Flashback 2022: How Did India Look For Properties? #PropIndex India
PropIndex India : The Indian real estate market has been on a revival rampage since the epidemic has passed, and patterns starting in 2022 point to a strong demand for properties in the foreseeable future.
India’s real estate market was significantly impacted by the coronavirus epidemic, and the repercussions continued until 2022. However, 2022 got off to a good start as demand and supply for real estate in several Indian cities reached pre-covid levels.
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PropIndex India : Indian Home Buying Trends 2022
Bengaluru, Pune, and Mumbai were the top three cities nationwide where people looked to purchase property in 2022. The mid-segment real estate properties were the most popular, and huge configurations have been the main focus. In particular, 3 BHK properties continued to be the most popular among purchasers.
The top five neighbourhoods for purchasing a home were Whitefield and Sarjapur Road in Bengaluru, Wakad and Baner in Pune, and Rajarhat in Kolkata.
The mood of homebuyers in 2022 can be summed up in the following pointers.
- Bengaluru, Mumbai and Pune were India’s most searched cities for properties in 2022
- Larger bedroom configurations, 3 BHK and above, were the most searched for in India.
- Properties in the mid-segment were most preferred by buyers in 2022
Increasing preferences for larger spaces and multi-story apartments
When it comes to property preferences, Indian purchasers are consistently drawn to multistory flats. The most popular kind of residential property in Indian cities was multistory flats. In 2022, more than 80% of property purchasers sought for flats, compared to 67% in 2021, according to navimumbaihouses.com Research. On an annual basis, this is a huge gain.
In addition, there is a huge increase in the desire for bigger residences. In fact, in the post-pandemic year of 2022, residences with three bedrooms or more were the most sought-after property type throughout Indian cities. It was interesting to observe that this pattern did not apply to the markets in the West Indies. 2 BHKs dominated the market in and around the Mumbai Metropolitan Region (MMR) and Pune.
Demand for Homes Across Price Ranges
In terms of size, over 36% of prospective homeowners looked for properties between 1,000 and 1,500 square feet, while the remaining 28% sought properties between 500 and 1,000 square feet. The mid-segment homes were the most popular when it came to home purchasing trends by price range, with over 35% of Indian homebuyers shopping for residences between Rs 50 lakh and Rs 1 crore, and 25% for properties between Rs 1-2 crore.
Indian Rental Property Market Trends 2022
There was a 42 percent share of searches for rental properties with monthly rents of less than Rs 20,000, according to data on the demand for real estate in India. A 40% share for properties with a monthly rent of Rs. 20,000–40,000 came closely behind this.
The most popular kind of rental housing was a two-bedroom unit (46%), followed by a three-bedroom unit (35%), and a one-bedroom unit (1%) (19 Percent).
Unfurnished properties were sought after by 30% of tenants, follow by semi-furnish houses, which attracted over 55% of tenants. The top five places where renters sought for homes were, for instance, Whitefield and Sarjapur Road in Bengaluru, Gachibowli and Kondapur in Hyderabad, and Kharadi in Pune.
Property Market Search: Trends in India’s Major Cities
The following conclusions may be derived if we look more closely at patterns and analyse the real estate market trend.
PropIndex India: 2022 Real Estate Market in Ahmedabad
Ahmedabad’s real estate market appears to have become fond of multi-story flats, which has contributed to a sharp increase in the number of multi-story real estate project launches and housing demand. In fact, flats were favoured by more than 80% of prospective house purchasers. The most popular Ahmedabad locations were places like Shela, Satellite, and SG Highway. Three-bedroom flats were among the most sought-after categories in Ahmedabad, following the national trend.
- 81 Percent of home buyers in Ahmedabad searched for multi-storey apartments, while 17 Percent looked for independent homes and villas.
- 3 BHK units recorded the highest demand with 62 Percent share, followed by 2BHKs with 32 Percent.
- About 35 Percent of home buyers showed interest in properties sized 1,000 – 1,500 sq ft.
- In terms of budget, 25 Percent of buyers preferred properties priced Rs 25-50 lakh, while another 25 Percent showed interest in properties priced Rs 50-75 lakh.
