According to a report released by Housing.com on September 25, online home searches have risen by 10% with 2 BHK making it to the top slot in buyers’ preference ahead of the festive season in India. The data here marks an upward trend of interest in residential properties by consumers gearing for seasonal purchases.
According to an IRIS Index report from Housing.com, property search activity increased substantially in August 2024, which was aided by a MoM increase in the index that pushed it to 99 points-the highest at which it has traded since December 2023. The index on an annual basis declined by a margin from a high of 102 points recorded last year in August to 99 points for the current year.
Delhi-NCR topped the search queries, with three BHK apartments that fall within the price range of ₹50 lakh to ₹2 crore, which dominates the preferences. The report’s top five most searched localities are Noida Extension in Greater Noida, Andheri West in Mumbai, Mira Road East in Thane, Whitefield in Bengaluru, and New Town in Kolkata.
On the other hand, while the market for 1 BHK home in Mumbai continues unabatedly, astonishingly, the demand remains strong even in ₹50 lakhs and ₹1 crore. According to the report, it is seen that the all-time favourite price bracket remains ₹50 lakhs and ₹1 crore. Interestingly, 2 BHK configurations have commanded 37% searches, while 3 BHK options garnered 32% of the searches.
Indore leads the Tier-2 cities, as searches increased by four points per month, making it the most searched market in its category. Jaipur, Lucknow, and Vadodara followed with the most search activity.
Trend: 2 BHKs are preferred in prime residential markets mainly due to price concerns. In Tier-2 cities, 3 BHK units have more preference.
With the festive season getting underway, Housing.com is likely to see further gain in market activity. Housing.com will experience developers all over the country gearing up for this increased demand by rolling out attractive offers for the festive season, flexible payment plans, and new projects to keep driving interest from consumers during this auspicious period. Coupled with multiple promotional events that take place during the festive seasons and high engagement amongst consumers, the online property search landscape is going to grow further, stronger, and robust.
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