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Internet Influencing Real Estate Decisions Worth $43 Billion

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Internet Influencing Real Estate Decisions Worth $43 Billion

Last updated: June 19 2014
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  • Internet Influencing Real Estate Decisions Worth $43 Billion

    Internet influencing real estate decisions worth $43billion in India: Google - The Economic Times

    As more Indians log online to seek information before entering into property deals, Internet today is estimated to be influencing decisions worth about $43 billion, search engine giant Google said.

    According to a study commissioned by the US-based firm, over 50 per cent of real estate buyers' decisions are influenced by Internet research.

    "This phenomenon of researching online for real estate information before making a decision is not limited to metros but also extended to buyers in tier II cities," Google India Industry director Nitin Bawankule told reporters here.

    The overall influence of Internet on real estate transaction value of both residential and commercial property including rentals amounts to $ 43 billion ($ 31 billion for residential and $12 billion for commercial), he added.

    The primary reasons for researching online were easy access to in-depth property information and market trends (60 per cent), large comparison options (52 per cent), easy access to contact details of owners and developers (49 per cent) and financing and document processing information (43 per cent).

    The survey, conducted by consultancy firm Zinnov across 15 cities in India included the metros, Pune, Lucknow and Ahmedabad with 6,196 respondents.
    Talking about search trends on Google, Mr Bawankule said the number had seen a 3x growth in the last three years.

    "There is tremendous opportunity for both online real estate aggregators, brokers and developers to engage the buyers online by providing rich, meaningful and immersive experience to buyers on the Internet," he added.

    According to the study, 62 per cent respondents said aggregator sites (like and ) were top sources of information for them on the Internet, followed by websites of real estate companies (52 per cent).

    About 45 per cent said they visited broker sites, blogs and forums to find information before making a decision.

    An increasing number of people are also using their mobile devices to search for properties online.

    "Mobile queries (those originating from mobile phones) are doubling every year and about 40 per cent of total searches came through mobile phones," Mr Bawankule said.
    Also, the study found 73 per cent respondents saying they prefer using their mobile apps for researching for property.

    However, a major concern for people researching online was the lack of accurate and updated information.

    Respondents said websites of developers and aggregators often lacked availability of in-depth information about property and features like easy price comparison.
  • #2

    #2

    Re : Internet Influencing Real Estate Decisions Worth $43 Billion

    This should be correct.
    All of us has hunted the projects on various property sites.
    We read the reviews what expert has to say about the property.
    The reviews about the project by other buyers.
    The current conditions and future prospects etc all affect our final decision.

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    • #3

      #3

      Re : Internet Influencing Real Estate Decisions Worth $43 Billion

      Whatever is happening is happening for the good of buyers & even good builders.
      Getting to know details about builders' reputation, issues related to projects etc. can be done on websites like these rather than solely depending on agents or sales persons of builders who have agenda of making money at any cost.

      And why RE, I know few people who research on websites like mouthshut before opting for any service provider or any white goods product.
      Ofcourse, one needs to do study & groundwork also, else this become more like Dhongress, planning to drive India sitting inside some cabin in Delhi.
      If you are happy, you are successful.

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