It is important to note that online property searches increased by about 10% in the recent times in the Indian real estate market. This increase shows how prospective homeowners are embracing digital means and is as a result of the availability and ease that comes with the use of the internet. As the pandemic that is being felt in every society right now has hastened the change in how people view properties and pays for them, most clients can now sit at home and go through the listings.
When it comes to the various classifications of houses, the 2 BHK which refers to two bedrooms, a hall and a kitchen search still remains unrivalled. The reasoning behind this is that small families, young working class, and investors hunting for investment properties are whetted by the just the right price and lots of room.
Ready to embark on a house hunt this festive season? Now is probably the best time to do so. New analysis released recently indicated that property search traffic recorded a 10% increase in August, the highest since December 2023.
During the month of August 2024, there is above average 10% month on month online property search activity regarding the ‘IRIS’ (Indian Residential Index for Online Search). It is the highest reading since December 2023 according to the Indian Residential Index online property search study. This spur in interest is expected by industry participants as housing markets traditionally experience an upward swing in sales in India around Christmas.
A study carried out by a prop-tech platform that tracks the purchase patterns of users in 42 largest residential markets and receives over 20 million visits a month shows the many BHK Sheth large and small counteles in Pune or any other cities remains top most favorite real estate in India.
Mumbai is registering maximum demand for 1BHKs in the price band of ₹50 lakh and ₹1 crore, however, Delhi-NCR is on the top for the demand of 3BHKs. The data also shows a change in buyer preferences, with 50% of all searches targeting move-in ready properties.
Name of the city which observes the highest demand of 2 BHK’s.
Increase in search activity was observed chiefly in Tier-2 cities like Indore, Jaipur, Lucknow, and Vadodara. As for the metros, the top five cities where further residential moves are expected are:
NCR – Delhi
Fairytale city –Mumbai
IT park- Bangalore
City of joy-Kolkata
Amdavad
Andheri West, Noida Extension and Mira Road East-Mumbai, Whitefield-Bangalore, New Town-Kolkata were the most searched neighborhoods as per google keyword tool.
2 BHK In Noida or any of the other places can expect even more action as the Christmas approaches and developers come out offering nice 2 BHK apartments at knock down prices. It was opined by the expert in this industry that around holiday period is always seasonal for Indian real estate. This year however, is especially interesting considering the amount of buyer activity we are witnessing even before the actual holidays commence. There is little doubt that the market is poised for a pump up for the primary festive season beginning from end of December to Navratri.
This stable choice shows a significant change in the buyer behavior as they are focusing on living spaces which are practical and cater to different demands of their lifestyle.
Taking over 2 bedroom apartments in the city
City centers like Bengaluru, Mumbai, Bangalore are hungry for two bed-room apartments. The increasing number of start-ups and technology companies in the city of Bengaluru has lead young professionals to search out for homes where both effort and time are saved with respect to working. The 2 BHK In Mumbai plan is a very attractive and useful way to families who aspire to give up huge amounts of living space in cities like Mumbai, which is otherwise impossible owing to the exorbitant prices of property.
In line with this trend, builders are now focusing on building stylish, modern 2 BHK apartments with fully automated features and green elements.
There is no doubt that the 2 BHK model which addresses the aspirations and practical requirements of the current buyers will remain at the heart of the Indian home market as it matures. As observed, there is surely a brighter side of the Indian real estates, as there is expected development and change in the industry as a result of the continued trends in searching property online.
Summarization
Generally the index findings indicate that even with worsening cost conditions, the housing sector in India will end on a positive growth in the year 2024 almost purely because of high sales during the holiday season as well as an increase in the number of new project launches.
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