Housing.com IRIS Index: 10% Surge in Property Searches Ahead of Festive Season, Delhi-NCR Leads

New Delhi / September 25, 2024: Housing.com, a proptech platform, on Wednesday, released findings of its IRIS (Indian Residential Index for Online Search) Index, which showcases a significant uptick in homebuyer interest as the festive season approaches, a statement from the company said. 

The latest IRIS Index report indicates a remarkable 10% month-on-month increase in online property search activity for August 2024, pushing the index to 99 points – the highest reading since December 2023. This surge in interest does not come as a surprise to industry experts, with the festive season traditionally driving up real estate transactions in India, the statement added. 

Amit Masaldan, Chief Revenue Officer, Housing.com, said, “The festive season has always been a seasonal catalyst for the real estate market. What’s particularly exciting this year is the intensity of buyer interest we’re seeing even before the core festive period begins. It’s a clear indication that the market is poised for significant activity in the upcoming festive season, starting with Navratri until December end.”

The ‘September 2024 IRIS Index Report’ from Housing.com highlights several key trends in India’s real estate market. Delhi-NCR leads in online property searches on the platform, with a notable preference for 3BHK properties priced between Rs 50 lakh and Rs 2 crore. In contrast, Mumbai’s property market shows high demand for 1BHK homes, particularly in the Rs 50 lakh to Rs 1 crore price range.

Data also show that ready-to-move-in homes remain a top priority for buyers, with 50% of searches focusing on properties available for immediate possession. The most popular price range is between Rs 50 lakh and Rs 1 crore, while 2BHK apartments are the most searched configuration at 37%, closely followed by 3BHK options at 32%.

Among Tier-2 cities, Indore stands out, experiencing a 4-point monthly increase in searches, making it the most sought-after market in this category. Jaipur, Lucknow and Vadodara top the next three positions on the index. Unlike prime residential markets where 2BHK homes are a priority for buyers primarily due to price pressure, 3BHK units are the most searched configurations in Tier-2 cities, the statement said. 

As the festive season kicks into high gear, Housing.com anticipates a further acceleration in market activity. Developers across the country are gearing up with attractive festive offers, flexible payment plans and new project launches to capitalise on this seasonal uptick in demand. 

Masaldan added, “The combination of pent-up demand, festive auspiciousness, and strategic developer offerings is creating a perfect storm of opportunity in the residential real estate market. We expect the upward trend in search activity to translate into robust sales figures as we move deeper into the festive period.”

Overall, the findings of the index indicate that despite rising prices, India’s housing market is anticipated to conclude 2024 on a strong note, largely fueled by robust sales during the festive season and an increase in new project launches.