The city of Bangalore has been one of the best performing real estate market in India. Led by its robust infrastructure growth and the proposed development in the form of Namma Metro, new SEZs, upcoming commercial zones, etc., the number of property transactions in this region has grown manifold. This has meant that the realty brokers have minted hugeamountof money in the last few years. However, all that is changing fast and many property brokers are now closing shop in this city. Here’s why –
Steep Rise in Property Frauds
Though the property market in Bangalore has prospered in the last 15 years, the number of frauds has also risen steeply. There have been several instances reported wherein the common people had booked 1 RK, 1 and 2 bhk flats in Bangalore, but never got the possession of their home. Several unverified property agents in collusion with errant builders played fraud with common people, who had invested their entire lifetime’s savings in these homes. The large number of cases registered in Bangalore 1st& Rural Additional, Bangalore 2nd, Bangalore Urban, Bangalore 3rd and Bangalore 4th consumer forums are the most evident proofsof these frauds. Yes, there could have been an odd instance wherein the agents wouldn’t be at fault, but that is no justification to the ongoing scams. The educated masses staying hereare finally fed up of these cons and as a result the number of footfalls at the offices of these property brokers has gone down considerably. As a result, the funds have dried up and the brokers are left with no option but to shut their shop.
Having said this, the situation is not all that bad and there are many agents who have realized the breath of the market and have embraced themselves well. They have registered on online real estate platforms like Housing.com, which has greatly helped their cause. Housing does the complete verification of the agents before listing them on its site and provides detailed information related to them including their:
- Name and years of experience
- Company name
- Ownership pattern
- Photo (in most cases) and phone number
- Minutes of the properties listed
- Area of operation
- Information of the domain in which the agent operates – buy, rent, land, plot, etc.
Rise of Online Real Estate Platforms
The other big reason why the property brokers are closing shop in Bangalore is due to rise of the online realty platforms like Housing.com. This site is a one stop property solution for all property related needs in the city. It not only allows its users to select their dream home from thousands of verified and 100% genuine properties including studio apartments, villas, independent homes, bungalows, row houses, 1 and 2 bhk flats in Bangalore, but also provides them several value added services such as:
- Legal advice
- Guidance from property experts at each step of home buying process
- If needed, provides assistance in the stamp duty and execution of sale deed
- Features home loan product that lets all its customers / users to check their eligibility, calculate monthly equated monthly installments (EMIs), apply for the home loans online and check the status as well
In addition to this, it also lets its users to transfer home loans from one bank to the other, provides end to end rental services and gives them access to minutest details of each asset listed on its site including the product pictures, prices, amenities, conveniences, details of the commute, etc. Hence, people here prefer to transact online through Housing.com rather than fallingin the traps of property brokers.