Exploring India’s Home-Buying Behavior in 2024: Insights from Magicbricks

New Delhi, December 21, 2024: Magicbricks, India’s leading real estate platform, has released its much-anticipated annual report, How India Searched for Homes, offering valuable insights into the preferences and behaviors of over 2 crore customers who use the portal in their home search journey.

Check out the report for not only the evolving aspirations of Indian homebuyers but also the dynamic nature of the real estate market, shaped by cultural, economic, and regional factors. These insights provide a comprehensive understanding of emerging trends, guiding developers and investors to align with customer preferences and opportunities.

The report reveals a significant shift in the Indian real estate landscape, with tier-2 cities and mini-metros emerging as prime hotspots for property seekers. Lifestyle destinations such as Goa, Nainital, Dehradun, Shimla, Karnal, and Rishikesh have seen remarkable growth in residential demand, with year-on-year increases of 60.89%, 43%, 34%, 28%, and 26%, respectively. Additionally, cities with strong religious significance, including Ayodhya, Puri (52%), and Shirdi (67%), have gained traction as favored locations for real estate investments.

A unique trend observed in the report is the rising interest in vastu-compliant homes, with 51% of related searches originating from Bengaluru, Hyderabad, and Mumbai. Regional preferences vary, with 22% of Kolkata home seekers prioritizing Southeast-facing homes, 49% of Ahmedabad buyers opting for East-facing properties, and 30% of Chennai buyers favoring East-facing homes.

The report also highlights distinct preferences in metro cities. In Mumbai, 63% of homebuyers are looking for compact 2/2.5 BHK homes, while 71% prefer residences on the 5th floor or higher. Furthermore, 67% of Mumbai buyers seek properties with at least one parking spot. Delhi buyers, in contrast, show a unique demand pattern, with 20% prioritizing homes with at least three parking spaces and only 17% favoring higher-floor properties.

Rental market preferences also varied across tech hubs. In Bengaluru, 63% of home seekers prefer unfurnished rental homes, closely followed by Noida at 60%. However, Hyderabad presented a different narrative, with 41% of renters favoring fully furnished homes, underscoring regional differences in rental housing preferences.