To bring trust back in the real estate sector, realtors' body - National Real Estate Development Council - NAREDCO launched India’s first e-commerce housing portal ‘HousingForAll.Com’. The e-commerce platform besides giving a boost to the ‘Housing for All’ and ‘Digital India’ initiatives will facilitate homebuyers in identifying genuine properties. The initiative to come up with an e-commerce platform was proposed and announced by Hardeep Singh Puri, Minister of State (Independent Charge), Ministry of Housing and Urban Affairs, MoHUA, during the first National RERA Conclave held in Lucknow last November. Launching the portal on 14 January 2020, Durga Shanker Mishra, secreatry - MoHUA, said that the ministry wants the platform for real estate transaction to become 'Amazon' of the sector. “Just like ‘Amazon’ is trusted, we want this portal to be one stop for all housing related requirement,” said Mishra.
CREDAI-MCHI, CII, FICCI, ASSOCHAM, Builders Association of India (BAI), and Indian Merchant Chambers (IMC) are also partners in this initiative.
This portal will offer only ready-to-move-in properties having occupation certificate or building completion certificate, located anywhere in India to potential home buyers. It is expected to create a seamless, safe and transparent home-buying experience for home buyers. The objective of the e-commerce platform is to bring transparency in the sector and offer only certified projects. The ministry expects that the initiative will help create a positive sentiment for the real estate industry, boost confidence and faith amongst home buyers, enhance liquidity flow in the industry and contribute to growth of the economy.
After the launch, the portal will be open for one month only for the real estate developers to register their projects following which the portal will be opened for home buyers with a 45-day sale period starting 14 February 2020. “As of now we have about 50 projects from developers like Hiranandani Group, Tulip Infratech, K Raheja, Signature Global, Raunak Group, Ekta Group, Wadhwa Group, Supertech and so on already registered on the portals," said Niranjan Hiranandani, National President, NAREDCO. During the 45 day sale period developers are also planning to come up with offers and discount for home buyers. For the initial 15 days, buyers will be able to view offers and shortlist their homes and will be able to start making the purchase of homes from March1, 2020 till March 31, 2020.
The portal ‘HousingForAll.Com’, will help buyers in accessing best priced inventory by builders for a limited time to take full advantage of best pricing. Buyers will be able to view complete listing info including floor plans, room dimensions, video tours of units and external views looking out from windows / balconies. Buyers will also be able to directly book/reserve a unit from the portal with a refundable payment of only Rs 25,000. They will also get 'Money Back Guarantee', where their initial buyer deposit made on portal is completely secured and fully refundable in case buyer elects not to purchase the unit. Customers will be immediately notified if any units they have shortlisted are already sold.
According to the industry reports, more than 1 lakh ready-to-move-in homes are available at present in the market and nearly 2.75 lakh new ready-to-move-in homes are expected to be added to the market over the next one year. NAREDCO is expecting over 1,000 projects to get listed on the portal.