Online real estate search passed all-time high in September, Delhi-NCR tops ranking
Online searches for residential properties hit an all-time high in September 2021, with Delhi-NCR topping the rankings. This is due to the positive outlook for consumers amid lessening concerns on the Covid-19 front, historically low interest rates on home loans and flexible payment plans offered by realtors to attract homebuyers, according to Housing.com’s IRIS index.
IRIS (Indian Residential Index for Online Research) is a monthly index that tracks the activity of potential buyers in the primary and secondary residential markets on the Housing.com portal. It was created to give an in-depth view of buyer activity in India by following 42 key cities that are driving the residential market.
Providing information on the results of the IRIS index, Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com, said: In line with general market sentiments and the recovery in economic activity.
“All key high-frequency indicators of the health of the economy, such as the manufacturing and services PMI, GST collections, credit growth, and fuel and electricity consumption point to a robust recovery. after the second wave of the Covid-19 pandemic in the country. The index, which reached a new high in September 2021, signals a positive turnaround in the residential real estate market in the coming months, “Agarwala added.
Online property search volume in September 2021 surpassed the all-time high seen in September 2020. Growth momentum in high-intention homebuyers’ activity has continued to hold above the 100 mark since then. the past three months, recording an intelligent recovery from the second wave. The index is a weighted average of 42 cities limited to buying interest only and is calculated based on the activity of very intentional buyers observed on the Housing.com platform.
“The IRIS index closed at a record high in September 2021. India’s online property search volume increased five points to 116 points after the second wave of the pandemic – a faster resurgence compared to the same period in 2020, “says Housing.com.
The IRIS index revealed that the maximum search volume was for 2 BHK and 3 BHK configurations. A majority of buyers were looking for 2.3 BHK apartments in the price range below Rs 50 lakh, closely followed by those willing to spend Rs 50 lakh – Rs 1 crore.
Additionally, the share of buyers looking for 3 BHK and 3 BHK plus properties is steadily increasing as the work-from-home culture is here to stay in the post-Covid world.
DELHI-NCR TOP IRIS index
Delhi NCR continues to take first place in the index. The Capital Region has been leading the activity of high-intention buyers since June 2021. It should be mentioned that Delhi NCR has been plagued by various issues of litigation, unsold inventory and lack of confidence in the market. the past, which has derailed the residential real estate momentum in the region. .
“The sustained online property search activity in Delhi NCR is a leading indicator of improving consumer confidence in one of the country’s largest residential markets. The coming months will present a clear picture of converting online interest and search queries into actual residential sales, ”said Ankita Sood, director and head of research, Housing.com, Makaan.com and PropTiger.com.
In Gurugram, the micro-markets of Sector 57 along Golf Course Extension Road and Sector 67 along Sohna Road have seen an increase in online searches, with most potential buyers in these micro-markets seeking apartments with ‘good infrastructure and connectivity in the price range of Rs 1 -2 crores.
In Noida, the IRIS index revealed, most of the research was concentrated in areas along the Noida-Greater Noida highway, such as Sector 150 and Sector 137. The research mainly focused on configurations 2 BHK and 3 BHK in the price range of Rs 50 lakh to Rs 1 crore. The Noida Expressway, due to its connectivity and the now functional metro, has generated a lot of interest in office rental, which in turn affects residential demand along the highway. Greater Noida is emerging as a choice for purchasing residential land, as the future Jewar International Airport and proposed metro extensions have made the area an attractive destination for home buyers.
Surat recorded the highest jump of six points to reach fourth among the top 20 cities. The maximum number of search queries in this city of Gujarat was recorded for apartments in the micro-localities of Vesu and Dindoli. Majority of home buyers in Surat are looking for apartments with 2 BHK configurations in the range of less than Rs 50 lakh.
Patna and Coimbatore recorded an improvement of four positions each on IRIS. In the capital of Bihar, most search queries were concentrated in localities such as Danapur and Phulwari Sharif.
A large portion of home buyers in Patna were looking for residential land, while apartments with 2 BHK configurations are the most sought after in Coimbatore. In the case of Coimbatore, Saravanampatty and Vadavalli recorded the majority of home purchase requests.
Most of the research in both cities is concentrated in the price category below Rs 50 lakh.
The formalization of working from home in many business organizations has provided the workforce with the flexibility to move their base to their hometowns and smaller towns.
Kolkata recorded the largest decline in online search volume.
For most home buyers, the buying process begins with researching desired residential properties online, which then translates into purchases in the months that follow.