to increase its popularity among Indians further.
Developers themselves prefer it:
The ease with which the buyers can book the homes, the availability of real-time data, direct deposit of the fund in their account, no requirement of handling a large amount of cash, ease of fulfilling regulatory requirements etc, are some of the factors which make the online booking preferable for the developers. These factors and the competition among various developers are also making the online booking of homes trend among Indian buyers. With more people familiarizing themselves with internet and younger buyers entering the market this trend is bound to go higher in the near future.