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Google Confidential and Proprietary

Organized Real Estate Market in India will


double by 2017
$140 Bn

2x

75%

Residential

$79 Bn

25%

Commercial
2013

2017
Google Confidential and Proprietary

Source: FICCI-EY Indian Real Estate Report 2013

Market will be deeply impacted by increasing


internet adoption in India
Study Objective
Estimate Impact of internet on
growing real estate market
Understand consumer
behavior in pre purchase
phase

15 cities

6196 respondents

Residential buying

Residential renting

Commercial renting
Google Confidential and Proprietary

Google Confidential and Proprietary

53%

of real estate transactions are inuenced by internet today

Source: Zinnov research

$43Billion

Google Confidential and Proprietary

Internet is a key inuencer in real estate research


Top Information Sources
for Real Estate Research*

53% respondents choose internet

among the Top 3 medium for real estate


research

24% of respondents choose

internet as their rst choice for real estate


research

Source: Zinnov research

Print

54%

Internet

53%

Sales/
Broker
Oce
Visits

52%

Referrals

50%

TV

27%

Out of
Home
Ads

25%

Google Confidential and Proprietary

*Indicates selection of the media in Top 3 choices for research

Survey Question: Which of the following information sources you refer to for research on real estate? (

Residential
Real Estate :

Commercial
Real Estate :

Source: Zinnov research

Impact of Internet equally signicant in


commercial and residential sectors
% Real Estate Market Inuenced by Internet1

- By Volume

- By Value

%age respondents
choosing internet
as top medium for
research

%age value of properties


sought by respondents
choosing internet as top
research medium

52%

52%

Indian Real Estate


market Size2 (INR)

USD 59Bn

Total Real Estate Market


Inuenced By internet

USD 31 Bn

USD 43 Bn
59%

63%

USD 20
Bn

USD 12 Bn

Google Confidential and Proprietary

Note: 1Calculated on the basis of unbiased survey sample (n=1519); 2FICCI Report - September 2013

Consumers are getting more reliant on


internet for real estate information search
Indexed query volumes - Google.co.in

3.5
3
2.5

3.0x

2
1.5
1
0.5
0

Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013

1 in 2 are searching to buy property


Google Confidential and Proprietary

Source: Google Search Queries

Half of the residential buyers are indierent to


new or resale property
By Type of
Real Estate Requirement

Residential
Renting

By Category Of Property
Under Consideration For Buying

Indierent

26%

47%

23%

Resale Property

Residential
Buying

74%
0%

20%

Residential Buying

40%

60%

Under
construction
Property

30%
0%

80%

Residential Renting

10%

Indierent
Resale Property

Source: Zinnov research

20%

30%

40%

50%

Under construction Property


Google Confidential and Proprietary

Mobile is already big :

Mobile queries doubling every year

2x

Source: Google Search Queries

40%

Searches are on Mobile

Google Confidential and Proprietary

Devices leveraged for real estate research


Devices used across for online research across
Tier 1 & Tier 2

Devices used across Age groups

Device used for online


research

Top Metro

Small Metro

Age Group

25-35
Years

36-45
Years

46-60
Years

60+
Years

Desktop / Laptop

91%

86%

Desktop / Laptop

90%

86%

88%

89%

Smartphones

55%

55%

Smartphones

57%

54%

50%

26%

Devices used based on annual income


Buying and Renting
Age Group

Less than INR 5 Lacs to More than


INR 5 Lacs
21 Lacs
INR 21 Lacs

Devices used based on annual turnover


Commercial
Age Group

Less than INR INR 25 Lacs to 5 More than INR


25 Lacs
Cr
5 Cr

Desktop / Laptop

90%

88%

85%

Desktop / Laptop

90%

85%

91%

Smartphones

37%

56%

69%

Smartphones

54%

67%

69%

Google Confidential and Proprietary


Source: Zinnov research

Survey Question: Which of the following devices do you use for online real estate search?

11

App usage is signicant among mobile users


60+
0.2%

73%

of people using mobile


for real estate
research do it through
an App

46 - 60
12.7%

25 - 35
47.0%

App usage by age group

36 - 45
40.1%

App usage evenly


distributed through
age group 25 - 45
Source: Zinnov research

Google Confidential and Proprietary

Aggregator Websites/Apps are the most preferred


destination for real estate research
Most useful digital assets for online research (excluding web search) - %age of respondents

62%

52%

49%

Aggregator Websites

*Builder/ Developer Web/


microsites

Super Broker Website

Source: Zinnov research

Survey Question: Which online information medium would you rate as most useful for research? (excluding web search) (n = 4489)
*Applicable only for residential buying respondents (n=1740)

45%
Real Estate Blogs and Forums

Google Confidential and Proprietary

Online Assets Which Researchers Find Most Engaging 1/2


Residential Buying
59%

Websites of aggregators (such as 99acres.com,


magicbricks.com etc.)

