Despite the second wave of COVID-19, Delhi and its agglomeration -Gurugram, Noida, Greater Noida, Faridabad and Ghaziabad - saw the maximum online demand in June 2021, securing the top rank on Housing.com’s Dynamic Demand Progression Score.
As Delhi NCR continues to thwart the pandemic, it has jumped a rank up between May and June 2021. Greater Noida and Faridabad saw maximum online traction during June 2021, as per data emerging from the Housing.com IRIS.
Among the cities of the region, Greater Noida followed by Faridabad clocked maximum buyer activity during June. Within Greater Noida, Noida Extension, Surajpur and YEIDA were the most searched localities.
The online trends mirrored the offline trends as seen in PropTiger’s report ‘Real Insight (Residential) April-June 2021.
As suggested by IRIS trends, the demand in Tier 2 cities has recovered more quickly than in the top cities, demonstrating resilience during the pandemic. The buyer demand in India is currently 18 points below the historic peak recorded in September last year.
Hyderabad and Ahmedabad each rose one and two ranks up, respectively, while Pune and Kolkata recorded lower ranks than the previous month, it said.
IRIS further revealed that Ludhiana and Amritsar registered the highest jump in ranking compared to the previous month. People appeared more interested in independent homes in these two cities of Punjab. In Ludhiana, the localities of Haibowal Kalan and Dugri saw maximum virtual demand in June 2021.
Lucknow and Jaipur made it to the top 20 cities replacing Dehradun and Agra.
The index shot up in June 2021 on the back of opening up of lockdowns as active COVID-19 cases subsided. The demand uptick in June 2021 and the ebbing of the second wave of the pandemic indicates a rise in demand in the coming months.
IRIS (Indian residential index for online search) is a monthly index that tracks potential buyers' activity in primary and secondary residential markets on the Housing.com portal. It has been created with the objective of giving an in-depth view of buyer activity in India by tracking 42 key cities driving the residential market.
The index is a user-friendly tool to aid homebuyers to make decisions regarding buying a home.
Housing.com's IRIS inched up 9 points MoM in June after a slowdown in online searches for residential properties during April 2021 and May 2021.
“Compared to the past year, national online demand is up by 26 points year-on-year, despite a similar lockdown situation in both periods. As per our research, both online and offline trends hint at a speedier bounce back from the impact of the second Covid-19 wave, compared to the bounce back from the 1st wave last year," said Dhruv Agarwala, Group CEO, housing.com, Makaan.com and PropTiger.com
The index will provide monthly insights on buyer activity as observed on Housing.com giving a comparative analysis at city and locality levels to homebuyers, sellers, agents, policymakers and real estate analysts.
India was hit hard by the second wave of the COVID-19 pandemic during the second calendar quarter of 2021 leading to localised lockdowns in several parts of the country. The easing of lockdown is still under process in some parts.
The buyer demand in India is currently 18 points below the historic peak in September last year since the start of the data analysis. The demand was 27 points lower in May 2021 than the September 2020 peak, it said.