How India searched for properties during 2021 – A Report by Magicbricks
Mumbai, India: With subdued effects of the pandemic on consecutive year, Mumbai, Pune, and Bengaluru respectively shone as India’s most searched cities for buying properties, reveals How India Searched for Properties During 2021 – A Report by Magicbricks.
Multi-storey apartments ruled the roost as the most preferred property type across cities. Magicbricks’ research further indicates that about 67% of prospective buyers searched for apartments in 2021. Interestingly, 45% of home seekers in New Delhi were looking for builder floor apartments.
The report further reveals that 2 BHK and 3 BHK were the most searched bedroom configurations across Indian cities in 2021. 2 BHKs stole the show in the Mumbai Metropolitan Region (MMR) and Pune with 39% and 44% shares respectively. However, it is interesting to note that Bengaluru recorded good demand for larger configurations, including 3 and 4 BHK. Similarly, in Gurugram, 50% of prospective buyers searched for larger homes sized in the range of 1,500-2,000 square feet.
Commenting on the report, Sudhir Pai, CEO, Magicbricks said, “How India searches for properties and homes is always intriguing and at Magicbricks, we are always monitoring recent trends and developments in this space. With strong signs of economic recovery, home buying bounced back with a lot of vigour in 2021, though there have been occasional dips. Higher demand for affordable homes for both buying and renting are indicative of a gradual surge in consumer confidence and spell optimism for the overall Indian real estate sector.”
As per the Magicbricks report, affordable homes continue to tickle buyers’ fancies in 2021, with 33% of people searching for properties priced within INR 50 lakh. This was followed by a 20% share for properties falling in the price brackets of INR 50-75 lakh. Properties priced between INR 75 lakh – INR 1 crore grabbed the attention of 14% of the buyers.
Furthermore, it was observed that rental properties commanding monthly rents of less than INR 25,000 recorded maximum searches with a 75% share across cities, followed by an 18% share for properties quoting monthly rents of INR 25,000-50,000. In Bengaluru’s Whitefield, which secured the first spot on Magicbricks’ list of most searched localities for rent in 2021 across India, 46% of searches were for properties renting at between INR 25,000-50,000 per month. Similarly, Delhi NCR’s Noida Extension, which came in as a close second on the same list, saw 99% searches for properties commanding monthly rents of less than INR 20,000. About 50% of the renters looked for semi-furnished properties across cities, followed by unfurnished properties which stood at a share of 34%.