The Internet influenced real estate transactions worth $43 bn with $31 bn for residential and $12 bn for commercial properties, a new study has said.
The offline survey, commissioned by Google, was conducted across 15 cities in India with over 6000 respondents.
It revealed that 74% of real estate research online was focused on residential buying and 26% focused on residential renting. Almost half the respondents were indifferent to new or resale property (47%) as the criteria for research focused more on their space requirement, budget and location. Nearly a quarter of respondents were in the market for resale property only, and 30% were looking for new property under construction.
Here are some of the other findings of the study
- 24 percent respondents rating Internet as the top destination for information.
- Print media and sales-broker offices were the rated as the other top two information sources for property information.
- In the Internet category, aggregator sites (62%) were rated as the top source for information, followed by builder and developers sites (52%). Online broker sites and real estate blogs and forums (~45%) were also rated as popularly used destinations for information.
Buyers who contribute to over 90% of total real estate transactions in the country have an annual Household income over 5 lakhs.
Nitin Bawankule, Industry Director, Google India, said
Real estate queries on Google search have been growing consistently registering over 3x growth in the last three years, the rate of query growth is even higher for tier 2 cities and growing at over 350%. Our search query data shows that over 53% search queries are done with clear purchase intent.
- In tier 1 cities over 57% buyers were influenced by online research and in tier 2 cities the impact was equally high with 48% buyers saying that they used Internet to research for real estate purchase decisions.
- 55% buyers used Internet to access the information.
- Mobile apps were preferred over websites by buyers with 73% respondents saying they prefer to use mobile apps.
As per the search trends, (Google search queries data for 2013), the highest number of real estate queries in tier 2 cities come from
- Pune, followed by Lucknow, Jaipur, Indore, Chandigarh, Coimbatore, Nagpur, Kanpur, Surat and Ahmedabad.
- Amongst the top metros – NCR followed by Mumbai, Bangalore, Hyderabad, Kolkata, Chennai
In short, advertise on Google yo!