by Suman Gupta
- Report titled “How India Searched for Properties during 2022” observed that about 80% of prospective home buyers searched for apartments in 2022 as against 67% in 2021
- 3 BHK and above were the most searched bedroom configurations across India
- 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
Mumbai, December 21, 2022 – 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.
CITY SNAPSHOTS
Ahmedabad
- 81% of home seekers in Ahmedabad searched for multistorey apartments, while 17% looked for independent homes and villas.
- 3BHK units recorded the highest demand with 62%, followed by 2BHKs with 32%.
- About 35% of home buyers showed interest in properties sized 1,000 – 1,500 sf.
- In terms of budget segmentation, 25% of people preferred properties priced INR 25-50 lakh while another 25% showed interest in properties priced INR 50-75 lakh.
- South Bopal, Shela, Satellite, Gota and SG Highway were the most searched localities for home buying in Ahmedabad in 2022.
Bengaluru
- 75% of customers in Bengaluru searched for multistorey apartments in 2022. Independent houses and villas were searched by about 22% of home seekers.
- About 62% of prospective home buyers looked for 3 BHK and above, while 35% were searching for 2 BHK units.
- 41% of home seekers looked for properties sized 1,000-1,500 sf, followed by 25% looking for 1,500-2,000 sf.
- In terms of budget segmentation, properties priced INR 50-75 lakh saw maximum demand in the city (22%), followed by INR 75 lakh to 1 Crore (19%).
- Whitefield, Sarjapur Road, Kanakapura Road, Electronic City and Yelahanka were the top five most searched localities for home buying in Bengaluru.
Chennai
- 63% of prospective home buyers in Chennai searched for multistorey apartments in 2022. Independent houses and villas were searched by about 25% of home seekers.
- About 49% of prospective home buyers searched for larger homes in the city (3 BHK and above), while 45% searched for 2 BHK units.
- Properties sized 1,000-1,500 sf (35%) were most searched in Chennai, closely followed by properties sized 500-1,000 sf (34%).
- In terms of budget segmentation, properties priced INR 50 lakh – 1 crore were sought by 39% of home seekers.
- Sholinganallur, Kelambakkam, Medavakkam, Porur and Perumbakkam were the most searched localities for home buying in Chennai.
Delhi NCR
- 59% of home seekers in Delhi NCR searched for multistorey apartments, while about 34% were looking to purchase builder floors.
- 69% of prospective home buyers looked for 3 BHK and above units, followed by 27% looking for 2 BHK units.
- Properties in 1,000-1,500 sf (30%) were most searched in Delhi NCR, followed by properties in the size range of 1,500-2,000 sf (25%).
- About 28% of home seekers in Delhi NCR searched for properties priced INR 50 lakh – 1 crore. Interestingly, about 19% of people showed interest in properties priced > INR 2 crore.
- Noida Extension, Chhattarpur, Sector 137 Noida, Dwarka Mor and Uttam Nagar were the top five most searched localities for home buying in Delhi NCR.
Hyderabad
- 71% of home seekers in Hyderabad searched for multistorey apartments, while independent homes and villas saw interest from 25%.
- 3 BHK units recorded the highest searches with 56%, followed by 2 BHK units with 41%.
- Properties sized 1,000-1,500 sf were most searched in the city by about 41%.
- 23% of home seekers in Hyderabad looked for properties priced INR 50-75 lakh, followed by 20% who preferred properties in the range of INR 25-50 lakh.
- Kondapur, Miyapur, Gachibowli, Manikonda and Beeramguda were the top five most searched localities for home buying in Hyderabad.
Kolkata
- 89% of home seekers in Kolkata searched for multistorey apartments.
- 3 BHK units recorded the highest searches with 53%, followed by 2 BHK units with 41%.
- 39% of home buyers showed interest in properties sized 500-1,000 sf, while 38% showed interest in properties sized 1,000 – 1,500 sf.
- Properties priced INR 25-50 Lakh were most searched in Kolkata (35%), followed by properties priced INR 50-75 Lakh (21%).
- Rajarhat, New Town, EM Bypass, Action Area 1 and Action Area 2 were the top five most searched localities for home buying in Kolkata.
Mumbai Metropolitan Region (MMR)
- 97% of home seekers in the Mumbai Metropolitan Region (MMR) searched for multistorey apartments.
- Interestingly, 2 BHK units saw interest from about 44% of prospective home buyers, followed by 1 BHK units with 30%.
- 47% of home buyers looked for properties sized 500-1,000 sf, while 31% showed an inclination for properties sized 1,000-1,500 sf
- In terms of budget, 32% of people in MMR searched for properties priced INR 1-2 crore, while 30% searched for properties > INR 2 crore.
- Andheri West, Kharghar, Mulund West, Andheri East and Goregaon East were the top five most searched localities for home buying in MMR.
Pune
- 91% of Punekars searched for multistorey apartments in 2022.
- 2 BHK units saw interest from about 46% of prospective home buyers, followed by 3 BHK and above units with 40%.
- 39% of home seekers showed interest in properties sized 1,000-1,500 sf. About 32% were looking for properties in the size range of 500-1,000 sf.
- About 25% of Punekars searched for properties in the range of INR 50-75 lakh, followed by 20% who looked for properties priced INR 75 lakh- 1 crore.
- Wakad, Baner, Kharadi, Hadapsar and Wagholi were the top five most searched localities for home buying in Pune.
About Magicbricks: India’s no 1 property site: As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has metamorphosed into a full stack service provider for all real estate needs, with 15+ services including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice.
With 15+ years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV– India’s leading online real estate YouTube channel, and other proprietary tools so that home buyers can access all information related to price trends and forecasts, locality reviews and more.
