Online sales of property takes off in India

Mumbai

MUMBAI resident Madhumita Mondal got the real estate bug earlier this year and decided to buy an apartment. She did it online.

Using the e-commerce site Snapdeal.com, Ms Mondal spent 10.1 million rupees (S$217,000) for a three-bedroom apartment in a condominium being built on the outskirts of Mumbai. Usually Ms Mondal buys dresses and books on Snapdeal, but after seeing an advertisement there for apartments, she found buying online saved time and money.

"The experience has been way better than going through property agencies in the off-line space," said Ms Mondal, who with her fellow civil servant husband expects to take occupancy by the end of next year. "There was absolute clarity on architectural plans and property details, and I did trust the developer and e-commerce platform." While it may be hard to imagine spending millions of rupees online, thousands of Indians are doing it. Internet sales of property are taking off, as developers find it helps get rid of excess supply and as consumers find ease of use coupled with discounts. In the past few weeks, Tata Housing Development Co and Mantri Developers Ltd each …