52%

Builder/ developer's own website/ project microsites

47%

Residential Renting

Commercial Renting

60%

Websites of aggregators (such as 99acres.com,


magicbricks.com etc.)

70%

Websites of aggregators (such as 99acres.com,


magicbricks.com, etc.)

55%

Blogs/review forums

48%

Website of the brokers/ agents

51%

Website of the brokers/ agents

47%

Blogs/review forums

44%

Online advertisements

40%

Online advertisements

29%

Property and related videos

34%

Property and related videos

Brokers/ agents website (proptiger, superhomes, etc.)

33%

Blogs/review forums

31%

Online advertisements

22%

Property and related videos

Source: Zinnov research

Google Confidential and Proprietary


Survey Question: Which online information medium would you rate as most useful for research?

14

Online Assets Which Researchers Find Most Engaging 2/2


Residential Buying
Top Metro
62%
54%
47%

Small Metro
56%

Website of aggregators
Builder / Developer Websites

49%

Brokers / Agents website

47%

29%

Blogs / Review Forums

37%

Online Advertisements

19%

Residential Renting

Property and related videos

37%
24%
25%

Top Metro
64%
50%
56%
48%
30%

Residential Buying
Awareness /
Research Stage
55%
51%
45%

Website of aggregators

Brokers / Agents website

48%

29%

Online Advertisements

22%

63%

Property and related videos

Source: Zinnov research

32%
32%
21%

Small Metro
65%

Website of aggregators

56%

75%

Website of aggregators

Blogs / Review Forums

60%

53%

Brokers / Agents websites

42%

Brokers / Agents website

45%

46%

Blogs / Review Forums

47%

Online Advertisements

40%

48%

29%

32%

Property and related videos

Awareness /
Research Stage

Evaluation
Stage
52%

Blogs / Review Forums

Top Metro

Small Metro

Residential Renting

Builder / Developer Websites

34%

Commercial Renting

Online Advertisements

30%
37%

Property and related videos

Commercial Renting

Evaluation
Stage
64%

Awareness /
Research Stage
67%

Evaluation
Stage
74%

Website of aggregators

56%

Website of aggregators

59%

Blogs / Review Forums

52%

45%

Brokers / Agents websites

50%

45%

Brokers / Agents website

57%

50%

Blogs / Review Forums

43%

45%

Online Advertisements

28%

Property and related videos

43%
31%

38%
33%

Online Advertisements
Property and related videos

41%
35%

Google Confidential and Proprietary

15

Survey Question: Which online information medium would you rate as most useful for research?

In depth property information and price comparison


are key reasons for consumers researching online

49%

52%
Ease of comparison/
Large variety of option

60%

Top Reasons
For
Online Research

Easy access to in-depth


property information
and market trends

Source: Zinnov research

Easy access to contact details


of owners, developer etc.

43%
Financing and document
processing information

Google Confidential and Proprietary

Key Reasons for Online Real Estate Research 1/2


Residential Buying

Residential Renting

Commercial Renting

61%

Easy access to market trends and in-depth property


information

60%

Easy access to market trends and in-depth property


informa9on

57%

Easy access to market trends and in-depth property


information

52%

Large variety of options/ease of comparison

55%

Large variety of op9ons/ease of comparison3

49%

Large variety of options/ease of comparison

49%

Easy access to contact details (Broker, developer etc.)

52%

Easy access to contact details (Broker, developer etc.)

49%

Easy access to nancing and document processing


information

41%

Easy access to nancing and document processing


information

43%

Easy access to document processing informa9on

46%

Easy access to contact details (Broker, developer etc.)

31%

Access to reviews and blogs

32%

Access to reviews and blogs

28%

Access to reviews and blogs

18%

Options to book property online

16%

Op9ons to book property online

21%

Options to book property online

Source: Zinnov research

Google Confidential and Proprietary


Survey Question: What are the key reasons for using online mediums for real estate related information/ research?

