Festive Season Boosts Online Property Search Activity by 10% in India
Online property search activity surges by 10% in August, with 2BHK units being the most searched across India. Delhi-NCR leads in 3BHK demand, while Mumbai sees most interest in 1BHKs.
Online Property SearchFestive SeasonReal Estate MarketHousingcomIndian Residential Index For Online SearchReal Estate MumbaiSep 25, 2024
This surge in interest does not come as a surprise to industry experts, with the festive season traditionally driving up real estate transactions in India. The IRIS (Indian Residential Index for Online Search) report states that this remarkable increase is the highest reading since December 2023.
Key trends from the report by Housing.com, a prop-tech platform with over 20 million monthly users, reveal that 2BHK units remain the most searched properties across India. In terms of location, Delhi-NCR is leading, with demand focused on 3BHKs, while Mumbai sees the most interest in 1BHKs within the ₹50 lakh to ₹1 crore range.
The report also highlights a shift in buyer preferences, with 50% of searches focused on ready-to-move-in properties. This indicates that homebuyers are looking for properties that are immediately available, rather than those that are still under construction.
Among Tier-2 cities, Indore saw the largest jump in search activity, followed by Jaipur, Lucknow, and Vadodara. For metros, the top five most searched cities were Delhi NCR, Mumbai, Bengaluru, Kolkata, and Ahmedabad.
The top five most searched localities were Noida Extension, Andheri West in Mumbai, Mira Road East in Mumbai, Whitefield in Bengaluru, and New Town in Kolkata. As the festive season approaches, Housing.com expects even more activity with developers offering exciting deals.
Frequently Asked Questions
What is the current trend in online property search activity in India?
According to the report by Housing.com, online property search activity rose by 10% in August, marking the highest increase since December 2023.
Which type of property is most searched across India?
2BHK units remain the most searched properties across India.
Which city leads in 3BHK demand?
Delhi-NCR leads in 3BHK demand.
What is the preferred type of property among homebuyers?
50% of searches are focused on ready-to-move-in properties.
What is the expected outcome of the festive season on the real estate market?
Housing.com expects even more activity with developers offering exciting deals during the festive season.
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