[ecis2016.org] ecis2016.org’s IRIS index for November 2021 remains seven points higher than the same period last year. The online property search volume has eased sequentially after recording a sharp uptick in September 2021.
The ecis2016.org’s IRIS index eased to 93 points in November 2021, compared to 110 points in the previous month. The index has continued to ease after reaching the historic high in September 2021, prior to the festive season. However, the online property search volume remained seven points higher than the year-ago period, indicating that the residential realty markets continue to recover at a faster rate post the shock of the second wave of pandemic than the first wave.
You are reading: High-intent online homebuyer activity continues to push Mumbai’s search volumes
The sustained recovery in residential sector corroborates with the continued growth in leading economic indicators in the latter half of 2021. For instance, at 58.1, the Services PMI continues to expand, whereas the Manufacturing PMI (57.6) hit a 10-month high in November. Also, the unemployment rate has eased to 7 percent. The firming up of employment scenario on the back of improved services and manufacturing activity has continued to lend optimism to the homebuyer sentiments.
A closer look into online high-intent homebuyer activity in November 2021 suggests that while maximum homebuyers are searching for apartments with 2BHK configuration, the share of larger spaces such as 3BHK and above have increased 1.4 times YoY basis. Also, the share of queries for independent homes has grown 1.7 times in the last two years. The pandemic induced importance of owning a home and the need for extra space amidst the hybrid work culture has pushed the homebuyer’s interest in upgrading to larger configurations.
Mumbai takes first spot in the top-20 cities recording maximum online high-intent homebuyer activity
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Mumbai, the financial capital of India, took the first spot for the second time amongst the top-20 cities recording maximum online property search volume. Most of the homebuyers in the city searched for 1BHK configuration in less than INR 50 lakh category. Majority of the online search queries for buying a home are concentrated in the locales of Mira Road East followed by Thane West. In Navi Mumbai, Kharghar, Airoli and Ulwe recorded maximum high-intent homebuyer activity.
Amongst the top-eight cities, Bengaluru moved back to third spot in November, after its rank slipped in the previous month. As organisations are adopting hybrid working policies and employees are coming back to workplaces, the IT capital of India is recording uptick in online property volume for both buying and renting a home.
In case of buying a home, maximum online searches in Bengaluru were concentrated in the localities of Whitefield and JP Nagar. The need for larger spaces amidst the hybrid working scenario has fuelled the growth in searches for larger configuration in the city. Apartments with 3BHK followed by 2BHK configuration are most searched in Bengaluru for buying a home. Maximum search queries were for apartments in the price bracket of INR 50 lakh to 1 crore. While in case of renting, south-eastern localities such as HSR Layout, Kormangala, and BTM Layout are seeing heightened online property search activity. Maximum online renting activity is being recorded for 2BHK and 1BHK configurations is less than INR 15,000 category.
The growth momentum of online high-intent homebuyer activity in major cities such as Chennai and Kolkata have eased on sequential basis. Chennai’s rank slipped by seven points reaching 13th rank, whereas Kolkata recorded a ten-point dip in its position from the preceding month. In Chennai, micro markets such as Tambaram, Kolathur, and Ambattur were most searched for buying a home. Maximum online property search volume in Chennai is for apartments with 2BHK configuration in less than INR 50 lakh price category.
Tier 2 cities close in on the larger metros – Coimbatore and Jaipur make it to the list of top-10 cities with maximum online property search volume
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While the online high-intent property search volume has eased in the top-eight metros, the Tier 2 cities are recording a sustained growth momentum. Tier 2 cities such as Coimbatore and Jaipur have made it to the top-10 cities witnessing maximum online high-intent buyer activity. In fact, Coimbatore which is currently at sixth rank, has recorded the highest jump of seven points in its position from the preceding month.
In Coimbatore, independent houses and residential plots are most searched by homebuyers in less than INR 50 lakh category. Maximum queries recorded were for homes with 2BHK and 3BHK configuration. Micro markets of Saravanampatty, Vadavalli and Thudiyalur record majority of online high-intent homebuyer activity in Coimbatore. These localities are emerging as prominent residential hubs in the city due to proliferation of IT companies and road connectivity through major national highways.
In Jaipur, maximum queries were for apartments with 3BHK and 2BHK configuration in less than INR 50 lakh price bracket. Apart from apartments, independent homes also take significant share in online property search volume in Jaipur. Mansarovar, Jagatpura and Vaishali Nagar Extension are most searched locales in the city for buying a home.
The IRIS trends for November suggest that the online high-intent homebuying activity has continued to ease after closing at an all-time high in September of this year. However, the online property search volume remains above the year-ago period underpinned by the on-going vaccination and improving economic scenario. Moreover, the Reserve Bank of India (RBI) maintaining the repo-rate at 4 percent is a positive reinforcement for the homebuyer sentiments. Having said that, however, it is important to not lose sight of the rising uncertainty due to new COVID-19 variants, the impact of which can only be gauged in the ensuing months.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
