Demand for housing is anticipated to stay robust in the highest micro-markets, and there’s a rising curiosity in new residences and properties priced between Rs 1 crore to Rs 2 crore. (Representative picture)
searches for residential properties priced between Rs 1-2 crore grew 24 per cent yearly in 2022, says Housing.com report
The demand for properties and residences between Rs 1-2 crore is on the rise in India and it driving the general housing demand in the nation, in response to a report by Housing.com. It mentioned searches for residential properties priced between Rs 1-2 crore grew 24 per cent yearly in 2022.
Region-wise, the report mentioned that in 2022, the very best search quantity for dwelling buy was recorded in the Thane west location in Mumbai, adopted by Whitefield in Bengaluru and Noida Extension in Delhi-NCR. New Town in Kolkata and Mira Road East in Mumbai had been at 4th and fifth positions, respectively, in phrases of seek for residential properties on Housing.com. Chandkheda in Ahmedabad was at sixth place, adopted by Wakad in Pune, Kharghar in Pune, Gota in Ahmedabad and Vastral in Ahmedabad.
Dhruv Agarwala, Group CEO of Housing.com, PropTiger.com & Makaan.com, mentioned, “Based on the developments highlighted in our newest report, I’m optimistic about the way forward for the Indian residential actual property market. We anticipate the demand for housing to stay robust in the highest micro-markets, and we see a rising curiosity in new residences and properties priced between Rs 1 crore to Rs 2 crore.”
He added that there is 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.
Agarwala also said, “Sales of residential properties continue to be robust even during this quarter despite the hike in interest rates over the past year. Overall, I am bullish on the future of the Indian residential real estate market and I believe that the industry will continue to see growth in the coming years, driven by factors such as urbanisation, rising disposable incomes, and favourable government policies.”
According to the report, queries for resale properties registered a 2 per cent YoY drop in 2022. Online searches for properties with a 3BHK and above configuration grew 1.4 instances in 2022.
Ankita Sood, head of (analysis) at Housing.com, PropTiger.com & Makaan.com, mentioned, “We are positively in the up-cycle for residential realty demand owing to the pandemic-induced shift in the direction of increased homeownership. Fuelled by each end-user and investor curiosity, the property markets have proven resilience the place patrons are rigorously filtering out initiatives and searching for the fitting product combine in phrases of affordability, accessibility and high quality of dwelling. With new provide surpassing pre-RERA ranges in 2022, there are a plethora of latest initiatives providing extra option to patrons. We see this up-cycle persevering with in 2023, with high quality dwelling and way of life upgradation as key parameters defining property buy.”
Top-10 Trending Localities In High-Volume Organic Searches for Buying a Home Between January and December 2022″
- Rank — Locality — City
- 1 — Thane — West Mumbai
- 2 — Whitefield — Bengaluru
- 3 — Greater Noida, West (Noida Extension) Noida -Delhi NCR
- 4 — New Town — Kolkata
- 5 — Mira Road East — Mumbai
- 6 — Chandkheda — Ahmedabad
- 7 — Wakad — Pune
- 8 — Kharghar — Pune
- 9 — Gota — Ahmedabad
- 10 — Vastral — Ahmedabad.
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