The latest quarterly report by Square Yards tilted ‘India Residential Overview: Oct-Dec 2021’highlighted the gradual but consistent shift of home buyers towards larger and upgraded residences. However, rental trends stubbornly stuck to 1 and 2BHK units within a budget of Rs 10,000-20,000 per month. The cities covered in the report include MMR, Pune, Gurugram, Noida, Bengaluru and Hyderabad.
Key Highlights of the Report
- 43% of the online property searches were for 3BHK and larger configuration in 2021.
- 35% of the online property seekers looked for a home-sized between 1000-2000 Sq. Ft. in 2021, a considerable shift from the pattern noted in 2020 wherein the share was less than 20%. This figure stood at 40% for Q4, 2021.
- Properties priced above Rs 1 Crore formed 33% of the total online searches in Q4, 2021 a rise of 6% from Q1, 2021.
- Independent homes gained prominence in 2021 recording a rise of 14% in demand since Q1, 2021.
- MMR continued to be the most searched city in Q4, 2021 for both sales as well rented accommodations.