What type of properties are home buyers seeking post lockdown?

As the country emerges from the lockdown in phases, homebuyers in tier 1 cities have once again started searching for properties on real estate portals, says the Magicbricks Propindex report.

Real estate prices in metros dropped by up to 5% in the April-June quarter

*Q-o-Q change in volume of property searches on Magicbricks website in the Apr-Jun 2020 quarter. **Q-o-Q change in volume of active listings on Magicbricks website in the Apr-Jun 2020 quarter.

1. HYDERABAD
After rising by over 50% in five years, the prices of ready-to-move property in this southern city fell by 5.2% in the April-June quarter. Majority of the searches were for houses priced less than Rs 5,000 per sqft.

Most searched localities

• Miyapur Rs 2,150-5,700
• Gachibowli Rs 3,850–8,600
• Kukatpally Rs 3,800–8,200
• Jubilee Hills Rs 5,800-11,200
• Nallaganla-Tellapur Rs 2,150–7,050
• Kondapu Rs 5,300–8,100
• Medchal Highway Rs 3,150–4,950

(Price per sq ft)

2. BENGALURU
The 2.8% price decline in ready-to-move segment washed away gains made in last six quarters. The market is shifting to the affordable segment. A demand-supply mismatch is emerging in the less than Rs 5,000 per sqft segment.

Most searched localities

• Whitefield Rs 3,800–8,750
• Sarjapur Road Rs 3,750–8,350
• Bellary Road Rs 3,950–9,900
• Electronic City Rs 3,000–6,450
• Kanakapura Road Rs 3,750–9,550
• Bannerghatta Rd Rs 3,350–8,500
• JP Nagar Rs 4,050–12,700

(Price per sq ft)

3. CHENNAI
The Chennai residential market grew by 2.3% y-o-y, but the pandemic pushed prices down by 3.1% in the April-June quarter. As much as 87% of the demand is for 2 and 3-BHK homes.

Most searched localities

• OMR Rs 2,950–9,050
• GST Rs 3,000–5,250
• Porur Rs 3,800–7,200
• Central Chennai Rs 6,100–18,700
• Kolathur-Perambur Rs 4,250–7,800
• Velachery Rs 4,150–9,000
• Medavakkam Rs 3,700–5,750

(Price per sq ft)

4. DELHI
The downward price trajectory continued in the under-construction segment, falling 1.6% q-o-q, as the Covid crisis and unsold inventory added pressure. Demand-supply mismatch in the affordable housing segment is evident.

Most searched localities

• Dwarka Rs 3,550–10,750
• M G Road Rs 3,300–5,650
• Vasant Kunj Rs 10,500–19,300
• Saket Rs 4,300–8,700
• Janakpuri Rs 7,050–12,550
• Mayur Vihar Rs 7,050–13,950
• Uttam Nagar Rs 3,350–5,300

(Price per sq ft)

5. PUNE
Prices in ready-to-move segment grew just 3.5% in fi ve years. Prices of under-construction homes have remained flat.

Most searched localities

• Hadapsar Rs 3,900–10,100
• Airport Road Rs 5,200–12,050
• Dhayari-Narhe Rs 3,250–8,000
• Baner Rs 5,250–9,250
• Kondhwa-Wanwadi Rs 4,400–10,900
• Paud Road Rs 4,650–12,350
• Wakad Rs 5,200–8,950

(Price per sq ft)

6. KOLKATA
Ready to move homes have become marginally cheaper. Mid-segment confi gurations (2 and 3 BHKs) continue to drive most traction.

Most searched localities

• Newtown-Rajarhat Rs 2,500–5,950
• North Kolkata Rs 2,100–8,250
• Central Kolkata Rs 3,200–16,400
• South-West Kolkata Rs 2,400–5,550
• South East Kolkata Rs 2,750–9,150
• South Extension Rs 2,750–5,850
• Howrah Rs 1,900–4,600

(Price per sq ft)

7. MUMBAI
The ready-to-move market has posted negative returns over the last fi ve years. Smaller homes (1 and 2 BHK) are most preferred.

Most searched localities

• Beyond Mira Road Rs 3,350–7,350
• Mira-Bhayandar Rs 6,150–10,550
• Malad-Kandivali Rs 10,200–23,150
• Andheri West Rs 9,150–31,050
• Worli-Lower Parel Rs 24,700–51,450
• Borivali-Dahisar Rs 9,150–23,450
• Goregaon Rs 7,200–27,050

(Price per sq ft)