A recent survey indicates that online real estate platforms now facilitate approximately four percent of all industry transactions, demonstrating a significant increase in market penetration. Notably, the eastern region of India is quickly embracing this trend, showing accelerated growth in online property dealings.
Growth of Online Real Estate Market
Previously, the market share held by web portals in the real estate sector was a mere 0.6 percent just two to three years ago. The current growth to four percent signifies a substantial advancement and represents a promising development for web portals operating within the real estate domain.
Regional Perspective
Compared to the western, northern, and southern parts of India, the eastern region exhibits a relatively smaller share of online property transactions. While transaction volumes may be lower, the pace of expansion is promising, indicating a potential convergence with other regions in terms of online real estate activity.
Market Dynamics
Given the stresses observed in the real estate sector, events that connect buyers and developers are crucial. These interactions aid prospective buyers in making informed decisions.
Future Outlook
Although the current share of online transactions in the overall real estate landscape is modest, there is optimism that increased awareness will fuel substantial growth in the future, further solidifying the position of online platforms in the property market.