Leveraging Online Real Estate Sales: A Path to Efficiency and Consumer Satisfaction
Former housing secretary Durga Shankar Mishra has emphasized the importance of online property sales in the real estate sector. Speaking at a real estate conference organized by Assocham, Mishra highlighted the potential benefits of e-commerce in real estate, urging developers to embrace technology for better consumer experiences and faster decision-making.
Addressing the conference, Mishra stated, 'Today, it is the time of e-commerce. Why there cannot be e-commerce in real estate?' He argued that the adoption of technology would not significantly increase project costs but would enhance sales. Mishra drew a parallel with the hotel industry, where people can book rooms on e-commerce platforms, suggesting that real estate should follow a similar model.
Mishra stressed that prospective property owners should not have to make more than one physical visit. Technologies should facilitate the shortlisting of properties, making the buying process more efficient. The former secretary noted that the real estate sector has already benefited from the enactment of the RERA law and the stress fund 'SWAMIH.'
Mishra highlighted the critical role of the real estate sector in shaping India's urban and economic future. He estimated that the size of the real estate market could reach USD 1 trillion by 2030. Currently, the sector contributes around 13 percent to the Indian economy. 'Urbanisation is not a challenge but an opportunity to transform our cities into vibrant, sustainable hubs of growth,' Mishra said.
Gurjeet Singh Dhillon, Director (AMRUT) of the Ministry of Housing & Urban Affairs, discussed the transformational goals of the AMRUT mission. 'The AMRUT mission's priority has always been to bring transformative change in urban infrastructure, grounded in sustainability, inclusivity, and long-term service delivery. We are not merely building infrastructure; we are enabling cities to become engines of economic growth and social equity,' he explained.
Anna Roy, Principal Economic Adviser (DMA/Urban/R&N) at NITI Aayog, shared a future-focused perspective. 'From enabling robust digital public infrastructure to promoting green transitions and urban innovation, our aim is to ensure holistic economic progress. Initiatives like Transit-Oriented Development (TOD), municipal finance reforms, and capacity building at the grassroots level are crucial for creating sustainable, liveable urban ecosystems,' Roy said.
The real estate sector's adoption of online marketing and technology is not just a trend but a necessity. By leveraging these tools, developers can streamline their processes, improve consumer satisfaction, and contribute to the nation's economic growth. As India continues to urbanize, the role of technology in real estate will become increasingly important, promising a future where property buying is more efficient and accessible for all.
