on 15, Dec 2014

CHENNAI: Clothes, books, electronics or even diamond jewellery are now passe. Indians are now making large-ticket purchases online – cars, apartments or plots of land – if the ongoing Great Online Shopping Festival (GOSF) is anything to go by.

Over 500 houses were sold online during the three-day festival this year.

And that too, in the dead of the night – yet another demonstration of the Indian consumers’ affinity towards discount sales ad desire to jump at discount offers.

According to Google, real-estate company Brigade Group recorded its first sale at 1am, an hour after the GOSF was opened.


While the GOSF featured real estate products last year as well, the sector has seen demand on a much larger scale this year.

Real estate developer Puravankara has sold over 125 homes within the first 12 hours of the shopping event, and Tata Value Homes has secured over 10,000 registrations for their homes across five projects in Bangalore, Chennai, Pune, Ahmedabad and Boisar near Mumbai.

Companies like Casa Grande Arena and Divyasree Hub6 also sold property online during the event.

Until a few months ago, sale of products like diamond jewellery and cars online resulted in some raised eyebrows, but the e-commerce industry in the country has matured to the extent that such high-priced purchases will soon become the norm.

Both e-commerce portals and real-estate developers are also improving their online portals and features to support this. Companies are, for instance, making payment processes easier and are offering steep discounts on registrations.

“We have been partnering with portals for over seven years now. Earlier, they were only listing properties but now they have opened it up for sale which is certainly a welcome move,” says T Chitty Babu, CEO & chairman of real-estate company Akshaya.

“Customers were offered steeper discounts from developers during GOSF. We believe that online ecosystem is growing and realty portals are becoming a comprehensive platform to bridge the gap between builders and buyers,” Nimesh Bhandari, cofounder and CEO of Realtycompass.com, a real-estate project search engine.

The large-ticket purchases don’t just stop with houses. Consumers bought cars and bikes as well during the event.

According to data from Google, over 50 cars and over 100 motorbikes were booked during the GOSF this year.

“We have booked more than 20 cars worth Rs 1 crore within the first 36 hours of launch in three cities,” Arvind Sinha, COO at mynewcar.in, an online car purchase portal, said.

Source : Times Of India


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