The Gurgaon real estate market has grown rapidly over the past 20 years as a result of developers’ interest in implementing new techniques and technologies. Some of the top market participants have introduced internet platforms to sell homes to customers directly in the last few years, particularly during the Covid-19 pandemic. As many online real estate brokers have already been showing properties on these networks, selling properties on digital media is nothing new. So what makes the new trend special?
The shift from selling real estate physically to selling it digitally
Experts note that metro and tier 1 cities are leading the way in embracing the trend of moving from physical to digital property transactions, which has already caught the attention of many. A further indication of the significance of digital channels for real estate marketing and sales in gurgaon is the fact that NRI home purchasers depended heavily on digital platforms even before the Covid-19 outbreak. This transition has been further fueled by the second and third waves.
Benefits of digital platforms compared to offline medium
Developers may provide buyers choices to select their dream homes, purchase them, and track the development of the project at any time, from any location in the world, thanks to digital technology. Home buyers may now choose and buy a home from their mobile devices with ease and convenience anywhere in the world. Customers can virtually tour properties from the comfort of their own home with their families. If they are purchasing homes for themselves or their families in India while they are outside of India, they can still experience and see properties.
Risks involved in digital transactions
E-commerce is an advantage to buyers, but it’s also subject to due diligence and upholding safety and security measures when conducting transactions. A buyer must exercise due care to prevent falling victim to frauds, when using digital sites that provide real estate deals. The key phrase is “Buyer Beware.” According to Niranjan Hiranandani, vice-chairperson of NAREDCO and MD of the Hiranandani Group, “the best safety option is to ensure RERA Act registration of the project and visit the RERA website to cross-check details about the project as mentioned on digital sales and marketing platforms vis-à-vis what is mentioned on the RERA website.
Additionally, it’s crucial that customers choose reputable developers whose track records may be checked out on digital resources.
Keep the following in mind when purchasing a property through a developer’s online platform:
- Verify the project’s connections to banks and other financial institutions.
- Choose developers who have a perfect track record.
- Only after physically visiting the property or project location may the property be finalised.
- Always have your attorney verify the property documentation.
Developer’s digital platform vs online brokers
A one-to-one transaction is involved when buying a property through the developer’s digital platform. If something goes wrong or if inaccurate information (if any) is presented on their platform, the developer bears direct responsibility. On the other side, online real estate agents serve as a middleman and disseminate data obtained from developers. Due diligence is crucial in both situations, but it’s especially crucial when dealing with online brokers. When purchasing through a developer’s platform, your choices may be limited, whereas if you work with an internet broker, you have the opportunity to compare other homes and may be able to negotiate a lower price.
In conclusion, internet property sales in India are still in their infancy and may take some time to gain traction. However, property buyers can use online platforms to save time, in addition to continuing to conduct important fact checks offline, such as due diligence and quality assurance among other things.
