We examine the various factors that need to be kept in mind, before buying a property through a builder’s digital platform.
Digitization is gradually gripping the entire marketplace. White goods, garments, and groceries have grabbed a sizable market share through online platforms, have you ever imagined that an entire property could be sold on a digital platform one day? Some developers have started selling their units through their digital platforms. The question is, is it beneficial for you to buy a property online? Let us find out the various factors that need to be kept in mind, before buying a property through a builder’s digital platform.
Key features of digital platforms offered by developers
“Customers can enjoy the convenience of experiencing the property from the comfort of their homes. Online sales platforms enable the entire purchase process online, by leveraging contactless transaction infrastructure, including virtual meetings, online product experience, selection of apartments, and digital documentation and payments. Moreover, we have also seen customers collaborating with their families in different geographies, to experience the virtual visit,” explains Vimalendra Singh, chief sales and service officer, Mahindra Lifespace Developers Ltd.
Digital platforms are based on virtual experiences. You can visit the property virtually from your home or office. The platforms allow a closer view of the property to the prospective buyers. The experience is undoubtedly better than a video. However, it may still lack the feeling of visiting a property physically. Nevertheless, a digital platform can help screen serious home buyers from the shoppers. Once the buyers make up their minds after the virtual experience, they go ahead with the deal. Digital platforms make the entire home-buying process seamless and nearly paperless. This process is new for home buyers and with huge transaction sizes, they may find it difficult to completely detach from the age-old physical transaction process.
Legal challenges when buying a home through a digital platform
Venkat Rao, a founder, of Intygrat Law Offices LLP, points out that “Although digital platforms have made it easier for the developers to reach a larger segment of home buyers, physical interactions remain a challenge, especially for verification of land title, project approval, and the stages of development. Even in courts, the documentary evidence substantially relies on physically-executed documents/agreements. Further, in spite of the fast growth of the internet, a vast segment of the Indian population is not acquainted or comfortable with digital transactions. Even the registration of the builder-buyer agreement, conveyance deed, etc., need to be physically executed before the concerned sub-registrar.”
Experts believe that in most cases, buyers may find it convenient to shortlist properties online and experience their look, before visiting offline. A unified digital platform that allows instant home loan approval and filing an online application for home buying, can save time and bring transparency to the entire transaction.