Online home search records a 10% surge as festive season kicks in, 2 BHK most sought-after configuration: Report
Delhi-NCR leads online property searches, with a notable preference for 3BHK apartments priced between ₹50 lakh and ₹2 crore
Ahead of the festive season in India, online home search has increased by 10% wherein apartments of 2BHK configuration remained the most popular category, according to a report released by Housing.com on September 25.
Amongst the top cities in the country, Delhi-NCR led the online search queries, the report added.
The IRIS Index report released by Housing.com reflected a 10% month-on-month (MoM) increase in online property search activity for August 2024, pushing the index to 99 points – the highest reading since December 2023. However, on an annual basis, there was a minor fall from 102 points in August 2023 to 99 points in August 2024.
According to the report, the top five most searched localities remained Noida Extension in Greater Noida, followed by Andheri west in Mumbai, Mira Road East in Thane district near Mumbai, Whitefield in Bengaluru and New Town in Kolkata.
3 BHK most preferred in Delhi NCR
According to the report, Delhi-NCR topped online property searches on the platform, with a notable preference for 3BHK properties priced between ₹50 lakh and ₹2 crore. In contrast, the Mumbai property market showed high demand for 1BHK homes, particularly in the ₹50 lakh to ₹1 crore price range.
The most popular price range is between ₹50 lakh and ₹1 crore, while 2BHK apartments are the most searched configuration at 37%, closely followed by 3 BHK options at 32%, the report said.
Among Tier-2 cities, Indore stood out, experiencing a four-point monthly increase in searches, making it the most sought-after market in the said category. Jaipur, Lucknow and Vadodara bagged the next three positions on the index.
Unlike prime residential markets, where 2BHK homes are a priority for buyers primarily due to price pressure, 3BHK units are the most searched configurations in Tier-2 cities, the report said.
Festive season to impact real estate market?
As the festive season kicks into high gear, Housing.com anticipates a further acceleration in market activity. Developers across the country are gearing up with attractive festive offers, flexible payment plans and new project launches to capitalise on this seasonal uptick in demand, the report said.
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"The festive season has always been a seasonal catalyst for the real estate market. What's particularly exciting this year is the intensity of buyer interest we are seeing even before the core festive period begins. It is a clear indication that the market is poised for significant activity in the upcoming festive season, starting with Navratri until December end," said Amit Masaldan, Chief Revenue Officer, Housing.com.
Lastly, the report said that ready-to-move-in homes remain a top priority for buyers, with 50% of searches focusing on properties available for immediate possession.
