Home seekers searching more aggressively, reveals Magicbricks Report
New Delhi , Dec 6 : With the implications of the policy interventions in India's real estate industry settling in, there are tell-tale signs of recovery all over and Magicbricks' Consumer Search Trends reveal that there has been a whopping 61 percent rise in property seekers over the last 12 months, with the number of active property seekers going up sharply on a YoY basis from 3.4 Lakh in July'16 to 5.5 Lakh in September'17.
"The number of returning users rising by 18 percent in just one quarter is a testament to fact that property seekers are searching vigorously than ever before. A returning property seeker is defined as someone who has been in the market for over a month. The rise in returning users indicates that end-users haven't exited the market, but are taking longer to finalise a transaction," said Sudhir Pai, CEO, Magicbricks.
"The growth trend over the last 12 months seems to continue from the last quarter with a 4 percent sequential quarter on quarter growth. At a city-level in Delhi-NCR, Pune Mumbai and Hyderabad, we have seen growth varying from 3-10 percent on a sequential basis," he added.
Magicbricks' Consumer Search Trends have also revealed that demand at a city-level has continued its uptrend from last quarter to this quarter. Cities like Pune, Mumbai, NCR and Hyderabad have shown growth varying from 3 to 10 percent on a sequential basis.
These cities have shown a robust growth of over 35 percent from last year with Hyderabad leading the pack at 66 percent growth. Bangalore, Chennai and Kolkata have had a muted increase in the number of buyers sequentially but have given a 30 percent growth as compared to Jul'16.
There are multiple factors driving the current jump in consumer demand and changes in consumer preference. With supply in abundance, it is now a buyers' market. From an end-users' perspective, this is the best time to get the proverbial 'bang-for-the-buck'. (ANI-NewsVoir)