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As the festive season kicks in, online searches for homes in India have started to pick up again after seven months of low activity, a report released on Wednesday said.
The reading on the Indian Residential Index for Online Search by proptech platform Housing.com touched 99 in August, the highest since December 2023, when it was 105. So far in 2024, it has stayed below 90 points in most months, except in June when the reading was 92.
The reading on the index was above 100 in most months of 2023.
In India, the festive season typically kicks off around mid-August with Raksha Bandhan. It continues with celebrations like Ganesh Chaturthi, Onam, Dussehra, Diwali, and Christmas, culminating with New Year’s festivities.
According to Amit Masaldan, chief revenue officer, Housing.com, 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’re seeing even before the core festive period begins,” he added. “It’s a clear indication that the market is poised for significant activity in the upcoming festive season, starting with Navratri until December end.”
The report also highlighted that Delhi NCR was the most searched city, followed by Mumbai and Bengaluru.
In the NCR, Noida Extension was the most sought-after locality. It was followed by Andheri West and Mira Road Extension in Mumbai. In Bengaluru, Whitefield was the most searched locality.
Interestingly, in Delhi, people were looking for bigger homes than in Mumbai. In the capital, most searches were for 3BHK homes priced between Rs 50 lakh and Rs 2 crore. In the financial capital, however, the highest demand was for 1BHK homes, in the Rs 50 lakh to Rs 1 crore price range.
Data also show that ready-to-move-in homes remain a top priority for buyers, with 50 per cent of searches focusing on properties available for immediate possession.
According to the report, the most popular price range across the country was between Rs 50 lakh and Rs 1 crore, while 2BHK apartments were the most searched configuration at 37 per cent, closely followed by 3BHK options at 32 per cent.
Masaldan said that the combination of pent-up demand, festive auspiciousness, and strategic developer offerings creates a “perfect storm of opportunity in the residential real estate market.”
“We expect the upward trend in search activity to translate into robust sales figures as we move deeper into the festive period,” he said.
First Published: Sep 25 2024 | 6:34 PM IS
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