The Rise of Residential Property Investment Opportunities in India
New Delhi (Property Latest Updates): The Indian real estate market has remained resilient despite global challenges, with a positive sentiment towards residential properties. Online searches for both low-cost and high-end apartments exceeding Rs 1 crore have seen a significant surge, as people seek second homes or upgrade to bigger residential units to cater to their growing needs and aspirations. The increasing trend of homebuyers seeking residential properties is not limited to big cities but also includes smaller towns and tier-2 cities such as Lucknow, Jaipur, and Indore.
A Housing.com survey conducted in 2022 on online property search trends revealed that the demand for residential units priced between Rs 1
and 2 crore has increased by more than 24% in online searches on a year-to-year basis. This surge in demand has the potential to drive growth in the residential property market in the present year and beyond. Developers should capitalize on this opportunity to provide high-end residential apartments at reasonable prices and desirable locations.
Thane West (Mumbai), Whitefield (Bengaluru), and Greater Noida West (Delhi NCR) were the locations with the highest online search traffic in 2022. Other areas generating interest were New Town (Kolkata), Mira Road East (Mumbai), Chandkheda (Ahmedabad), Wakad (Pune), Kharghar (Pune), Gota (Ahmedabad), and Vastral (Ahmedabad). These top ten locations are likely to experience significant demand
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in the near future, with momentum increasing over time.
The demand for residential properties is not only limited to metropolitan cities but is also being seen in tier-2 towns. In these cities, homebuyers have started preferring apartments over independent homes, offering greater opportunities for developers and realty agents. Among the tier-2 cities, Lucknow ranked highest in terms of online reach for residential properties, followed by Jaipur and Indore.
The shift in preference towards apartments over independent homes is attributed to the better quality of life, safety, and communal recreational facilities they offer. The online search for new apartments increased by 52% on a year-to-year basis, compared to a 2% decrease
for resale properties. Furthermore, the online search for properties with 3BHK and above configuration rose by 1.4 times in 2022, indicating the future demand for residential properties in the realty space.
Overall, these online search trends in the housing sector, identified by the Housing.com survey, reflect the growing interest of homebuyers and will set the pace of growth for the residential market throughout India. Developers must take note and begin working to ensure that residential properties of the right configuration are available at competitive prices. By catering to this growing demand, the real estate industry can continue to thrive and help meet the housing needs of India's expanding population.