NEW DELHI: Not only did online searches for renting and buying houses hit an all-time high in September, but home sales for the July-September quarter also shot up three fold compared to the previous quarter.
Housing.com has an Indian residential index for online search (IRIS) to track potential buyers activity on its platform on a monthly basis across 42 cities. The index is calculated on the basis of high-intent homebuyer activity on its platform. "The IRIS index closed at an all-time high in September 2021. The India online property search volume moved up five points to reach 116 points post the second wave of the pandemic," Housing.com said in a press release.
Delhi-NCR topped the IRIS index. Surat, Patna, and Coimbatore emerged as gainers in the top-20 cities witnessing maximum online property search volume.
Interestingly, The IRIS index revealed that the maximum search volume was for 2 BHK and 3 BHK configurations in the sub- Rs 50 lakh price bracket, closely followed by those who were ready to spend Rs 50 lakh - Rs 1 crore, while the share of buyers looking for 3 BHK and 3 BHK-plus properties is increasing constantly as the work-from-home culture is here to stay in a post-Covid world. This buyer interest data correlates with the sales momentum witnessed in the September quarter.
Data analysed by property research firm Liases Foras shows that home sales for India's tier 1 cities in the Rs 50- Rs 1 crore bracket have seen an 88% jump on year and a 22% increase quarter on quarter. Home sales across Mumbai Metropolitan Region, Pune, National Capital Region, Hyderabad, Kolkata, Ahmedabad and Chennai have shot up to 23,547 units in the September quarter as opposed to 12, 525 units in the year ago period. The sales stood at 19,282 units in the June quarter.
Surprisingly, even homes in the Rs 1-2 crore bracket have seen a 75% jump on year, and 18% jump quarter on quarter, while those upwards of Rs 2 crore have seen a 62% jump in sales year-on year and 19% on a quarterly basis. Historically low-interest rates on home loans, festival offers and discounts by builders, ready-to-move-om apartments, stamp duty cuts in Maharashtra and revised circle rates in Delhi have all added to the sales momentum.
The biggest factor though is the homebuyers’ need to upgrade to larger living spaces with better amenities, according to property consultant Knight Frank India.