Top 5 Most Searched Localities of Ahmedabad
In Ahmedabad, real estate demand is slow yet steady. Key localities for property investment in Ahmedabad are as follows-
- South Bopal
- Shela
- Satellite
- Gota
- Sarkhej Gandhinagar (SG) Highway
BHK Preferences of Ahmedabad Home Buyers
In Ahmedabad, the most popular choice among homebuyers was a 3 BHK unit. More over 60% of property searches were for three-bedroom homes. The next item was a 2 BHK at 32%. 2 BHK came in second place with a 32 percent share. The main points are as follows:
- 1 BHK 6 Percent
- 2 BHK 32 Percent
- 3 BHK & Above 62 Percent
PropIndex India: Ahmedabad’s Rental Trends
When considering Ahmedabad’s rental real estate market, more than 45% of tenants looked for a place with two bedrooms. More than half of people looking for renting space looked for homes between Rs 10,000 and 20,000 per month. In addition to others, Prahlad Nagar, SG Highway, South Bopal, Satellite, and Thaltej are among the top locations where rental spaces were most often sought for.
Real Estate Market in Bengaluru in 2022
Bangalore’s real estate market saw a robust home demand following the epidemic. A solid 62 percent of home purchasers appeared to be following the national trend of favouring larger areas by looking for properties with three bedrooms or more.
- In Bangalore, 75% of prospective homeowners looked for multistory flats in 2022. About 22% of those looking for homes wanted independent homes and villas.
- A little over 35% of purchasers were interested in 2 BHK apartments, while over 62% preferred bigger residences (3 BHK and beyond).
- 25 percent of those looking for a house were interested in 1,500–2,000 square feet, followed by 41 percent in residences between 1,000 and 1,500 square feet.
- Property prices between Rs 50 and Rs 75 lakh showed the most demand in the city in terms of pricing (22%) and then Rs 75 lakh to Rs 1 crore (19 Percent).
Top 5 Most Searched Localities in Bengaluru
While eastern Bengaluru has been a real estate hotspot in recent times, other localities that have attracted homebuyers are as follows-
- Whitefield
- Sarjapur road
- Kanakapura road
- Electronic City
- Yelahanka
BHK preferences of Homebuyers in Bangalore
The most preferred denomination for the homebuyers in Bangalore was 3 BHK, as over 62 percent of the homebuyers searched for it. This was follow by 2 BHK at 35 Percent. However, 1 BHK unit saw only a limited traction.
- 1 BHK 3 Percent
- 2 BHK 35 Percent
- 3 BHK & Above 62 Percent
Bangalore’s 2022 rental market trends
A 2 BHK rental space was sought for by around half of the renters in terms of dwelling unit demand. Similar percentages of people looking for rental properties sought for monthly rents between Rs 20,000 and Rs 40,000.
PropIndex India: Chennai Real Estate Market Trends 2022
In the southern metropolis of Chennai, there seems to be an increasing trend towards multistory residences. Over 63 percent of home purchasers looked for multistory apartments in 2022, compared to just 25 percent who looked for homes and villas. However, the choice for 2 BHK and 3 BHK homes in the city was nearly equal at 45% and 49%, respectively. The trends in Chennai’s real estate market for 2022 may be summed up as follows:
- 63 Percent of home buyers in Chennai searched for multistorey apartments in 2022. About 25% of home buyers looked for independent houses and villas.
- About 49 Percent of home buyers looked for larger homes in the city (3 BHK and above), while 45 Percent were looking to purchase 2 BHK units.
- Properties sized 1,000-1,500 sq ft (35 Percent) were most searched in Chennai, closely followed by properties sized 500-1,000 sq ft (34 Percent).
- In terms of budget, properties priced Rs 50 lakh – 1 crore saw demand from about 39 Percent of home buyers.
