News | Dec 31, 2022
NEW DELHI: Bengaluru, Mumbai, and Pune emerged as India’s most searched cities for buying properties, according to a recent report by Magicbricks. Whitefield and Sarjapur Road in Bengaluru, Wakad and Baner in Pune, and Rajarhat in Kolkata were among the top five most searched localities for buying a home.
The report further observed that about 80% of prospective home buyers searched for apartments in 2022 as against 67% in 2021.
Sudhir Pai, CEO of the company said, "2022 was a year of recovery and growth for the Indian residential market with tangible signs of revival and resilience, which is demonstrated in the growth of residential demand and supply across the country. The recovery was largely driven by demand from end-users for affordable and mid segment residences, and demand for rental homes as many returned to their base locations."
The report also said that 3 BHK and above bedroom configurations were the most searched across Indian cities in 2022. However, in the western markets of Mumbai Metropolitan Region (MMR) and Pune, 2 BHKs were most preferred.
In terms of size, about 36% of home buyers sought homes in the size range of 1,000-1,500 sq ft, followed by 28% preferring homes sized 500-1,000 sq ft. 35% of home-buyers searched for properties priced in the range of Rs 50 lakh- Rs 1 crore, followed by 25% looking for properties priced Rs 1-2 crore.
In the rental market, it is observed that properties with rents of less than Rs 20,000 per month were most searched (42%), closely followed by properties with rents of Rs 20,000-40,000 per month (40%). 2BHK rental accommodations were most sought after (46%), followed by 3BHKs (35%) and 1BHKs (19%).
About 55% of the tenants searched for semi-furnished properties, while 30% preferred unfurnished properties. Whitefield and Sarjapur Road in Bengaluru, Gachibowli and Kondapur in Hyderabad; and Kharadi in Pune were among the top five most searched localities for rent.