With a report of Housing. Com, one of the largest property websites in the country, the activity of property search online grew in August by 10% and this was the highest increase since December 2023.
The IRIS (Indian Residential Index for Online Search) report reveals a significant 10% month-on-month rise in online property search activity for August 2024, marking the highest level since December 2023.
Industry experts attribute this increase in interest to the festive season, which typically boosts real estate transactions in India.
As reported by Housing.com, which tracks purchasing trends in 42 major residential markets and has more than 20 million monthly active users, 2 BHK units remain the top most purchased property in India.
In terms of location, Delhi-NCR is at the forefront, with a strong demand for 3BHK units, while Mumbai attracts the most interest in 1BHK properties priced between Rs.50 lakh and Rs.1 crore.
The report also notes a shift in buyer preferences, with 50% of searches directed towards ready-to-move-in homes.
Among Tier-2 cities, Indore experienced the highest increase in search activity, followed by Jaipur, Lucknow, and Vadodara.
The five most commonly searched areas were Noida Extension, Andheri West in Mumbai, Mira Road East in Mumbai, Whitefield in Bengaluru, and New Town in Kolkata.
With the festive season on the horizon, Housing.com anticipates increased activity as developers present enticing offers.
Amit Masaldan, Chief Revenue Officer of Housing.com, stated, "The festive season has always been a key driver for the real estate market. What’s especially noteworthy this year is the high level of buyer interest even before the main festive period kicks off. This suggests that we can expect substantial activity in the market from Navratri through to the end of December.”
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