Online real estate business at 3 pc, growing over 100 pc annually

Kolkata: The online real estate portals have been able to garner around three per cent of the total industry transactions but the eastern region was fast catching the trend.

"The market share for online real estate market was 0.5 per cent 2-3 years back and now it has grown to 3 per cent," India Property Online Regional Manager (East) Srinivas Verma told PTI here.

The share of eastern India on the online medium for property transactions was low compared to west, north and south. "It is low compared to other regions, but the same is growing at a healthy pace," Verma said.

He said though the share of online transactions in the total real-estate market was small, "we are hopeful that it will grow sharply with the awareness we are aiming at."

The company which managed indiaproperty.com, an online property portal, was running its first property show, Grihapravesh, here. "We expect booking from this fair to be around Rs 20 crore," Verma said.

He said at the time when the sector was under stress such events bringing both buyers and developers helped in decision making by potential buyers.