Rise of Digital Home Buyers in India
August 26th, 2019
Traditionally, buying a home was a broker-led offline process for consumers. Beginning with the choice of location, examining the project site and gathering all the information related to the home buying, it was all done offline. The source of information was usually a classified advertisement in a newspaper or a friend.
However, that scenario has changed, thanks to the increasing internet penetration and smartphone adoption. Now, the first step towards buying a home begins in the digital world. This has led to the growth of many online platforms by developers and channel partners, real estate portals, blogs, mobile apps and social media channels. The basic premise of these digital is to offer choice of homes and the right information about these to the buyers. Further, they help buyers search for homes by location and neigbourhoods. Digital search allows prospective home buyers to compare homes on the basis of price, features and other parameters of their choice. In fact, many platforms go a step further by providing 360-degree home tours.
For most home buyers, digital medium is more or less like the modern day classifieds. Once they compare and select the set of projects/homes, they prefer to get in touch with the developers offline. The relevance of physical site visit and experiencing the home through a demo flat is still important for buyers. Nevertheless, a shift in the behaviour of home buyers is evident. Unlike earlier, home buyers now begin their home buying journey offline armed with substantial information. However, to help shift the buying decision majorly online, the digital medium should focus on making comprehensive information available to home buyers. Some of these can be:
- Provide a brief on the developer, encompassing its track record of number of project completed, recognitions, ratings and reputation in the market;
- Google maps for better understanding of the location;
- Information on the financial stability of the developer;
- Use of technology – Virtual reality/ 3D tour of the apartment and project location, including the surrounding areas;
- Detailed information on the existing and upcoming infrastructure facilities around the project;
- Return on investment – details on price appreciation in future
When all the relevant information is available with just one click, home buyers will become increasingly inclined to make home buying decisions online.
In line with this, very soon SOBHA is bringing its first online home festival for buyers. It will enable you to experience and find your SOBHA home virtually, at the click of a mouse.