Festive Cheer Fuels 10% Surge in Online Home Searches: Key Observations and Developments

As India's festive season kicks into full swing, a recent report by Housing.com reveals that online home searches have surged by 10%. This increase is driven by attractive offers from developers, home loan benefits, and a growing preference for ready-to-move-in homes. With developers offering festive discounts and perks, homebuyers across metro and Tier-2 cities are actively searching for their dream homes. Here's a look at the key trends, regional dynamics, and market drivers shaping the housing sector in 2024.

Festive Season Boosts Real Estate Activity

The festive period, traditionally associated with major investments, has sparked a renewed interest in the housing market. The report highlights that consumer interest in online property searches has grown by 10% during this time, as buyers seek to capitalize on festive deals. Developers are offering incentives such as stamp duty waivers, cashback, and free home upgrades, making it a favorable time for homebuyers to explore property options.

Many homebuyers, especially first-time investors, are leveraging home loan benefits and flexible payment schemes to secure properties during this period. This trend signals a positive sentiment in the market as potential buyers look to benefit from both financial incentives and the auspicious timing of the festive season.

Preference for Ready-to-Move-In Properties

A standout trend from the report is the rising demand for ready-to-move-in homes. Approximately 50% of searches are for homes that are ready for immediate possession. This reflects a growing buyer preference for properties that minimize construction delays and provide immediate occupancy. Ready-to-move-in properties also offer buyers greater transparency in terms of quality and amenities, reducing uncertainties around project completion.

This shift can be attributed to recent experiences where buyers faced project delays, particularly during the pandemic. Now, homebuyers are looking for greater reliability, and ready homes offer the perfect solution to avoid potential setbacks associated with under-construction projects.

Delhi-NCR and Mumbai Lead in Property Searches

The Delhi-NCR region continues to dominate the online home search activity, with a particular interest in 3 BHK properties. Buyers in this region are focusing on homes priced between ₹50 lakh and ₹2 crore, indicating a robust demand for mid- to high-end properties. In contrast, Mumbai saw the highest demand for 1 BHK apartments in the price range of ₹50 lakh to ₹1 crore.  This reflects the broader trends in both markets: Delhi-NCR homebuyers are seeking larger living spaces, especially with the rise of work-from-home arrangements, while Mumbai’s high property prices push buyers toward smaller, more affordable options.

Bengaluru and Kolkata Follow National Trends

In Bengaluru and Kolkata, the report shows a similar increase in property searches, particularly in prominent localities such as Whitefield in Bengaluru and New Town in Kolkata. Both areas have seen increased demand due to their proximity to IT hubs and upcoming infrastructure developments. These cities are witnessing steady growth in interest from both investors and first-time buyers, who are drawn by affordability and future growth prospects.

Tier-2 Cities See Rising Interest

The festive season has also boosted online home searches in Tier-2 cities such as Indore, Lucknow, and Jaipur. These cities are becoming popular due to their affordable housing options and expanding infrastructure. With more people considering relocating from expensive metros, these smaller cities offer the opportunity to purchase spacious homes at competitive prices.

Indore, in particular, has emerged as a hotspot, driven by new job opportunities in the IT and manufacturing sectors. Improved infrastructure and civic amenities are also contributing to its growing appeal as a desirable residential market.

Developers Offering Festive Deals

Developers across India are launching enticing festive offers to attract buyers. These offers include discounts on stamp duty, lower interest rates on home loans, and flexible payment plans. Additionally, developers are providing free modular kitchens, interiors, and club memberships to sweeten the deal. 

These promotional campaigns are likely to sustain the demand for housing during the festive season, encouraging more buyers to make decisions on property investments.

Future Outlook for the Housing Market

The 10% surge in online property searches during the festive season is a positive indicator of the recovery and growth in India’s real estate sector. Developers are expected to continue launching attractive offers to maintain the momentum, and with improving buyer sentiment, the market looks set for sustained growth. 

In addition to strong demand in metro cities, the increasing interest in Tier-2 cities is a promising development, indicating a broader distribution of growth across the country. The preference for ready-to-move-in properties is likely to continue, as buyers prioritize security, transparency, and immediate possession over long waiting periods.