Published on : Jun 19, 2014
Indian real estate buyers are increasingly seeking information on the internet before purchasing property. Internet behemoth Google estimates that property purchase decisions worth USD 43 billion are influenced by what consumers see and read on the internet. A study commissioned by Google found that Internet research has an influence on half of all decisions made by real estate buyers.
According to Nitin Bawankule, director, Google India Industry, this trend is not limited to real estate buyers in metros. Those in tier II cities are also increasingly resorting to online research. The company observes that overall, the influence of the internet on transactions in commercial and residential property can be pegged at USD 43 billion.
The study noted that buyers researched online for more reasons than one. 60% of respondents said that the internet gave them insights into market trends and property information while 52% used to internet because of the many comparison options available. Nearly 49% people also found that the internet gave them easy access to contact details of developers and builders. 43% of participants in the survey looked up the internet to learn more about information about document processing and financial options.
The survey, which was commissioned by Google, comprised 6,196 respondents and was conducted across 15 Indian cities. It was conducted by Zinnov, a consultancy firm. Bawankule noted that search volumes on Google had witnessed a threefold growth in the last three years. This presents brokers, developers and aggregators with an immense opportunity to provide meaningful content and experience to buyers.