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, the Housing.com ‘IRIS index’ reveals.
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, the leading online real estate platform in the country. It has been created to give an in-depth view of buyer activity in India by tracking 42 key cities driving the residential market.
Providing insights into the IRIS index findings, Mr. 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.
Mr. Agarwala added “All key high-frequency indicators of the health of the economy, such as manufacturing & services PMI, GST collections, credit growth and fuel & power consumption, are pointing towards a robust recovery post the second wave of the Covid-19 pandemic in the country. The index, which saw a new peak in September 2021 signals a positive turnaround for the residential realty market over the coming months”.
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 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 – a faster resurgence as compared to the same period in 2020,” Housing.com said.
IRIS index revealed the maximum search volume was for 2 BHK and 3 BHK configurations. The majority of homebuyers were searching for 2,3 BHK apartments in the sub-Rs 50 lakh price bracket, closely followed by those who were ready to spend INR 50 lakh – INR 1 crore.
Also, 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 the post-Covid world.