South Indian cities have the most serious property sellers in real estate market: Report

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With South India leading the revival in India’s real estate market, homeowners of Bengaluru, Hyderabad, and Chennai have emerged as the most serious sellers, according to the latest consumer data of Magicbricks’ Owner Services.

Transportation and metro connectivity in the Southern cities has increased the sale of property in the peripheral areas as buyers look for affordability and connectivity. Also, the rising property prices in these select pockets may entice sellers to make a profit.

Magicbricks’ Property Buyer Sentiment Survey (2020) findings suggest that repeat buyers are back in the market. Additionally, people are looking for bigger homes. Given the hard to come by benefits of lower purchase costs as well as various schemes by the state governments and developers, people are looking to upgrade homes by selling smaller homes while consecutively buying bigger homes.

Additionally, the low interest rates and jump in buyer interest in the last six months have reversed the low transaction volume situation plaguing real estate. Mirroring buyer sentiments, sellers may respond by offering properties that they had kept on hold as the high liquidity situation in the market may not last long, the report said.

As demand for residential real estate gradually gathers momentum across the country, consumer data also suggests that 55 percent of Owner Services’ users are from outside the four metros (Delhi, Mumbai, Kolkata, Chennai).

The consumer data also suggests homeowners from more than 500 cities are now using Owner Services indicating that the pandemic has induced a higher digital adoption rate among the owners to sell their properties.

In terms of demographics, 80 percent of the users are male, and 20 percent female. It is interesting to note that 50 percent of the users are in the range of 40-45 and 45-plus age groups. A huge majority that is 60 percent of users are salaried while 30 percent are self-employed, the report said.