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Internet influencing $43-billion realty decisions in India: Google

As more Indians log online to seek information before entering into property deals, Internet today is estimated to be influencing decisions worth about $43 billion, search engine giant Google said.
According to a study commissioned by the US-based firm, over 50 per cent of real estate buyers’ decisions are influenced by Internet research.

‘This phenomenon of researching online for real estate information before making a decision is not limited to metros but also extended to buyers in tier II cities,’ Google India Industry Director Nitin Bawankule told reporters here.

The overall influence of Internet on real estate transaction value of both residential and commercial property including rentals amounts to $43 billion ($31 billion for residential and $12 billion for commercial), he added.

The primary reasons for researching online were easy access to in-depth property information and market trends (60 per cent), large comparison options (52 per cent), easy access to contact details of owners and developers (49 per cent) and financing and document processing information (43 per cent).

The survey, conducted by consultancy firm Zinnov across 15 cities in India included the metros, Pune, Lucknow and Ahmedabad with 6,196 respondents. Talking about search trends on Google, Bawankule said the number had seen a 3x growth in the last three years.

‘There is tremendous opportunity for both online real estate aggregators, brokers and developers to engage the buyers online by providing rich, meaningful and immersive experience to buyers on the
Internet,’ he added.
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