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Housing ministry launched e-commerce platform for real estate sector

IBEF:  January 16, 2020

Housing ministry introduced an e-commerce platform to assist the homebuyers in identifying genuine properties.

This platform is built for those projects which have received occupancy certificates (OCs) and are expected to create a smooth, safe and transparent home-buying experience for home buyers. This is expected to create a positive sentiment for the real estate industry, enhancing the confidence and faith amongst home buyers, increasing liquidity flow in the industry and thus, contributing to growth of the economy.

After the launch of the portal, initially the first month will be open for the real estate developers to register their projects only after which the portal will be available for home buyers with a 45-day sale period starting from February 14, 2020.

The aim is to bring transparency in the sector and provide only certified projects.

"The sector has gone through turbulent times so far. With improving sales and a recovery that we have witnessed in the past year, it is time that the industry joins hands and helps the consumer quickly make a purchase decision. The portal is designed for the all industry stakeholders with a powerful backend platform which manages and displays the most accurate inventory data in the market, and allows buyers to book their flats directly online," said Mr Niranjan Hiranandani, national president of National Real Estate Development Council (NAREDCO).

The portal 'HousingForAll.Com', will aid the buyers in accessing best priced inventory by builders for a limited time to take full advantage of best pricing. The complete list information consisting of floor plans, room dimensions, video tours of units and external views looking out from windows / balconies will be available for buyers. 

They will also be able to directly book a unit from the portal with a refundable payment of only Rs 25,000 (US$ 357.70). 'Money Back Guarantee' will also be available for buyers, where their initial deposit made on portal is fully secured and completely refundable in case buyer decide not to purchase the unit. A notification will be sent to the customers if any units they have shortlisted are already sold.

"The rising levels of transparency and professionalism in the India's real estate market has made it attractive for domestic as well as global investors. HousingForAll.Com is yet another effort in garnering support of today's smart consumer, who wish to buy in quality projects. This way, developers have a platform, where homebuyers will have an option to buy from some of the finest projects of reputed developers," said Mr Rajeev Talwar, Chairman, NAREDCO.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.