Top 5 Most Searched Localities in 2022
According to the Pan India PropIndex report, the most preferred localities in Chennai among homebuyers are-
- Sholinganallur
- Kelambakkam
- Medavakkam
- Porur
- Perumbakkam
PropIndex India: Chennai’s rental trends for 2022
In terms of the demand for rental housing, among other places, Sholinganallur, Velachery, Thoraipakkam, Anna Nagar, and Thiruvanmiyur showed an increase in rental housing searches. Additionally, more than half of all renters looked for properties with two bedrooms. Additionally, more than 44% of prospective tenants looked for homes whose monthly rents fell between Rs 10,000 and 20,000.
Delhi NCR’s Real Estate Market in 2022
With a growing desire among purchasers for residential flats, Delhi-NCR is following pace with the increased demand for multistory homes. As a result of the fact that 69 percent of homebuyers in Delhi NCR were looking for residential properties with three bedrooms or more in 2022, the housing market remained skewed substantially in favour of these types of homes.
- 34 percent of property purchasers in Delhi NCR preferred to purchase builder floors while 59 percent preferred multistory flats.
- 3 BHK and above flats were sought after by 69 percent of potential house buyers, while 2 BHK units were sought after by 27 percent.
- The most sought-after homes in Delhi, NCR were those between 1,000 and 1,500 square feet (30%), followed by those between 1,500 and 2,000 square feet (25%).
- In Delhi NCR, over 28% of prospective homeowners looked for homes between Rs 50 lakh and Rs 1 crore. It’s interesting to note that 19% of respondents expressed interest in houses costing more than Rs 2 crore.
Top Localities preferred for Home Buying in Delhi NCR
In a reviving real estate market, the following localities of Delhi NCR saw the maximum traction from homebuyers.
- Noida Extension
- Chattarpur
- Sector 137, Noida
- Dwarka Mor
- Uttam Nagar
More than 69 percent of homebuyers in Delhi NCR also chose to invest in apartments with three bedrooms and more. At 27%, 2 BHK apartments came in second.
Delhi NCR rental trends for 2022
The demand for housing has increased as workplaces and workspaces have reopened, and there is a robust demand for rental spaces, according to the Delhi NCR rental housing landscape. Saket, Mayur Vihar 1, Vasant Kunj, Laxmi Nagar, and Greater Kailash 1 are the top five neighbourhoods with the highest rental demand in 2022.
PropIndex India : Hyderabad’s Housing Market in 2022
Hyderabad experienced an increase in demand for multistory flats over villas and homes, following the national trend. In fact, flats were selected by almost 70% of purchasers. The most popular property type in Hyderabad’s real estate market is still 3 BHK. Summarily-
- In Hyderabad, 71 percent of customers looked for multistory flats, while 25 percent were interested in independent homes and villas.
- The most popular searches, at 56 percent, were for 3 BHK homes, followed by 41 percent for 2 BHK units.
- The most sought-after homes in the city, with a 41% share, were those between 1,000 and 1,500 square feet.
- In Hyderabad, 20% of purchasers picked houses between Rs 25 and 50 lakh, while 23% sought for properties between Rs 50 and 75 lakh.
Top 5 Most Searched Localities in Hyderabad Property Market
In Hyderabad, the following localities remained the hot favorite of real estate investors and homebuyers.
- Kondapur
- Miyapur
- Gachibowli
- Manikonda
- Beeramguda
In addition to this, over 56 percent of the real estate investors preferred 3 BHK or bigger units, followed by 2 BHK flats at 41 percent.
Bangalore’s Rental Trends
Gachibowli, Kondapur, Kukatpally, Hitech City, and Madhapur continued to rank among the top areas for renters in 2022 when considering Hyderabad’s rental market.
PropIndex India: 2022 Real Estate Market Trends in Kolkata
In the Kolkata real estate market, the demand for multistory flats remained at an all-time high. The demand for three-bedroom apartments remained at 53%. The desire for two bedrooms, at 41%, came next.
- 81 Percent of home buyers in Kolkata searched for multistorey apartments.
- 3 BHK units recorded the highest searches with 53 Percent share, followed by 2 BHK units with 41 Percent share.
- 39 Percent of home buyers showed interest in properties sized 500-1,000 sq ft, while 38 Percent showed interest in properties sized 1,000-1,500 Sq ft.
- Properties priced Rs 25-50 Lakh were most searched in Kolkata (35 Percent), followed by properties priced Rs 50-75 Lakh (21 Percent).
