From Vastu considerations to additional parking space, this is how India searched homes in 2024

From Vastu considerations to additional parking space, this is how India searched homes in 2024

From layouts that conform to Vastu Shastra to additional parking space; compact versus bigger homes; preference depending on the storey the flat is on; considerations of metro cities compared to emerging towns—these are some of the parameters used in how India searched for homes in 2024. According to data provided by Magicbricks, some unique trends are spotted across the country when it comes to buying a home in India.

Data showed homebuyers’ rising interest in Vastu-compliant homes, with 51 percent of searches related to the ancient design concept originating from Bengaluru, Hyderabad and Mumbai. Here too, preferences vary according to region, with 22 percent of homebuyers in Kolkata prioritising southeast-facing homes, 49 percent of those in Ahmedabad and 30 percent of those in Chennai opting for properties with an east-facing elevation.

The data also highlighted distinct preferences according to the metro in question. Buyers in the Delhi-National Capital Region real estate market, for instance, stood out with 20 percent prioritising homes with at least three parking spaces and only 17 percent opting for higher-floor properties.

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Cars were not so much a priority in land-and-road-starve Mumbai, where 67 percent of buyers in Mumbai sought properties with at least one parking spot. Space was the premium here, with 63 percent of buyers in the financial capital looking for compact 2BHK or 2.5 BHK homes, while 71 percent preferred residences on the fifth floor or higher.

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Real estate experts said that buying a home is based very significantly on individual preferences, shaped by cultural, economic and regional factors. The data showcases the evolving aspirations of Indian homebuyers and the dynamic nature of the real estate market.

They said that such insights provide an understanding of emerging trends, guiding developers and investors to align with customer preferences and opportunities.

Given the higher mobility of people in the infotech industry, the data also broke down the numbers by the country's technology hubs. In Bengaluru, 63 percent of renters prefer unfurnished rental homes, closely followed by Noida at 60 percent. However, Hyderabad presented a different narrative, with 41 percent of renters favouring fully furnished homes.

Tier-II cities gain traction

The data showed a significant shift in the Indian real estate landscape, with Tier-II cities and mini-metros emerging as hotspots for those seeking to invest in property. Tier-II cities such as Lucknow, Surat and Jaipur among others have emerged as favoured destinations for people looking to pick up residential properties with an eye on earning decent rent income and/or flipping homes. End users too are eyeing these smaller cities for residential real estate investments, given the lower initial investments.

Then there are lifestyle destinations such as Goa, Nainital, Dehradun, Shimla and Rishikesh, which have seen remarkable growth in residential demand, with year-on-year increases of 60.89 percent, 43 percent, 34 percent, 28 percent and 26 percent, respectively.

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Additionally, buyer enquiries in cities with strong religious significance, including Prayagraj (28 percent), Puri (52 percent), Shirdi (67 percent), and Varanasi (18 percent) have also gained traction as favoured locations for real estate investments.

Prasun Kumar, chief marketing officer, Magicbricks, said that India’s home search trends in 2024 reveal a fascinating shift in buyer preferences, blending modern aspirations with regional and cultural influences.

“Metro cities like Bengaluru and Mumbai saw rising demand for compact and functional spaces, while Tier-II cities such as Surat, Lucknow and Jaipur emerged as thriving residential hotspots. Culturally rich destinations like Ayodhya and Puri gained traction for their unique investment potential and homebuyers are also turning to lifestyle destinations such as Goa and Dehradun, for value-driven investments," he said.