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Mumbai Real Estate Only 11 prefer broker
service while purchasing house reveals report
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. 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."
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Explaining this he stated that, for instance, if
a buyer wishes to buy a property in Bandra, he
can just filter the desired location, select 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
selective 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.