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Revolution through Evolution

India witnesses its largest online transaction till date with a humongous Rs.5.5 crore online property deal

We’ve all been through a fair deal of online sales-some weekly, some monthly, and some blockbuster ones with full page advertisements screeching huge discounts on apparel, appliances, gadgets et al, followed by press releases by their respective online majors regarding the profits they rake in through their “one day wonder”. The latest black horse all set to jeopardize the mini celebrity status enjoyed by these is online property sales, with initial footsteps sounding as huge as a Rs.5.5 crore online property deal becoming India’s biggest online transaction till date.

The Rs.5.5 crore property is a luxury unit which is a part of Tata Housing’s project Myst in Kasauli and has been bought by an NRI customer. Back home, a Mumbai resident recently booked a Rs.4.5 crore 4 BHK apartment at The Promont, Bangalore with Tata Housing online. On similar lines, e-commerce major Snapdeal sold a Tata Housing unit for Rs.1.1 crore within hours of commencing its sale, which it subsequently declared as its highest online transaction till date. In a recently held property carnival, Snapdeal received over 1,800 enquiries, highlighting the surging demand for properties online.

The most primal guide efficacious in aiding customers in making informed decisions online is the provision of three dimensional images of the property with Google maps to analyze the neighbourhood.Tata Housing goes a step further by taking customers through a “virtual walkthrough” of their apartments. Moreover, they tactfully offer premium properties online that are not up for grabs offline thus hyping their babysteps in the e-commerce arena.

Snapdeal too is clinging on to the looming aura of this facet of e-commerce and is delving deep to explore alliances for providing options of site visit facility and documentation service. With 400% growth in the real estate category in the last six months, Snapdeal plans to reach out to NRI customers willing to invest in India as it glances at the increasing trend of frequent transactions for premium apartments on the portal which are upwards of a crore.99acres.com too plans to encash this shiny spic-and-span look of  real estate investments by launching India’s first flash sale of homes offering projects between Rs.15 lakhs and Rs.20 crores in cities like Mumbai, Delhi/NCR,Bangalore,Pune and Chennai.

In a state of things as these, it’s small wonder that other realty bigwigs like DLF,Godrej Properties and Purvankara are sensing the cornucopia of opportunities and are opting for tie-ups with e-tailers to tap part of the $45 billion organized property market, just 10% of the overall unorganized sector, that seems on the brink of a mini “property-rush”. And it won’t be much of an overstatement to state that online property transactions are here to take everyone by storm with traditional property hunts all set to become a thing of the past.

Sakshi Shukla

I am someone who is always up for new experiences. Music and arts are my muses,while coding and philosophy transport me to another world.I silently observe occurrences around me,try to decipher them inch by inch and then pen them down whilst imagining it as if it were a movie.