Online searches for residential properties touch all-time high in September: IRIS index

Online searches for residential properties touched an all-time high in September 2021, with Delhi-NCR topping the chart. This was on the back of positive consumer outlook amid easing concerns on the COVID-19 front, historically low home loan interest rates and flexible payment plans being offered by realtors to attract homebuyers, according to Housing.com IRIS index.

IRIS (India residential index for online search) is a monthly index that tracks potential homebuyers’ activity in primary and secondary residential markets on the Housing.com portal. It has been created to give an in-depth view of buyer activity in the country by tracking 42 key cities driving the residential market, said a press release.

Providing insights into the IRIS index findings, Dhruv Agarwala, Group CEO, Housing.com, Makaan.com & PropTiger.com, said, “Online activity of high-intent buyers looking to buy a house post the second wave of the COVID pandemic, is in line with overall market sentiments and the pick-up in economic activity.”

The online property search volume in September 2021 surpassed the historical peak that was witnessed September 2020. The growth momentum in high-intent homebuyer activity has continued to stay above-100 mark sequentially since the last three months, recording a smart recovery post the second wave.

The index is a weighted average of 42 cities limited to buying interest alone and is calculated on the basis of high-intent homebuyer activity observed on the Housing.com platform.

The index revealed that the maximum search volume was for 2BHK and 3BHK configurations. The majority of homebuyers were searching for 2,3BHK apartments in the sub-Rs 50 lakh price bracket, closely followed by those who were ready to spend Rs 50 lakh to Rs 1 crore.

Delhi NCR continues to take the top spot on the index. The capital region has been topping the high-intent buyer activity since June 2021.

“The sustained online property search activity in Delhi-NCR is a leading indicator on the improving consumer sentiment in one of the largest residential markets in the country. The coming months will present a clear picture regarding the conversion of online interest and search queries into actual residential sales,” said Ankita Sood, Director & Head of Research, Housing.com.

In Gurugram, micro-markets of Sector 57 along Golf Course Extension Road and Sector 67 along Sohna Road witnessed heightened online searches with most of the potential homebuyers in these micro-markets looking at apartments with good infrastructure and connectivity in the price bracket of Rs 1-2 crore.

In Noida, most of the searches were concentrated in Sectors along the Noida-Greater Noida Expressway such as Sector 150 and Sector 137. The searches were mainly around 2 BHK and 3 BHK configurations in the price range of Rs 50 lakh to Rs 1 crore.

Surat recorded the highest jump of six points to reach fourth rank amongst the top-20 cities. The maximum search queries in this Gujarat city was recorded for apartments in the micro locales of Vesu and Dindoli. The majority of the homebuyers in Surat are searching for apartments with 2 BHK configurations in the sub INR 50 lakh range.

Patna and Coimbatore registered an improvement of four positions each on IRIS. In the capital of Bihar, most of the search queries were concentrated in localities such as Danapur and Phulwari Sharif.

Most of the searches in both cities are concentrated in the less than INR 50 lakh price category.

Kolkata registered the highest decline in online search volume.