According to Real Estate Sites, a Solution to Real Estate Delivery Delays

According to one of the top real estate sites in India, nearly 826 new Project in India are four years past their promised completion date. This information has been made public by the industry association known as Assocham. In India, until the end of 2016, nearly 3,511 Project were under construction and of which approximately 2,300 were in the implementation stage. Of these 3,511 projects under construction in India, nearly 886 were delayed out of which 826 were residential projects and the rest were commercial projects. 

Delays State By State

The state of Punjab registered the maximum delay in projects with projects being delayed in the state by an average of 48 months. At second place stood the state of Telangana where projects were delayed by an average of 45 months followed by Odisha and Haryana where projects were delayed by an average of 44 months. Notably, Gurgaon, one of the most prized destinations at which to own real estate in India is located in Haryana. 

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Andhra Pradesh, Uttar Pradesh and Madhya Pradesh reported a delay of 42 months on average on delayed projects while Maharashtra reported an average delay of 39 months on delayed projects. Mumbai is the capital of Maharashtra and is among the top two real estate markets in India. Of the states with major cities in India, Karnataka reported the shortest time with respect to how long projects were delayed in the state, a duration of only 39 months. 

A Panacea For Real Estate Delays

The Secretary General of Assocham has urged the central and state governments to introduce a single window clearance system for all real estate projects. Mr DS Rawat, the Secretary General of Assocham has stated that the process of obtaining mandatory approvals from numerous different regulators and authorities leads to cost and time overruns. According to Mr Rawat, the result of these overruns is corruption, delays, and they also lead to reluctance on the part of investors to invest money in realestate in India. Notably, according to this property website, the difference in delays, at 39.03 and 39.63 months between the public and private sector projects respectively, indicates that public and private projects are usually delayed by a similar time frame.

Real Estate Property In bengaluru

Being the IT center point of the nation and accurately scratch named the Silicon Valley of India, Bengaluru is a city one feels pleased with. This quick paced city has encountered some forceful urbanization, particularly in the land division, and houses a supreme physical framework which has progressively developed throughout the years to make Bengaluru the most quickly developing city of this nation. This land mammoth is home to a multi-social populace inferable from its lucrative open doors because of which the interest for capable social, instructive and physical infrastructural offices is always on the ascent. This has brought about the city seeing its private and business base develop quickly consistently.

This situation, in actuality, makes Bengaluru a speculator's heaven. The city brings to the table unparalleled pads, cabins, column houses, manors, penthouses, and so on to purchasers giving the Bengaluru extends an edge over others. The accessible property in Bengaluru relating to the private section can adequately be grouped into three general classes moderate lodging, mid-pay lodging and extravagance lodging.

The principal class, i.e., moderate lodging portion joins purchasers who give greatest weightage to the cost of the property. Also, as the interest for this fragment is on the ascent, numerous bigger area regions where the expense of securing is relatively lower including Hosur Road, Mysore Road and Kanakapura Road are taking into account the purchasers' requirement for reasonable lodging units in Bengaluru. This interest for moderate lodging is particularly high on the edges of Bengaluru which is swelling inferable from the proposed metro line and Peripheral Ring Road. Real realty designers of Bengaluru, for example, Salarpuria Sattva Properties, Nitesh Properties and Ozone Group are moving their attention on the moderate lodging fragment

The mid-lodging fragment of Bengaluru caters principally to the IT and ITES representatives. The Bengaluru extends that fall into this classification are evaluated by their physical and social base, the vicinity of municipal, instructive and medicinal offices, nature of neighborhood and if there should arise an occurrence of working people, the closeness to work environment. Ranges, for example, Whitefield, Electronic City, ORR IT Corridor and others in North Bengaluru have seen an ascent in mid-wage portion ventures.

Discussing the extravagance lodging section, Bengaluru stands third as the biggest venture center point of High Net worth people (HNIs). The multi-social populace base of Bengaluru with its refined tastes desires for top of the line private flats and manors, especially the Residential Real estate in Bengaluru which are popular. Whitefield, Outer Ring Road (ORR), Central Business District (CBD), Secondary Business District (SBD) and North Bengaluru are dynamic markets offering extravagance lodging ventures. Manors are most overwhelming in ranges like ORR, Sarjarpur Road, Whitefield and North Bengaluru. Interest for extravagance homes tailing US and Singapore styles is on the ascent in Bengaluru.

Numerous different elements other than levels of pay have additionally influenced and welcomed the development of land improvement in Bengaluru. The quickly developing IT industry, extending HNI speculations, recommendation of rapid rail joins, making ORR flag free, mono rail, hoisted interstate and SEZ and IT parks in North Bengaluru (Karle's IT Park and Embassy's Manyata Tech Park) are some development related elements that have successfully pushed the offer of lofts in Bengaluru.

Real Estate and Property Websites in India – Time for a Re-plug

The present internet penetration in India is 25 million, this figure is going to be 50 million by 2020 and India would be the second largest in the World. As per Google 8 million people search for property online in India, out of these 50% are potential buyers.  By 2018, 20 million users would be searching for property online in India, this implies that 10 million of potential investors would be using internet to shortlist property. These figures highlight that India has a huge potential for online real estate market, which needs to be tapped. Real estate websites in India need to take into account this aspect and come up with ingenious products which meet the end user expectations and requirements.

In 2013, 60% of internet users were less than 25 years of age and by 2018, 50% of internet users would be more than 25 years of age. This implies that the presence of potential real estate buyers in India on the internet is going to increase year on year. Real estate in India is also eying a year on year growth of 25% in online sales. With such huge potential and untapped market, the real estate and property websites in India need to take on the challenge and grow the online resources so as to meet the end user requirement. 

At present real estate and property websites in India, in their exuberance to capture more end users, try and cater to the entire spectrum of real estate; i.e. from primary to secondary and from residential to commercial; thus there is no specialisation and it is free for all. Almost all the real estate property websites in India follow two models. (a) Extract information from the user by having property listings, primarily catering to the secondary market (resale).  (b) Tying up with real estate developers and list their projects. These two methods also work as their business models.

Real estate and property websites in India based on the above two models merely provide platforms to end users, brokers and developers to either post their properties or projects.

 There is a requirement to move on and look at mechanisms to enhance the end users experience by providing insights and analysis. This can happen only if the real estate websites in India move onto an ‘information based’ model and look at specializing in one specific market, like residential primary market or commercial secondary market. At present these websites seem to following the quote ‘jack of all trades and a master of none’. If this aspect is not implemented in the near future, real estate and property websites in India can forget at capturing the interest of the potential investor, towards online purchase of property. The internet penetration would definitely increase, however the real estate sector in India would once again be left behind in this technology race. It is a unprecedented opportunity for real estate websites in India to herald technology and transparency into a sector which has always shied away from it.