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Mumbai Real Estate: Only 11% prefer broker service while purchasing house reveals report
The Free Press Journal  |  February 19, 2020

Sweety Adimulam Mumbai

No-broker.com one of the largest and leading ‘peer-to-peer’ real estate portal, in its report titled ‘India Real Estate Report 2019,' has revealed that only 11 per cent of consumers are willing to purchase a property through a middleman. This rising trend of the online portal has increased because it gives consumers greater control to search for homes instead of depending on brokers.

 

The report further mentioned that with an inventory of properties being available and the option of contacting the owners directly, buying a house through a broker has seen a decline of 11 per cent against 14 per cent in 2018. Moreover, the report revealed that 35 per cent people prefer to find a house through friends and relatives, 28 per cent via real estate websites (uptake from 15 per cent in 2018) and 26 per cent via To-Let boards.

 

Interestingly, this has led to a saving of Rs 1,154 crore in brokerage in 2019 across Mumbai, Bangalore, Pune, Chennai and Hyderabad.

 

Saurabh Garg, co-founder and chief business officer, No broker.com, speaking to the Free Press Journal commented, "It is a positive move. Also, the prices of properties are stagnant for the last few years and the interest rates on home loans are low now, which are the driving factors for home buying trends in the market in 2020. Also, a large percentage of people are interested to buy a ready to move in property. Eventually, when a home buyer makes a decision, they reach the online media for their search. An online real estate portal gives a lot of options and the buyer can filter their requirement accordingly."

 

Explaining this he stated that, for instance, if a buyer wishes to buy a property in Bandra, he can just filter the desired location, the price range and he will see a range of properties, which might not be the case when he physically hunts for a property. Also, the broker would only prefer to show those properties in which he might have a profit share. In such cases, the home buyer will have ive houses to choose from. This will be prevented while looking for a property online.

 

Besides this, the report has also found that good water supply and proximity to public transport are the most important factors while buying a house. About 83 per cent of people considered water as the most important need and about 59 per cent of people replied that public transport is a major factor while buying a house. Similarly, 58 per cent of people have cited the availability of car parking as one of the key factors when looking for accommodation.