Magicbricks.com claims 'PriceFlashEngine' will help combat demonetisation woes

Magicbricks.com has announced the launch of India's "first and most advanced" property price movement tracker called 'PriceFlashEngine' with an aim to help home buyers to set up alerts to constantly monitor the prices of the properties they are interested in and to make their move whenever a great deal comes their way.

The engine digs deep into the rich data of Magicbricks.com and uses advanced algorithms to track the movement of property prices and instantly alerts the consumers if property prices move and if great deals become available, it said in a statement.

This tool also has a feature called as 'make me buy' that allows consumers to set a 'wishlist price' for the property they are interested in, if a seller is happy to sell at this price, he can then connect with the buyer and take the transaction ahead.

Sudhir Pai, CEO, Magicbricks.com, said, "There is a lot of uncertainty regarding property prices post demonetisation, and consumers are confused whether they should take any action or hold their decision for now. However, we believe, on the contrary, demonetisation has opened the market for serious property buyers. This is one of the best times when consumers can negotiate best prices and deals with developers."

"For this, they need to constantly monitor the prices of the properties they are interested in and make their move whenever a great deal comes their way. Also, in the current situation, data and information will drive action as it will bring in transparency, trust and confidence. We believe this can be the greatest and most trusted ally of a buyer or investor in today's circumstances and will be of great value to both," he added.

Post demonetisation, there has been a multitude of opinions on how real estate transactions, and thereby, real estate prices would be affected, said the statement.

Some reports have said that prices could fall significantly -as much as 30 percent and others have said that markets would remain steady and prices would perhaps, even harden. In this volatile atmosphere, there is a real risk that consumer would defer purchase decisions indefinitely - this could further be fuelled by lack of availability of pricing data and market trends, and to solve this problem, and to bring real-time pricing transparency in the market, it becomes important to have availability of pricing movement data.

This not only enables a consumer to make the purchase decision at the right time but also could alert him if a great pricing/deal could be available in the market.