The Hindu Business Line : Global Infocom to set up 600 `property showrooms'

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Global Infocom to set up 600 `property showrooms'

Deepak Goel

To facilitate sale, purchase of real estate thru networking

Easy sale and purchase
Property in any part of the country can be traded in any other place through a listing of the asset on the company's Web site jaaydaad.com
Seller just has to walk in to a showroom with authentic property documents

New Delhi , Oct. 10

You hop in and out of a neighbourhood store for your every day grocery needs. Imagine availing of the same convenience for your property sale and purchase or even renting requirement.

New Delhi-based Global Infocom Ltd (GIL) plans to set up 600 `property showrooms' across the country for realty retailing, where one can just walk in and buy or sell property as per the requirement.

According to the company, the project is perhaps the first of its kind in the world where property in any part of the country can be traded in any other place through a common pool, or listing, of the asset on the company's Web site jaaydaad.com.

These showrooms would be set up in 598 districts that will be networked with each other to facilitate sale and purchase of property not only locally, but also in any other part of the country. "The idea is to bring liquidity to an asset like property by quick sale through the power of networking. We will also create a brand in real estate marketing to bring transparency to the process of sale and purchase which is somewhat lacking in the sector," said Mr S.K. Jain, Chief Managing Director, GIL. Under the system, any seller can walk in to a showroom with authentic property documents that will be scanned for clear ownership titles and then listed on the Web site. The property then becomes a `commodity' that can be purchased at any other partner showroom. Once a deal is struck, the purchaser would have to physically come to the property site for finalisation.

Commission

"We will charge 6-8 per cent commission from large developers and 3-4 per cent commission from individual sellers. A seller can quote any price for his property and can also include a video of his property on our Web site," said Mr Jain.

The total investment in the project would be Rs 120 crore, of which 20 per cent would be made by the company and the rest by franchisee showrooms.

The company currently has Rs 2,000 crore worth of property listed on the site, mostly in north India. It plans to focus on west and south India in the next few months for property listings. The 600 showrooms, to be set up in three years, will be rolled out beginning with 16 showrooms in Delhi NCR by November and 80 pan-India by the end of next year.

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