This article is not about housing.com, the realty portal that’s been much in the news recently. Let’s split this very user-friendly domain name and ask a simple question. Will housing go the dotcom way? Would you buy a house online, just as you’d buy a pair of shoes, or even a sofa set?

Let’s assume you’re looking to buy an apartment in a newly launched project. You’ve seen that half page newspaper ad or have been chased by an online pop-up one and have now decided to drive down to the developers site. If you’re visiting one in Noida, then the drive’s a breeze, however in Gurgaon you’ll find that the final approaches to a few sites will severally test your vehicle’s shock absorbers. Anyway, you’ll finally arrive at a fenced off location which has a makeshift site office, and a couple of hoardings. You’ll also be surrounded by a few friendly brokers eager to show you around. By the way, if you’d have learnt about this project from your existing broker or someone who texted or cold called you, you would have been driven to the site.

Within a few minutes, the broker will reel off all that there’s to be told about the project. This done, he’d offer you a good deal too. A good deal need not necessarily be about the best rates available; it’s also about the follow-up services. But that’s another article.

So, you’ve been there, checked out the location, the approach and have formed a fairly good idea of how this project will look like in a couple of years. You’re now ready to fill up a booking form and write out a cheque. The broker solemnly hands you a ballpoint pen.

But what if this property was available to be booked online? Tempted by that persistent pop-up ad, you would have clicked onto the developers website and would immediately be drawn into a series of impressively designed pages. Site map, floor plans, price lists and a link to Google maps for the location. There’s also a CGI walkthrough of the project. And finally, a link to pay the booking amount online.

So, there you are staring at a web page, wondering whether to click on the payment option. You have been clicking on such links regularly to buy shoes and even once, a sofa set. But a house?

The chances are that you’ll shut down the web site and reach out for your car keys.

So, will housing ever go the dotcom way?

There has been a small beginning. A few properties are being bought online, a small fraction of the huge Indian property market. The buyers are mainly internet savvy consumers or a few NRI’s.

Let’s assume that a new housing project has been offered for online sale by a very reputed developer at a very good location. There’s a positive buzz about the project too. Will you now revisit that payment page? Maybe not. At least, not yet.

What if the price offered online was much lower than that quoted by the developers sale team or your broker. That would definitely make you click on the payment link. But that link will not be available on the developers website. Where is it then?

We all know that most products are attractively priced on online shopping websites. The reasons could trigger off an online vs offline marketing debate, so we’ll steer away from that now. Your intended property could be available on a popular site like Snapdeal or Flipkart or even at a specialty realty portal like Housing.com at an eyebrow raising price. Would you buy it now? YES, you would.

It’s a win win situation for everyone. The sale adds to the GMV of the online retailer, the buyer gets a satisfactory deal and the developer besides getting a sale also gets an exposure to the very large customer data base of the online retailer.

The initiative to list a property online at such a portal has to come from the developer. They also can’t afford to antagonise brokers who provide most of the sale volumes at present. And online sales volumes won’t go up until the rates are attractive. It’s going to be a tough balancing act for developers.

It will take a while for buyers to move onto buying properties online. Many people still prefer to view and be told about a property rather than just read about it.

But eventually and inevitably, housing will go the dotcom way.
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  • Hey ontheground;

    This is one good piece of writing. Nice ground work! (Your username reflects in your thoughts!) Well, looking forward to many such nice ones from you! Keep posting!

    Warm regards.
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  • Thanks Malvish :)
    I've recently started writing a blog on real estate. This article was originally posted there a few days ago.
    Hope to keep writing in here !
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  • ontheground;

    A blog! That sounds great! I believe that our users would want to read more! Keep posting on the forum! (and keep blogging too!) :)

    Warm regards.
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