New homes and apartments in the price range of ₹1–2 crore are estimated to drive housing demand in the country, according to a report.
The report by Housing.com shows that in 2022, residential properties priced between ₹1 crore and ₹2 crore grew 24 per cent annually. Homebuyers searched for new apartments, with queries rising by 52 per cent in 2022 over the previous year.
Queries for resale properties registered a drop of 2 per cent y-o-y, while online searches for properties with a 3 BHK and above configuration grew 1.4 times in 2022.
Based on the total searches on its platform (website and mobile app), 60 per cent of customers were looking to buy residential properties. The remaining 40 per cent wanted to rent a property. “For buying, the sweet spot was for apartments below ₹50 lakh, as maximum searches were seen in this price bracket,” the report stated.
The data also showed that online property search volume for renting homes grew 1.5 times in 2022. Bengaluru, Mumbai, and Hyderabad took the lion’s share of searches and queries for renting a home in 2022.
In tier-2 cities, the cities that topped the charts for buying a home include Lucknow, Jaipur, and Indore. Online property searches for apartments grew at a pace of 23 per cent y-o-y compared with 8 per cent for independent homes in 2022. Overall, the report noted that the housing demand in these micro markets will remain strong in 2023.
Again, the highest search volume on its platform for a home purchase was in the Thane west location in Mumbai, Whitefield in Bengaluru, and Noida Extension in Delhi-NCR.
“We also see 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,” said Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com.