The sheer
number of property
websites in India should be far larger than it is today. Real estate websites present today
cover only a fraction of the properties or real estate in India that can be bought or sold. Just as large
developed countries have thousands of banks (the US has over 10,000, India has
less than 100 commercial banks), there is a need for much greater buying and
selling of real estate in India
and hence many more real estate
websites are needed to serve a market that is semi formal or informal.
Understanding Indian Realty
A large
number of middle class Indians who live in large cities own their own homes;
the number of such estimates would be difficult to arrive at yet a balanced
assessment would be that most middle class Indians own their own house in large
urban centers. Additionally middle class Indians often also own property in
their ancestral home; for instance property
in India is still evolving and many household that are regarded as poor
in cities are often wealthy landowners in their villages. Most of this rural or
semi rural property is never listed and few online portals aggressively cater
to those who are eager to buy or sell their ancestral home or agricultural
land.
Table of
content
|
Who Buys Ancestral Land
Currently
many of those who dispose of their agricultural land sell it to local
developers or to large developers if the property is near an expanding urban
center. The need for real estate websites in India that
cater to the buying and selling of such property is sorely needed. Most
transactions of ancestral land are conducted locally yet this deprives the
sellers from attaining a fair price or prevents a buyer from paying a fair
price as well. Such deals are yet unregulated and deals are often brokered
rapidly before one or the other party changes his or her mind.
Regularization of the Rural Market
The need
to sell such property in India using real estate websites is
crucial, as many Indians need to be brought under the formal economy. India, a
country of over 1 billion has less than 100 banks whereas the USA with only
four hundred million people has over ten thousand. Just as India has fewer
banks it also has too few real estate websites and which, once they are operational will bring a protective shield over rural real estate transactions
and make such deals part of the formal economy.
No comments:
Post a Comment