Ready-to-move-in-properties garner high search demand from NRIs: Indian Real Estate Report

Karnataka, Tamil Nadu, Kerala, and Telangana are the top searched States by over 75% NRI community.

CommonFloor, a Quikr platform that offers home seekers, sellers and real estate professionals an extensive online real estate ecosystem, today, released its Indian Real Estate Report 2020-21 which puts the state of the real estate industry into perspective. This annual report highlights property search trends seen on the platform along with some interesting insights into real estate investment trends in the NRI segment.

Key Observations in 2020 based on Commonfloor Data:

Most Searched Properties:

• Houses – Apartments for Rent is the most searched (39%) amongst property seekers
• This was followed by Land – Plot for Sale which gets 17% of the search volume.

NRI Search Trends:

• Maximum NRI demand is obtained from the USA, followed by UAE and UK.

• More than 75% of the NRI searches were directed towards South India.
• Karnataka received the most searches (31%) for real estate properties from NRIs, followed by Tamil Nadu (20%), Kerala (11%) and Telangana (9%)

• While 29% of the NRI searches were about plots, about 45% were looking for Apartment/Villa, within that 82% were looking to invest in ready to move in properties and rest were looking for under construction properties

Property Pricing Trends:

In Bangalore, properties in areas such as Whitefield, Electronic City, Devanahalli, and Sarjapur Road saw a price dip in 2020 while locations like Kanakapura Road saw an increase in property pricing. With the successful launch of phase 1 of the metro line, residential developments in Kanakpura Road have increased, thus opening new avenues for real estate in South Bangalore and adding to the locality’s real estate profile.
In Pune, properties across Hinjewadi, Kharadi, Wagholi, and Hadaspur saw a dip in property pricing in 2020 while locations like Wakad saw an increase in the pricing. This could be due to its proximity to the IT hub in Mumbai-Pune Expressway and Hinjawadi.
In Mumbai, properties across locations like Vasai, Titwala, Chembur, and Vartak Nagar saw a dip in the pricing. Interestingly, Virar saw 11% increase in the pricing of properties in the area. This could be because of its good social infrastructure and the development of Versova-Virar coastal road which is part of the Konkan coastal road project.
• Overall, properties across Hyderabad, Delhi, and Chennai saw a dip in the pricing. Due to the sluggish nature of the economy which was caused by Covid-19, the stock of unsold inventory of properties needed an extra push through discounts and offers which could explain this dip.