Mumbai, at 20%, emerged as the most searched location after Bengaluru at 19% and NCR-Delhi at 19% for properties in 2023, according to a report by Magicbricks, an online research portal.
The study, titled "How India Searched for Properties in 2023," revealed that multi-storeyed apartments remained the top choice for 80% of homebuyers, followed by builder floors.
"How India Searched for Properties in 2023"
Over 56% of homebuyers preferred 3 BHK apartments or larger units and luxury homes. About 63% in the Mumbai Metropolitan Region (MMR) and 34% in the National Capital Region (NCR) led the demand for the luxury segment (above Rs 10,000 per sq ft).
In Mumbai, the most searched locations were Kandivali, Malad, Goregaon, Andheri East, and Jogeshwari East, and in the Thane region, it was Ghorbunder Road, Kolshet, and Western Thane.
The affordable housing market, on the other hand, thrived in Ahmedabad and Kolkata. The study, based on customer preferences of over 2 crore visitors on Magicbricks, says the share of NRIs looking for properties rose to 9.4% this year, as against 6.2% in 2022.
Bengaluru displays remarkable growth in rental space market
The rental space market was steady across cities in India, but Bengaluru displayed remarkable growth from 21% in 2022 to 24% in 2023. The drivers of this rental space demand were millennials in the age group of 18 to 35 years.
According to Abhishek Bhadra, head of research at Magicbricks, in 2023, the real estate sector demonstrated robust demand, improved supply, and increased interest from Gen Z and Millennials. "Continuing on this trajectory in 2024, we anticipate price stabilization owing to a sustained increase in supply, and most of this upward trajectory will be in Tier II regions," he added.
