Delhi-NCR Leads the Pack, Indore Shines in Tier-2 City Category

National, September 25, 2024 – Housing.com, India’s premier proptech platform, has unveiled its latest findings from the IRIS (Indian Residential Index for Online Search) Index, revealing a notable 10% month-on-month increase in online property search activity for August 2024. This surge propels the index to a high of 99 points, the strongest reading since December 2023, signaling heightened interest as the festive season approaches.

Industry experts attribute this surge to the traditional uptick in real estate transactions during festive periods. Mr. Amit Masaldan, Chief Revenue Officer of Housing.com, remarked, “The festive season has always been a catalyst for the real estate market. This year, we’re seeing exceptional buyer interest even before the main festive events, indicating a robust market ready for significant activity.”

Key Trends in the Real Estate Market

The September 2024 IRIS Index Report highlights several pivotal trends in India’s real estate landscape. Delhi-NCR emerges as the frontrunner in online property searches, with a clear preference for 3BHK properties priced between ₹50 lakh and ₹2 crore. Conversely, Mumbai displays a strong demand for 1BHK homes, particularly in the ₹50 lakh to ₹1 crore range.

Moreover, ready-to-move-in homes are a primary focus, with half of all searches targeting properties available for immediate possession. The most sought-after price range is between ₹50 lakh and ₹1 crore, while 2BHK apartments dominate the search metrics at 37%, closely followed by 3BHK options at 32%.

Indore Tops Tier-2 Cities

Among Tier-2 cities, Indore leads with a 4-point increase in searches, positioning it as the most desired market in this segment. Following Indore, Jaipur, Lucknow, and Vadodara rank highly in search activity. Interestingly, unlike primary residential markets where 2BHK configurations are favored due to pricing pressures, 3BHK units are the most sought-after in Tier-2 cities.

Anticipating a Festive Boom

As the festive season gears up, Housing.com anticipates an acceleration in market activity. Developers nationwide are preparing attractive festive offers, flexible payment plans, and new project launches to capitalize on the seasonal surge in demand. Mr. Masaldan emphasized, “The convergence of pent-up demand, festive auspiciousness, and strategic developer offerings is creating a perfect storm of opportunity in the residential real estate market.”

Robust Market Outlook

Overall, the index findings suggest that despite rising prices, India’s housing market is poised to close 2024 strongly, primarily driven by robust sales during the festive season and an increase in new project launches. Data indicates that property prices in most prime residential markets have experienced double-digit growth over the past year. Additionally, consumer sentiment remains optimistic, with India ranking second after Singapore in a recent LSEG/Ipsos survey tracking consumer attitudes across 29 countries.

Top Searched Localities

1. Noida Extension, Greater Noida – ₹5,000 – ₹5,600/Sqft
2. Andheri West, Mumbai – ₹27,200 – ₹28,000/Sqft
3. Mira Road East, Mumbai – ₹12,000 – ₹13,000/Sqft
4. Whitefield, Bengaluru – ₹8,800 – ₹9,200/Sqft
5. New Town, Kolkata – ₹6,500 – ₹7,000/Sqft

Most Searched Cities

1. Delhi NCR
2. Mumbai
3. Bengaluru
4. Kolkata
5. Ahmedabad
6. Hyderabad
7. Chennai
8. Pune
9. Indore
10. Jaipur
11. Lucknow
12. Vadodara
13. Coimbatore
14. Patna
15. Bhopal
16. Surat
17. Goa
18. Nagpur
19. Kochi
20. Guwahati

As India steps into the festive season, the real estate market is gearing up for what promises to be an exciting and lucrative period for both buyers and developers alike.