27 Jan–2 Feb 2012
The main objective of the portals is make deals happen, by listing the properties. Generating the leads and converting them happens through the neighbourhood broker only. “Another issue is that most of the portals concentrate on residential space, and there are no credible options for commercial and retail properties. Secondly, the properties are not updated regularly,” says Limaye. He of course, appreciates the easy flow of information ensured by the portals. Sanjay Sharma of Qubrex recalls that there was a time when it was difficult to get information on projects. A couple of years back, collecting brochures was an industry by itself. But the
Real & Virtual Estate of a substantial annual fees. “I think the portals will have to develop revenue models in both the virtual and offline modes to make profits. We also develop micro-sites for real estate companies, and promote their projects to earn revenue,” he reveals. However, it is this kind of surrogate advertising that Ashutosh Limaye of JLL is not comfortable with. Limaye says that some property portals hide grim realities. “The sites can be beautiful, show great buildings, promise the moon but in the end the people want real houses and not virtual homes on the net,” he asserts. Sanjay Sharma of Qubrex also supports this contention, and wants some regulation in this aspect. He however says that portals have made this sector more open, and people can now access information far
Ashutosh Limaye spread of information has only strengthened the broking business; brokers realised they were not earning money just because they withheld data. Ankit Raghawa, CEO of notjustflat.com says that the consumer visits the dealers and consultants because they offer specialised business process knowledge and its interpretation – and not just the data. “We can offer expert opinion on legal documentation, price of a property, the location, and future projects around it. All this can be customized around an individual budget,” he says. His own portal concentrates on original bookings. Most of the industry experts agree that real estate is a business about relationships, and IT alone can not replace the human factor. World over there has been an increase in the number of property portals, websites, and search engines – but the income and deals happening through brokers has only increased. Rakesh Bhardwaj started Zameen-Zaidad.Com, a real estate portal in 2003, to take advantage of the online medium. The site has enabled Bhardwaj to spread his wings across the country—and even abroad— while he has a local team of professionals to cater to the clients in the National Capital Region. Bhardwaj says it is important to have an offline presence, as it helps in converting leads and making sales – that form a major chunk of revenue. He has also developed a franchisee model, where his sub-dealers are given a micro-site and leads – in lieu
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Real Estate
Vikhyat Shrivastav
more easily. In fact a large number of real estate professionals in Gurgaon have embraced the internet, to reach out to the masses – like Narinder Juneja of Gurgaonproperties.net. There are also real estate bloggers like Vikas Rikhye and Pradeep Mishra, who regularly write about the various facets of the property business in Gurgaon. Juneja says his site is used by a large number of people to get information – on not only property, but related services like architects, plumbing, painting and so on. Internet, he says, helps in making deals; but also marketing themselves, and making them acceptable among people. Sanjay Sharma says that virtual visits of properties, and alluring deals and discounts are another attraction of the real estate portal. “People sitting abroad can watch videos, and tour properties – and this allows for instant gratification,” he says. In addition to the portals, the internet has also fathered phenomenon like online forums – where people can discuss about the pros and cons of various projects, the latest developments, new launches, and the nitty gritty. India Real Estate Forum (IREF) is a leading real estate forum in the country, that helps the user get more information on the real estate scene in the country – and particularly the NCR. Ravikant Singh who man-
ages IREF says that the site has 80,200 registered members, who act as a community, and share quality information and drive the discussion to meaningful conclusions. IREF is open to guests and registered members, and it allows users to post messages, share experiences, clear real estate uncertainties, do a comprehensive search, and use the private messaging system to communicate with other members. A positive aspect of this forum is that it clearly states on it’s homepage that Indian Real Estate Forum (IREF) is not meant for buying or selling property. Advertisements, or solicitations for real estate services or business, are strictly prohibited. While IREF makes it clear
Sanjay Sharma that it is a platform for real estate buyers and professionals, there are sites like Groffr and Igotmydeal.com that use the power of online medium to bring customers together on a single platform. These sites then use the power of collective bargaining to get large discounts directly from builders, by eliminating the real estate brokers. Vikhyat Shrivastva, CEO of Groffr.com told Friday Gurgaon, “The beauty of the online medium is that buyers from across the world can together buy a property, and get discounts – say in Mumbai, Noida or Gurgaon.” His site has been funded by some of the top venture capitalists, and Shrivastva says that he also building an offline platform – to ensure that deals happen soon enough, and on a large scale. Pertinent to mention here is that the increasing availability of online transaction management systems—that enable easy management of transaction schedules, documentation and payment—are also helping build the steam in the online real estate market. A large amount of corporate money is also being pumped into the websites in India; and industry watchers say that this will help in improving the product offerings to a great extent. Sharma says that this will help in boosting both the virtual and real services (the last mile delivery). Most of the industry experts say that this will also help online platforms revolutionize the industry – as they offer 360 degree tours, original listings, world class designs, new property notifications etc. What happened in days can now happen at the click of the mouse – and this is keeping in demand with the market. The new age buyer, not the realtor, is driving the market and not the realtor and this is what should be happening, says Sharma of Qubrex. IT will enhance the visibility and efficiency to new levels, in an industry that has been inherently opaque. u