Should we buy property online?

The concept of buying property online is fast increasing in India. With the population of internet savvy people on an increase, there is an increase in this trend as well. However, there are some of us who may wonder if we should go in for buying property online? Let us check out the process and the pros and cons of buying property online.

The process of buying property online

Listing of properties by brokers and builders on the various property portals is a common thing. Normally a buyer will go through the list on the website and will get in touch with the builder or the property dealers in person to check out the property and finalise the terms and conditions. However, when you buy properties online you are actually making an online purchase just as you would buy other products on an e-commerce website. These properties are listed on an e-commerce website and you can make the purchase from the comfort of home. You have to select the property, add it to the shopping cart and make the online payment of the token amount. Once you get a confirmation about the payment the advertiser will get in touch with you for completion of all the formalities and legalities.

Advantages of buying property online

• You stand a good chance of earning a huge discount. The reason being the builders and developers offer fat commissions to the property dealers or brokers for booking of their homes. When these developers list their property on an e-commerce portal they save on the commission that needs to be given to the broker. This benefit they pass on to their customers who buy property online. 
• Besides online buying makes it easy for a person to book a property in Delhi NCR by sitting in his home in Mumbai. 
• Buyers also get the advantage of multiple options. There are so many properties listed on the e-commerce website. You can compare the different properties online and select the best online property which suits your requirement and budget.

 

Disadvantages of buying property online

• The booking amount is non-refundable. So in case you do not like the property and want to cancel the deal for any reason, remember that you will not get back the booking amount that you paid online.
• When you select a property online you are not given any choice for the floor or the flat or the tower in the complex where you would like the property. For this, you need to get in touch with the developer in person. Time and again developers offer those properties which are not getting sold out due to certain drawbacks. Obviously, you cannot find out how a particular property in Delhi NCR looks like by surfing the net.
• The e-commerce website does not take any liability of the deal and there is no clarity on the approval of the project, loan approvals etc.

We have to understand that this is a fairly new concept that is entering the Indian property market. The Indian property market is already a tricky and difficult place. Therefore, one needs to measure all the pros and cons before buying a property online.