Digital Transaction in Real Estate Sector

Kishan Thakkar K

Introduction

The government of India is promoting digital transactions and demonetization has acted as fuel to that initiative. The real estate sector is witnessing a huge transaction, most of the payment towards a real estate transaction is in cash. The objective for the emphasis on the digital transaction is to reduce the flow of physical currency for a cashless economy.

As per the survey conducted by the platform LocalCircles,

“70% respondents said they have paid a component of the total payment towards a real estate transaction in cash in the last seven years.”

Despite the growth of PropTech on a global scale, India is still in a nascent stage in terms of the usage of technologies in real estate. The Indian PropTech startups can attract USD 1.64 billion while worldwide over the last three years startups can collect the fund of USD 12.4 billion.

Pandemic has forced everyone to change the way of transaction in the real estate sector. The physical presence is not required anymore to complete any transaction. You might have not even imagined that huge transactions would be possible through online modes. With the process of transaction, all the document verification, digital signature, home loan process, and property selection are conducted digitally.

Advantages of Digital Transaction in Real Estate

  1. Transparency
  2. Management of records
  3. Establishing trust among real estate stakeholders
  4. Convenient and time-saving 
  5. Reduced transaction time
  6. Fewer paper works

Additional Sources

  1. Decoding the Impact of Digital Transactions on Real Estate
  2. Rise of Digital Transaction Platforms in Real Estate
  3. In last 7 years, 70% real estate buyers made part payment in cash as black money: Survey
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