Whereas these three cities have seen elevated homebuyer exercise after the second wave of the coronavirus pandemic, the tier-II cities like Surat, Jaipur and Patna are those which have recorded the best enhance in on-line property search quantity in 2021. The index additionally lists its ‘cities to be careful for building-up residential demand’, which embrace Tier-II cities like Surat, Jaipur, Patna, Mohali, Lucknow and Coimbatore.
Housing.com’s IRIS index tracks the net property search quantity of high-intent homebuyers. The index is a number one indicator of the building-up of residential demand in India’s key 42 cities.
“The 12 months 2021 has undoubtedly been a 12 months of constructive change for residential realty. We firmly consider that the robust momentum within the residential markets will proceed by way of the 2022 calendar 12 months, offered India is ready to successfully cope with the specter of the Omicron variant unfold,” stated Dhruv Agarwala, Group CEO, Housing.com.
The index additionally exhibits that bigger properties are going to be the popular choice amongst homebuyers in 2022 as corporations proceed to supply distant working insurance policies amid Omicron variant threats. Information present that the search queries for flats with 3+BHK configuration grew by 15% year-on-year in 2021.
“The metro cities of Mumbai, Bengaluru and Hyderabad will drive residential demand revival in 2022. We’re additionally seeing elevated traction in tier-II cities corresponding to Surat, Jaipur, Patna, Mohali, Lucknow and Coimbatore on the again of constant distant working insurance policies. Homebuyers are actually leaning in the direction of bigger properties and localities with entry to raised healthcare providers, safety, and open areas. The altering shopper desire in residential realty, together with digital penetration throughout the provision and demand worth chain, will form the market in 2022” stated Ankita Sood, Head of Analysis, Housing.com.
Because the value of any property is immediately linked to its measurement and facilities, on-line seek for properties within the ticket measurement of greater than Rs 2 crore, has additionally undergone a rise – 1.1x occasions extra queries had been registered on the index for premium properties in 2021.
Though the NCR has been on the receiving finish of unfavourable publicity because of venture delays and developer insolvencies, Noida Extension in Noida will see important homebuyer curiosity within the coming 12 months, the index exhibits.
Noida Extension took the utmost share in nationwide on-line property search quantity this 12 months as recorded by the index. That is primarily due to the comparative affordability the realm gives, together with the truth that the centre and the UP authorities have introduced a number of mega infrastructure tasks for this area within the latest previous.
Housing.com IRIS index additionally indicated that the rental market within the mega cities of Mumbai, Bengaluru and Delhi would possibly come again on observe in 2022, as corporations enhance hiring. In 2021, these three cities took the utmost share in on-line search quantity for renting a house.