17

Key Reasons for Online Real Estate Research 2/2


Residential Buying
Top Metro

Small Metro

65%

Easy access to market trends

59%

Large variety of options

51%

Easy access to contact details

39%
31%
16%

Residential Renting

Easy access to nancing information


Access to reviews and blogs
Options to book property online

Top Metro

58% 60%

Commercial Renting

Small Metro

Top Metro

Small Metro

Easy access to market trends

61% 62%

Easy access to market trends

44% 60%

Large variety of options

49% 53%

Large variety of options

44%

45% 52%

Easy access to contact details

46%

Easy access to contact details

42%

49%

Easy access to nancing information

50%

43%
30%
20%

39%
32%
18%

Residential Buying

52%

Easy access to nancing information

46%
33%

Access to reviews and blogs


Options to book property online

15%

27%
23%

Residential Renting

Awareness /
Awareness /
Evaluation
Research Stage
Research Stage
Stage
Easy access to market trends
Easy access to market trends
58%
65% 58%

Access to reviews and blogs


Options to book property online

51%

35%
18%

Commercial Renting

Evaluation
Stage
63%

Awareness /
Evaluation
Research Stage
Stage
Easy access to market trends
60%
53%

53%

Large variety of options

50% 52%

Large variety of options

58% 52%

Large variety of options

45%

48%

Easy access to contact details

49% 50%

Easy access to contact details

53% 45%

Easy access to contact details

48%

Easy access to nancing information

46%

39%
33%
18%

Easy access to nancing information


Access to reviews and blogs
Options to book property online

Source: Zinnov research

43%
28%
18%

46%
36%
15%

Easy access to nancing information


Access to reviews and blogs
Options to book property online

39%
29%
18%

53%
32%
20%

Access to reviews and blogs

25%

Options to book property online

21%

Google Confidential and Proprietary


Survey Question: What are the key reasons for using online mediums for real estate related information/ research?

18

Key Challenges Faced by Users while Researching Online 1/2


Residential Buying
59%

Unavailability of owner contacts / Imposters

52%

47%

Incorrect/outdated information

Relevant portals/ websites are dicult to identify

37%

Unavailability of information (such as locality,


amenities etc.)

33%

Leakage of Personal Information (such as name,


contact number etc.)

15%

Dicult to navigate through information

Source: Zinnov research

Residential Renting
51%

59%

43%

42%

40%

29%

Unavailability of owner contacts / Imposters

Leakage of Personal Information (such as name,


contact number etc.)

Commercial Renting
37%

Unavailability of information (such as locality,


amenities, neighboring occupants, legal status etc.)

37%

Unavailability of owner contacts / Imposters (brokers


pretending as individuals)

35%

Leakage of Personal Information (such as name,


contact number etc.)

31%

Low availability of commercial rental posts

29%

Relevant portals/ websites are dicult to identify

28%

Incorrect/outdated information

28%

Lack of human/personal connect

21%

Dicult to navigate through information

Relevant portals/ websites are dicult to identify

Unavailability of information (such as locality,


amenities etc.)

Incorrect/outdated information

Dicult to navigate through information

Google Confidential and Proprietary


19
Survey Question: What are the challenges with respect to online research for real estate?

Key Challenges Faced by Users while Researching Online 2/2


Residential Buying
Top Metro
59%
56%
43%
40%
35%
16%

Residential Renting
Small Metro

Unavailability of owner contacts


Incorrect / Outdated Information
Dicult to Identify Relevant portals /
websites
Unavailability of information
Leakage of Personal Information
Dicult to navigate through
information

Top Metro

59% 56%

Small Metro

Unavailability of owner contacts

47%

42%

Leakage of Personal Information

50%

43%

Dicult to Identify Relevant portals /


websites

34%
30%
13%

43%
50%
27%

Residential Buying

Commercial Renting

Unavailability of information
Incorrect / Outdated Information
Dicult to navigate through
information

46%
57%
43%
41%
30%
31%

Residential Renting

Commercial Renting

Awareness /
Evaluation
Awareness /
Evaluation
Research Stage
Stage
Research Stage
Stage
Unavailability of owner contacts
Unavailability of owner contacts
59% 50%
52%
58%
51%
44%
37%
35%
13%

Incorrect / Outdated Information


Dicult to Identify Relevant portals /
websites
Unavailability of information
Leakage of Personal Information
Dicult to navigate through
information

Source: Zinnov research

53% 50%
49%
37%
30%
16%

43%
43%
39%
27%

Leakage of Personal Information


Dicult to Identify Relevant portals /
websites

49%
43%

Unavailability of information

41%

Incorrect / Outdated Information

42%

Dicult to navigate through


information

Top Metro
Small Metro
Unavailability of information
41%
32%
Unavailability of owner contacts
40%
33%
Leakage of Personal Information
31%
40%
Low availability of commercial rental
37%
25%
posts
Incorrect / outdated information
34%
21%
Lack
of
human/personal
connect
30%
26%
Dicult to identify relevant portals / websites
28%
31%
22%
21%
Dicult to navigate through information

30%

Awareness /
Evaluation
Research Stage
Stage
Unavailability of information
36%
38%
Unavailability of owner contacts
39%
34%
Leakage of Personal Information
29%
42%
Low availability of commercial rental
35%
27%
posts
Incorrect
/
outdated
information
27%
28%
Lack of human/personal connect
30%
26%
Dicult to identify relevant portals / websites
29%
30%
20%
23%
Dicult to navigate through information
Google Confidential and Proprietary

Survey Question: What are the challenges with respect to online research for real estate?

