Property portals rake in moolah as market revives
THE revival of the real estate market has turned beneficial for real estate portals. Compared to the first quarter of the current financial year, these portals have witnessed more project listings from developers and increased membership from individual property owners as well as real estate consultants in the third quarter.
According to property portals that give information related to buying, renting and selling of all types of residential and commercial properties across the country, project listings under the new launch category have risen by over 50 per cent.
For instance, realty portal 99acres.com has witnessed listings under this category rising to 550 in the third quarter from 325 in the first, rise of about 70 per cent. Vineet Singh, business head, 99acres.com and NaukriGulf.com, said, "Even our paid advertisers have increased by over 25 per cent between the first and third quarters. The average number of page visits has also increased by 15 per cent, which shows people are now more seri- ous about buying."
Searches for sub-Rs 40 lakh housing units have gone up sharply. For example, according to realty portal Makaan.com, the number of searches under this category has risen by 85 per cent at the end of the third quarter. During the quarter, the number of agents/dealers on Makaan. com rose by eight per cent.
"Portals give readymade information, contact details of consultants to those who are looking for accurate data and details for buying. This makes it easier for people to carry out their property search. In major metros the trend is catching up fast," said Aditya Verma, business head and vice-president, Makaan.com. The portal is focused on the Delhi-NCR, Mumbai, Hyderabad, Pune and Bangalore markets.
The jump could be attributed to the correction in prices of real estate and stability on the job front. Prospective buyers who were waiting for the right time have now entered the market. Nitesh Kumar, director (sales & marketing), TDI, said, "The good news is that the market has transformed from an investor-driven one to an end-user one. We owe this to ample liquidity, stabilisation of home loan rates, stable government and its initiatives to revive the sector, more jobs and a correction in property prices."