India's online realty space grows at rapid pace

The real estate portals in India have been able to secure around three per cent of the total industry transactions and eastern region was fast catching the trend.

"The market share for on-line real estate market was 0.5 per cent 2-3 years back and now it has grown to 3 per cent," India Property Online Regional Manager (East) Srinivas Verma said told Indian Express.

The share of eastern India on the online medium for property transactions was low compared to west, north and south.

"It is low compared to other regions, but the same is growing at a healthy pace," Verma said.

He said though the share of online in the total real estate market was small, "but we are hopeful that it will grow sharply with the awareness we are aiming at."

The company, which managed the online property portal indiaproperty.com was running its first property show -- Grihapravesh here.

"We expect booking from this fair to be around Rs 20 crore," Verma said.

He said at the time when the sector was under stress such events bringing both buyers and developers helped in decision making by potential buyers.

There are quite a few online property websites offering services such as buy and sell, rental etc.Some of the leading property portals are India property, Makaan, Common Floor, Magic Brick, 99 acres etc.