With a large number of buyers making internet their first port-of-call for real estate services, traditional verticals such as consultancies, banks and even NBFCs are concentrating on the online real estate business.
They are either launching their own platforms or tying up with other players.
Backed by a sound background in real estate and deep understanding of consumers’ buying behaviour, these companies are finding merit in launching their own online platform to service requirements such as property selection and end-to-end transactions.
Consultancies such as JLL and CBRE are firming up their online real estate play to compete with leading aggregators such as PropTiger, MagicBricks and Indiaproperty.com.
Others, such as HDFC’s realty vertical HDFC RED, are dealing exclusively with online buyers, while Tata Capital and Axis Bank have set up infrastructure to help these buyers.
“Our proprietary technology makes discovery easy for buyers,” said Sohel IS, CEO, HDFC RED, a wholly-owned subsidiary of HDFC.
“Besides, it helps them narrow their search using either a mobile or desktop browser.” He said that starting with 500 real estate developers in 2011, RED now has 3,700 developers on its platform. The company said it has seen at least 1 million enquiries from prospective buyers.
Augmented realityAxis Bank recently became one of the key banks to introduce augmented reality technology.
The third-largest private-sector bank announced the roll-out of an AR-enabled feature on its mobile app that empowers home seekers to search and locate properties that are pre-approved by the bank for financing.
The feature, powered by property site MagicBricks, offers home seekers options to choose from over 10,000 bank-approved properties, including new, resale and under-construction projects across India.
Jagdeep Mallareddy, Head - Retail Lending, Axis Bank, said: “The new AR feature will help users easily identify any property available in their preferred locality and apply for home loans. We are confident that this innovative technology in banking will be highly accepted by a large customer base.”
Dual benefitTata Capital, the financial services arm of the Tata Group, has introduced Online Home Store, which provides the dual benefit of searching for the right home and the right home loan online.
Veetika Deoras, COO – Digital Vertical, Tata Capital, said: “Our endeavour is to develop customer-centric solutions for digital customers. We recognise that going digital is the way forward for financial services, and Tata Capital Online Home Store is a step in this direction.”
Property consultant JLL has launched a dedicated portal for its residential business. The website provides quick and intuitive access to select projects across the country, as well as various JLL-owned knowledge resources for customers.
Ashwinder Raj Singh, CEO, Residential Services, JLL India, said: “The portal has been devised on the back of extensive customer feedback, and focusses squarely on providing convenient, transparent and no-nonsense access to select projects suiting every budget. Simultaneously, the site provides an innovative platform for developers to boost the discoverability of their projects.”
Consultant CBRE is looking to join the fray with CBRE Homes, an end-to-end dedicated platform for both buyers and sellers in real estate.