Most Popular Locations in the Kolkata Real Estate Market in 2022
While Kolkata’s real estate market is recovering, Rajarhat, New Town, EM Bypass, Action Area 1, and Action Area 3 continue to have the greatest real estate demand. Surprisingly, these were also the locations of Kolkata where it was easiest to obtain rental homes.
More than 53% of people looking for homes to rent in Kolkata looked for two-bedroom homes. Additionally, more than 48% of tenants looked for houses with monthly rents between Rs. 10,000 and Rs. 20,000.
MMR 2022 Real Estate Market in Mumbai
The Mumbai real estate market and the MMR region encountered several difficulties during the coronavirus outbreak. However, 2022 got off to a good start, as home demand remained strong. Over 97 percent of customers were searching for residential units because of the exorbitant land prices. In contrast to the general feeling of the country, however, 2 BHK apartments continued to be the top choice of investors, accounting for 44% of all property searches, followed by 1 BHK at 31%.
The PropIndex data for December 2022 shows that almost 47% of house buyers looked for residences with a square footage of 1000 to 2000 square feet. The trends in Mumbai’s real estate market may be summed up as follows:
- 97 Percent of home buyers in the Mumbai Metropolitan Region (MMR) searched for multi apartments.
- Interestingly, 2 BHK units saw interest from about 44 Percent of home buyers, followed by 1 BHK unit with 30 Percent.
- 47 Percent of home buyers looked for properties sized 500-1,000 sq ft, while 31 Percent showed an inclination for properties sized 1,000-1,500 sf
- In terms of budget, 32 Percent of home buyers in MMR searched for properties priced Rs 1-2 crore, while 30 Percent searched for properties > Rs 2 crore.
Top 5 Search Locations in the Mumbai MMR Area
Andheri West, Kharghar, Mulund West, Andheri East, and Goregaon East continued to be the most popular locations among homebuyers in the Mumbai MMR region, according to the Propindex survey by navimumbaihouses research.
Housing demand will be stable in 2022 if the Mumbai MMR region’s rental real estate is taken into account. In the Mumbai MMR region, more than 45% of tenants looked for a two-bedroom apartment. Additionally, almost 38% of people looking to rent a property looked for homes with monthly rents between Rs 20,000 and Rs 40,000.
PropIndex India: 2022 Pune Real Estate Market
Pune has been on the minds of real estate investors for a while due to its well-established IT and ITES sector. Despite a decline in house demand during the epidemic, Pune’s real estate industry is nevertheless expanding steadily. In Pune, multistory residences were sought for by more than 90% of purchasers in 2022. However, in terms of demand, purchasers were equally interested in 2 and 3 bedroom homes. The following may be used to characterise Pune’s real estate market trends for 2022:
- In 2022, 91% of Puneri homebuyers looked for multistory residences.
- About 46% of prospective homeowners were interested in 2 BHK flats, with 3 BHK and up garnering a 40% share.
- Homes between 1,000 and 1,500 square feet piqued the interest of 39% of prospective buyers. 32% of buyers were interested in homes between 500 and 1,000 square feet.
- About 25% of prospective homeowners sought for homes between Rs 50 and Rs 75 lakh, while 20% looked for homes between Rs 75 and Rs 1 crore.
Top 5 Most Searched Localities of Pune
Amid a growing housing demand, the following localities saw the maximum searches by homebuyers.
- Wakad
- Baner
- Kharadi
- Hadapsar
- Wagholi
According to trends in the Pune rental real estate market, the top neighbourhoods chosen by aspiring renters are Kharadi, Viman Nagar, Wakad, Baner, and Hinjewadi. About half (49%) of prospective tenants in Pune looked for a two-bedroom apartment. In addition, 46% of prospective homeowners searched for homes in the Rs 10,000 to Rs 20,000 per month pricing bracket.
PropIndex India : Summary of 2022 Property Search Trends
2022 got off to a good start after the pandemic-induced downturn, with the residential real estate industry exhibiting audible indications of resurrection and resiliency. Early this year, supply and demand both rebounded and in some places even approached pre-Covid levels.
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