Online property portals go for makeover

Virtual tours and accurate pictures of houses, popularised by real estate startups like housing.com  and commonfloor.com, are catching on with property portals Magicbricks and 99acres.

Online property listings were earlier directly posted by agents or owners but now most of them are being verified.

An online tour of a property and surrounding areas is a must-have now on most property portals.

These portals are increasingly becoming a tool for research on buying, selling and leasing residential and commercial properties in many parts of the country.

However, it may be years before actual real estate transactions take place online.

Magicbricks, part of the Times Group, has revamped its website with a new design and improved data quality and search.

It has added features like an advice section, where prospective customers can compare prices and the facilities of a particular locality. It also allows users to take legal and tax advice online.

“We want to ensure users discover the right content in the shortest possible time,” said Sudhir Pai, chief executive officer, Magicbricks.

He added intense competition in the last three years had helped the portal strengthen its position.

“We have invested in products and technology and we aim to maintain our dominant position.

“We are simplifying the effort for the buyer by updating him on prices, infrastructural development and inventory flow.

"The information on our platform available not only promotes transparency but also ensures a secure investment for prospective buyers,” said Narasimha Jayakumar, chief business officer, 99acres.

The information available on our platform not only promotes transparency but also ensures a secure investment for prospective buyers,” said Narasimha Jayakumar, chief business officer, 99acres.

99acres is strengthening its offering for brokers and builders.

“The use of online platforms for booking property is bound to increase. While there could be challenges in providing accurate information to aid decisions, the sector is bound to boom,” Jayakumar added.

Real estate startups like commonfloor.com, housing.com  and grab-house.com  are driven by revenue from advertisements, commissions from developers or brokers, and private equity funds.