THE GOVERNMENT’S ONLINE MARKETPLACE TO BOOST DEMAND IN REAL ESTATE |
Posted: January 16, 2020 |
The real estate sectors in India have been on the verge of recovery towards the New Year. The government of India has developed various initiatives to rebuild the status of real estate by providing financial funds and setups to developers. These sectors have received a lot of financial help in the past few months leading to the month of January 2020. The New Year has shown great promise for the real estate of India to boost various structural projects that would increase consumer’s demand and confidence. Amongst the support and strategies used by the government of India to restore the real estate sectors, the launch of an online house marketplace is on the rise. India’s ministry of housing and urban affairs has recently launched its newly reformed online marketplace that would include selling of certified real estate property online. This initiative is to restore back transparency and consumer trust in relation to the falling sector in India. The housing for all market place would be open to real estate developers. Due to the fall in the sales of housing sectors, the government hopes to increase demand through this efficient and effective process. The government would also be offering a guarantee of recovering money for all the purchases done through the online marketplace. The housingforall.com website was announced on January 14th and will be operating like any other real estate marketing website. The state-run portal installed would only limit itself to properties that have a valid occupancy certificate (OC’S) according to the governmental policy. The website would offer prospective buyers the luxury of going through the complete inventory. It would also be offering basic information that buyers would need to make a purchase such as room dimensions, external views, floor plan, along with video tours. The online platform continues to grow and show great prospects for housing for all initiatives. The government believes it would bring a positive sentiment and also make buyers confident in purchasing real estate properties online. In effect, it would improve liquidity flow in the real estate industry. This would, in turn, contribute to the growth of gross domestic products (GDP). The real estate in India in the previous years hit a huge fall in demand. The housing sectors fell by 10 percent during the month of July to September 2019. Technology is going to help advance the real estate sectors in India. The real estate tech sector is constantly evolving to accommodate these kinds of models. As the government of India promotes HousingForAll, it will also be competing with these tech companies and others. The hope is that the official portal restores trust in the real estate market and boost demand. Mohit Kamboj is the author of this article. Find more information about Mohit Kamboj.
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