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With real estate beginning to become one of the imperative pillars in the financial market, the government has announced the launch of an e-commerce platform around January 15, 2020, on the auspicious occasion of MakarSankranti.
After the implementation of the Real Estate Regulation and Development Act (RERA)in 2017, the real estate market has witnessed a paradigm shift as it has incorporated more accountability and transparency. Moreover, there has been a standardization of practice along with unified legal norms for property buying. Thus to take a step forward after RERA, the central government is further willing to simply the property buying process in India by introduction an E-Commerce platform.
This e-commerce platform will act as the first point of contact for the interest homebuyers across the country. On this platform investors can browse the various projects that have received an occupancy certificate and will have every detailed specification like price, size, location, infrastructure, etc. about the project.
Two major national real estate developers National Real Estate Development Council (NAREDCO) and Confederation of Real Estate Developers Association of India (CREDAI) have collaborated to build this platform in order to make property buying as easy as buying goods on Amazon and Flipkart. It will also allow buyers from across the globe to invest and purchase property in any part of India.
Although buyers can continue their purchase of residential abodes and commercial hubs via online through this platform, it will be the responsibility of NAREDCO to instigate the sale. Besides selling and purchasing, the e-commerce platform for real estate will also serve valuable information to the buyers regarding the laws and orders that have been passed by RERA throughout the country.
The information about RERA is available locally but this platform will serve as a guide to up brace the buyers about the recent development made, thereby bringing best practices of property buying under one roof. Furthermore, buyers will also get updated information about any new upcoming or ongoing real estate projects in any part of the country by simply browsing on this platform. It reduces the need for middlemen or any agencies in providing the latest real estate information.
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