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The search for land and plots has surpassed that of commercial spaces, the number of these searches is however more in the metro cities, but it is also growing fast in the tier 2 cities like Jaipur, Indore and Kochi, according to the joint report by SEMrush and Colliers International.
The report titled, ‘Digital Real Estate—Winning the Indian Market with Data’, mentioned that the most common type of property that consumers are looking to buy is, flats and apartments.
“Increasing incomes, urbanisation and economic growth are driving high demand in the real estate sector. The overall foreign investment inflow in real estate sector increased by 55 per cent (currently at $ 6.5 billion) compared to 2017, overall absorption of commercial office space grew by 20 per cent in 2018,” said Sanjay Chatrath, Executive Director (North), Colliers International India.
Affordable and student housing and co-living are gathering steam among investors and developers. Real estate sector in India is all set to reach a market size of $ 1 trillion by 2030 from $ 120 billion in 2017, he added. The report further added, Delhi-NCR, Mumbai, Bengaluru, Hyderabad and Chennai are among the top five cities where people are searching for flats, houses and offices.
“Our detailed study from January to December-2018 showcases that over 1 lakh people are searching monthly for buying and renting houses/flats around India and more than 9 billion pages cater to these searches,” said Fernando Angulo, Corporate Speaker, SEMrush.
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