The demand continues
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The rising interest rate on home loans is hardly a dampener, as the recent makaan.com property show in the city proved. A report by SUDHINDR A.B.
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Perennial demand: Bangalore ranks among the top three property hotspots in the country
Though the Indian real estate market is witnessing corrections on the price front, now is the right time to buy property, feels Anupam Mittal, Chairman and Managing Director of People Group, the parent company of Makaan.com, the online real estate portal.
Speaking after inaugurating the Makaan.com Property Show in Bangalore recently, he said that there will be huge demand for housing units in the near future and the rising interest rate on home loans will not delay the decision-making of property buyers.
Mr. Mittal said that Bangalore is experiencing a rapid need for increase in infrastructure. As per Makaan.com data, the city ranks among the top three property hotspots in India. Every month the website gets over 1.22 lakh users, who are looking for property in Bangalore.
“Bangalore is a burgeoning real estate market with young professionals flocking to the IT city in search of career fulfilment. Our show aims to cater to the housing needs of these upwardly mobile groups, and we are looking at providing them with a platform to enable them to engage in a meaningful discussion with property sellers.”
He said Makaan.com was conceived to explore and invent opportunities in the online real estate space, and has within months of its launch managed to attract more than 8.6 lakh visitors every month.
The portal is committed to helping users make wise and profitable decisions related to buying, selling, renting and leasing of property in India and key global geographies.
Host of services
The site aims to be user friendly, and has recently launched ‘Makaan Mobile,’ India’s first SMS-based mobile application for property sellers. Other services include ClickPay, which enables a property seller to list multiple property in one ad; and a unique rating system, where users rate the property listed on the site.
The portal has pan-India presence, with offices in Delhi, Mumbai, Kolkata, Bangalore, Chennai, Hyderabad, Ahmedabad, Pune, Chandigarh, Jaipur, Kochi, Vishakapatnam and Vijayawada.
“What really makes Makaan.com different is its commitment to understand the needs and concerns of individuals, brokers and builders, and provide them a common platform for realising maximum benefits from real estate,” Mr. Mittal said. The business of online real estate portals will touch Rs. 200-Rs. 300 crore in the next couple of years, he added.
Easy-to-use interfaces
According to Aditya Verma, Business Head of Makaan.com, the site gives customers complete control through easy-to-use interfaces and features that can help them identify, filter and contact potential buyers and sellers.
The average age of property buyers now is 26 and only 13 per cent of Makaan.com visitors prefer individual houses or villas and the rest look for flats or apartments.
At the Bangalore show, 45 developers had showcased over 200 property options. Prices ranged from Rs. 5 lakh to Rs. 5 crore. Property seekers had many options — plots, villas and apartments.
Developers at the show had also showcased multiple projects in Hyderabad, Mysore and Goa.
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