India’s leading full-stack online real estate platform Housing.com has announced the launch of its operations in the cities of Coimbatore and Vizag as part of its business expansion plans in South India. The move by the REA India-owned online portal comes at a time when the country is witnessing a turnaround in housing sales after the coronavirus pandemic induced slowdown.
This move is part of the company’s strategy to expand its business in tier II cities across India. Recently the company announced its expansion into North India’s Tier-II cities of Jaipur, Lucknow and Chandigarh.According to Real Insight (Residential): July – September (Q3) 2021, a quarterly industry report by REA India-owned online real estate company PropTiger.com, home sales and new launches have both shown a significant improvement in the period between July and September 2021, indicating that a turn-around for the real estate sector might be around the corner.
There has been a 199% q-o-q increase in new launches, and around 250% increase in sales. According to the data, Tamil Nadu’s capital Chennai has witnessed a 376% q-o-q increase in launches and 558% q-o-q increase in sales. The large q-o-q increases can be attributed to the low base in April to June 2021 because of the severe second wave of the coronavirus infections. The prices here have not changed q-o-q, but y-o-y there has been a slight increase of around 1 per cent.
Housing.com’s IRIS index revealed that online searches for residential properties touched an all-time high in September 2021 with Vizag featuring on the top-20 cities list on Housing.com’s monthly index.
Commenting on the launch, Mr. Amit Masaldan, Business Head, Housing.com said: “In this day and age when technology has made property purchases a hassle-free experience, more and more people are closing home purchases with the help of online platforms that make this journey smooth. This trend is highly visible in tier-II cities like Coimbatore and Vizag. The opening of our new offices in South India demonstrates how positive we feel about the extraordinary potential these markets offer for an online platform like ours.”
The new offices of Housing.com are located at Gandipuram in Coimbatore & Siripuram at Vizag, and the company’s sales & marketing personnel, data experts, etc., will be operating from there.
Vizag is the largest and most populous city in Andhra Pradesh, with a population of nearly 2.2 million people. It is also regarded as the city of the future, thanks to the projected petrochemical complex, the Visakhapatnam-Chennai Industrial Corridor, and the Bhogapuram International Airport.
While Coimbatore is the third-largest city in Tamil Nadu, it is one of its most industrialized cities. Known as the Manchester of South India, the city is located on the banks of the Noyyal River. In the Ease of Living Index 2020, it was ranked the 7th best city in India. With a population of around 2.8 million, Coimbatore is acknowledged to be one of the top Tier-II cities for realty investments.
REA India-owned Housing.com comprises a trained team of sales personnel, marketing and technology experts, data collectors, analysts, and auditors, along with a strong research and analytics team.