More and more people in India are looking to buy residential properties priced between Rs 1-2 crore, according to the latest report by Housing.com. According to the report, the search for residential properties priced between Rs 1-2 crores grew 24 percent annually in 2022.
“Based on the trends highlighted in our latest report, we expect the demand for housing to remain strong in the top micro-markets, and we see a growing interest in new apartments and properties priced between Rs one crore to two crores. We also see a lot of potential in tier 2 cities, where online property searches for apartments are growing at a faster pace than for independent homes. This presents a significant opportunity for developers and real estate agents to cater to the needs of home buyers in these cities,” said Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com.
Homebuyers also searched for new apartments more frequently in 2022 than the previous year, with queries up 52 percent. In 2022, resale property queries decreased by 2 percent YoY. The number of online searches for properties with a 3-bedroom configuration and above increased by 1.4 times in 2022.
As per the report, in 2022, 60 percent customers were looking to buy residential properties while the remaining 40 percent wanted to take property on rent, on Housing.com. In terms of buying, maximum searches were seen in the price bracket below Rs 50 lakh.
Where are Indian’s looking for residential properties?
As per the research, New Town in Kolkata and Mira Road East in Mumbai were in 4th and 5th position, respectively, in terms of search for residential properties on Housing.com.
Chandkheda in Ahmedabad was in 6th position, followed by Wakad in Pune, Kharghar in Pune, Gota in Ahmedabad and Vastral in Ahmedabad.
According to the data, the number of online searches for renting homes grew 1.5 times in 2022. Bengaluru, Mumbai, and Hyderabad dominated searches and queries for renting a home in 2022.
Lucknow emerged as the top city for homebuyers in tier 2 cities, followed by Jaipur and Indore. Property searches for apartments online increased by 23 percent YoY in 2022, while searches for independent homes grew by 8 percent YoY.
Also read: Real estate stocks like DLF, Godrej Properties gain for second straight day on luxury housing boost
First Published: Mar 27, 2023 2:05 PM IST
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