20

High perceived gap by consumers across aggregator


and developer sites in fullling their need
Developers

Online Brokers

Aggregators

Availability of in-depth
property information

Ease of
price comparison

Accuracy of contact
details of owners/
builders

Source: Zinnov research

Google Confidential and Proprietary

Consumer expectations for residential buying


Developers

Brokers

54%

Accurate Price/feature comparison ( with other


available options)

57%

Accurate Price/feature comparison ( with other


available options)

51%

Up to date information (such as pricing, construction


progress etc.)

47%

33%

Veried brokers/agents contact details

32%

Up to date Maps/oor plans/site plans

28%

55%

Accurate Price/feature comparison ( with other


available options)

Accurate information on buying processes

52%

Accurate property details (such as pricing, level of


furnishing, photos, etc.)

44%

Up to date available properties & information

41%

Accurate broker/owner contact details

39%

Credible reviews from existing customers

41%

Accurate information on buying processes

27%

Up to date Maps/oor plans/site plans

27%

Mobile friendly websites/mobile apps

26%

Mobile friendly websites/mobile apps

26%

Up to date Maps/oor plans/site plans

17%

Online expert chat options

17%

Online expert chat options

Updated nancing information

25%

Mobile friendly websites/mobile apps

23%

Up to date Property videos/pictures

15%

Online expert chat options

Source: Zinnov research

Aggregators

Google Confidential and Proprietary

Survey Question: What are your top expectations from aggregators /brokers/owners/developers regarding their online presence?

22

Consumer expectations for residential renting


Brokers

Aggregators

40%

Up to date available properties & information

58%

Accurate Price/feature comparison ( with other available options)

26%

Mobile friendly websites/mobile apps

53%

Accurate property details (such as pricing, level of furnishing, photos, etc.)

62%

Accurate Price/feature comparison ( with other available options)

46%

Accurate information on renting processes

16%

Online expert chat options

29%

Up to date broker/owner contact details

40%

Credible reviews from existing customers

24%

Mobile friendly websites/mobile apps

41%

Provide information on renting processes

26%

Up to date Maps/oor plans/site plans

25%

Up to date Maps/oor plans/site plans

14%

Online expert chat options

Source: Zinnov research

Google Confidential and Proprietary

Survey Question: What are your top expectations from aggregators /brokers/owners/developers regarding their online presence?

23

Consumer expectations for commercial renting


Brokers

Aggregators

44%

Accurate Price/feature comparison ( with other available options)

45%

Accurate/Validated property details (such as pricing, level of furnishing, photos,


etc.)

34%

Highlight experience through previous projects/ customer testimonials

40%

Accurate Price/feature comparison ( with other available options)

33%

Publish photos and videos of available properties

37%

Relevant posting based on vertical specic requirements e.g. retail,


manufacturing, auto

31%

Provide information on leasing processes

27%

Highlight broker experience through previous projects/ customer testimonials

30%

Up to date available properties & information

24%

Up to date broker/owner contact details

27%

Mobile friendly websites/mobile apps

24%

Up to date Maps/oor plans/site plans

25%

Quick reverts on call back requests

23%

Mobile friendly websites/mobile apps

24%

Up to date Maps/oor plans/site plans

22%

Provide information on leasing processes

12%

Online expert chat options

15%

Online expert chat options

Source: Zinnov research

Google Confidential and Proprietary

Survey Question: What are your top expectations from aggregators /brokers/owners/developers regarding their online presence?

24

How big is the impact of internet


on real estate ?

