Insights into India’s Property Searches in 2023
Newzdaddy Business Updates
Magicbricks, a leading property platform, has unveiled key findings from its report, “How India Searched for Properties in 2023,” shedding light on the nation’s property trends.
Most Sought-After Regions:
Magicbricks’ report highlights that MMR (Mumbai Metropolitan Region) at 20%, Bengaluru at 19%, and NCR (National Capital Region) at 19% emerged as the top three regions where people searched for properties in 2023.
Homebuyer Preferences:
Analyzing data from over 20 million visitors, the report notes that 80% of potential homebuyers favored multi-story apartments, with more than 56% seeking 3 BHK and larger configurations. This indicates a strong inclination towards spacious living.
NRI Demand and Global Recovery:
In a noteworthy shift, demand from Non-resident Indians (NRIs) constituted 9.4% of the total demand, up from 6.2% in 2022. This aligns with the global economic recovery post-COVID, reflecting increased interest in Indian real estate.
Luxury Segment Dominance:
The luxury segment (above Rs 10,000 per sq ft) witnessed significant demand, with MMR leading at 63% and NCR at 34%. This suggests a buoyant market for high-end properties.
Abhishek Bhadra, Head of Research at Magicbricks, shared his insights: “In 2023, the real estate sector showed robust progress with increased demand, improved supply, and heightened interest from Millennials and Gen Z in real estate investments. Looking ahead to 2024, we anticipate price stabilization due to sustained supply growth, especially in tier 2 towns.”
City Snapshots:
Bengaluru:
- Nearly 50% of home seekers prefer 3BHK units.
- Properties ranging from 1,250-2,000 sq ft and 750-1,250 sq ft dominate market demand.
- Whitefield, Sarjapur Road, Thanisandra, and Kanakapura Road are top-searched localities.
- 62% of tenants fall in the age group 18-34.
NCR:
- 51.5% of home seekers prefer 3BHK apartments.
- Properties between 1,250-2,000 sq ft and 2,000-3,000 sq ft are most sought after.
- The budget segment sees the highest demand above Rs 10,000 per sq ft.
- Noida Expressway (South), Noida Expressway (Main), and Central Noida are top-searched areas.
MMR:
- A clear preference for 2BHK units with 44.4% of home seekers searching for the same.
- Properties between 750-1,250 sq ft and 500-750 sq ft are preferred.
- 73% of home seekers prefer properties above Rs 10,000 per sq ft.
- Malad-Kandivali, Goregaon, and Andheri East-Jogeshwari East are the most searched localities in Mumbai.
Additional Insights:
- Affordable housing thrived in Ahmedabad and Kolkata.
- Bengaluru saw remarkable growth in the rental market, increasing its demand share from 21% in 2022 to 24% in 2023.
- Younger demographics (18-35 years) constituted 67% of pan-India rental demand.
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