Bengaluru, Mumbai, and Pune emerged as India’s most searched cities for properties in 2022, reveals Magicbricks Report.
Bengaluru, Mumbai, and Pune emerged as India’s most searched cities for buying properties, revealed How India Searched for Properties During 2022 – A Report by Magicbricks. The report further observed that about 80% of prospective home buyers searched for apartments in 2022 as against 67% in 2021.
Elaborating on the report, Sudhir Pai, CEO, Magicbricks shared “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; and Bengaluru, Pune & Mumbai have emerged as the preferred cities for real estate investments. 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. 2023 promises a similar growth trajectory with continued preference towards larger home configurations and growing popularity of tier 2 markets as realty growth engines, especially with the upcoming project launches.”
The report also revealed 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 sf, followed by 28% preferring homes sized 500-1,000 sf. 35% of homebuyers searched for properties priced in the range of INR 50 lakh- 1 crore, followed by 25% looking for properties priced INR 1-2 crore.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.
In the rental market, it is observed that properties with rents of less than INR 20,000 pm were most searched (42%), closely followed by properties with rents of INR 20,000-40,000 pm (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.