Google Confidential and Proprietary

Consumers contributing to 89% of real estate


business by value are online today
Real estate Value Share (%)

11%
Transaction by
< 5L INR Household
Income

Transaction by
> 5L INR Household
Income

Source: Zinnov research

89%

The target audience is already online

Google Confidential and Proprietary

Demand for costlier residential properties is


concentrated among people with annual family income
over 21 Lacs
55%
50%

44%

40%

38%
29%
19%
5%

3%

0%
Less than INR 5 Lacs

Source: Zinnov research

15%

INR 5 Lacs to 21 Lacs

2%
More than INR 21 Lacs

Less than INR 25 Lacs

Between INR 25 Lacs and INR 50 Lacs

Between INR 50 Lacs and INR 1 Crore

More than INR 1 Crore

Google Confidential and Proprietary

1 in 4 users rate internet as their rst preferred


destination for real estate research
Top 3 Choices for Real Estate Research:

Print

54%

Internet

53%

Sales broker
or Oce visit

52%

# Percentage of respondents ra9ng print/internet/broker in top 3 preference


*Indicates selection of the media in Top 3 choices for research
Survey Question: Which of the following information sources you refer to for research on real estate? (Rank top 5) (n=1519)

Source: Zinnov research

Google Confidential and Proprietary

Inuence of internet is as strong for


tier-II consumers as tier-I

57%
48%
Source: Zinnov research

of Tier 1 buyers inuenced by digital

of Tier 2 buyers inuenced by digital

Google Confidential and Proprietary

Use of internet in real estate research


Internet as Top 3 By Value of Property

Internet at Top 3 By type of City


64%
57%

62%
56%

55%

54% 53%

45%

42%

49%

52%

Less than INR


25 Lacs
Between INR
25 Lacs and
INR 50 Lacs

65%

Metros

Small Metros

Between INR
50,000 and
INR 250,000

More than
INR 25,000

More than
INR 250,000
Commercial Renting

Internet as Top 3 By Gender

78%

59%

61%
49%
42%

Less than INR


50,000

Between INR
10,000 and
INR 25,000

Residential Renting

Residential Buying

Internet as Top3 By Age


55%

More than INR


1 Crore

Residential Renting Comemrcial Renting

52%

Less than INR


10,000

49%

Between INR
50 Lacs and
INR 1 Crore

Residential Buying

72%

59%

42%

49%

43%

20%

49%

50%

59%
52%

51%

50%

20%

0%
Residential Buying

Source: Zinnov research

Residential Renting

25-35 Years

36-45 Years

46-60 Years

Comemrcial Renting

60+ Years

Residential Buying

Residential Renting

Female

Comemrcial Renting

Male

Google Confidential and Proprietary

Survey Question: Which of the following information sources you refer to for research on real estate?

30

Use of internet in real estate research


Internet at Top 3 By Education Level

49%

47%

59%

70%

63%

61%

Internet as Top 3 By Location preference of property


53%

59%

53%

54%

56%

58%

54%

47%

In the Current City of


Residence

37%

34%

In the Current City of


Operations

50%

Outside India

Outside the Current City of


Residence

Residential Buying

Residential Renting Commercial Renting


0%

Matriculation and above (but not graduate)


Graduate
Post Graduate

Buying

Renting

61%
46%

Residential Buying
Less than INR 5 Lacs

Source: Zinnov research

57%
50%

56%

56%

Outside the Current City


of Operations (in India)

More than INR 21 Lacs

60%

67%

Commercial Renting

Residential Renting
INR 5 Lacs to 21 Lacs

Commercial Renting

Internet as Top 3 By Annual Turnover

Internet as Top 3 By Annual Income


49%

Not Particular About the


Location

Less than INR 25 Lacs

INR 25 Lacs to 5 Cr

More than INR 5 Cr

Google Confidential and Proprietary

31

Survey Question: Which of the following information sources you refer to for research on real estate?

There is a huge consumer base in next 10 cities


already searching for properties online
Top cities searching for real estate:

Chandigarh
57%

New Delhi
57%

Pune
Lucknow
Jaipur
Indore
Chandigarh
Coimbatore
Nagpur
Kanpur

350%

Query Growth
in last 3 Year

Jaipur
51%

Kanpur
43%

Ahmedabad
47%
Surat
48%
Mumbai
66%
Bangalore
52%

Pune
58%

Indore
51%

Lucknow
38%
Kolkata
65%

Nagpur
51%

Hyderabad
62%

Surat
Ahmedabad
Source: Zinnov research, Google search queries

Chennai
48%

Google Confidential and Proprietary

What does this mean for us ?

Google Confidential and Proprietary

Online Aggregators & Brokers


Focus on mobile assets

Think beyond Tier 1 cities

Build rich and

Focus on both primary and

engaging content

secondary

Google Confidential and Proprietary

Builders and Developers


Develop web &

Oer more

mobile presence

immersive experience online

Build engaging content

Leverage online to
amplify your brand

Google Confidential and Proprietary

Google Confidential and Proprietary

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