The demand for homes and apartments between Rs 1-2 crore is on the rise in India and it driving the overall housing demand in the country, according to a report by Housing.com. It said searches for residential properties priced between Rs 1-2 crore grew 24 per cent annually in 2022.
Region-wise, the report said that in 2022, the highest search volume for home purchase was recorded in the Thane west location in Mumbai, followed by Whitefield in Bengaluru and Noida Extension in Delhi-NCR. New Town in Kolkata and Mira Road East in Mumbai were at 4th and 5th positions, respectively, in terms of search for residential properties on Housing.com. Chandkheda in Ahmedabad was at 6th position, followed by Wakad in Pune, Kharghar in Pune, Gota in Ahmedabad and Vastral in Ahmedabad.
Dhruv Agarwala, Group CEO of Housing.com, PropTiger.com & Makaan.com, said, “Based on the trends highlighted in our latest report, I am optimistic about the future of the Indian residential real estate market. We expect the demand for housing to remain strong in the top micro-markets, and we see a growing interest in new apartments and properties priced between Rs 1 crore to Rs 2 crore.”
He added that there is a lot of potential in tier-2 cities, where online property searches for apartments are growing at a faster pace than for independent homes. This presents a significant opportunity for developers and real estate agents to cater to the needs of home buyers in these cities.
Agarwala also said, “Sales of residential properties continue to be robust even during this quarter despite the hike in interest rates over the past year. Overall, I am bullish on the future of the Indian residential real estate market and I believe that the industry will continue to see growth in the coming years, driven by factors such as urbanisation, rising disposable incomes, and favourable government policies.”
According to the report, queries for resale properties registered a 2 per cent YoY drop in 2022. Online searches for properties with a 3BHK and above configuration grew 1.4 times in 2022.
Ankita Sood, head of (research) at Housing.com, PropTiger.com & Makaan.com, said, “We are definitely in the up-cycle for residential realty demand owing to the pandemic-induced shift towards higher homeownership. Fuelled by both end-user and investor interest, the property markets have shown resilience where buyers are carefully filtering out projects and looking for the right product mix in terms of affordability, accessibility and quality of living. With new supply surpassing pre-RERA levels in 2022, there are a plethora of new projects offering more choice to buyers. We see this up-cycle continuing in 2023, with quality living and lifestyle upgradation as key parameters defining property purchase.”
Top-10 Trending Localities In High-Volume Organic Searches for Buying a Home Between January and December 2022″
- Rank — Locality — City
- 1 — Thane — West Mumbai
- 2 — Whitefield — Bengaluru
- 3 — Greater Noida, West (Noida Extension) Noida –Delhi NCR
- 4 — New Town — Kolkata
- 5 — Mira Road East — Mumbai
- 6 — Chandkheda — Ahmedabad
- 7 — Wakad — Pune
- 8 — Kharghar — Pune
- 9 — Gota — Ahmedabad
- 10 — Vastral — Ahmedabad.
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