‘Tier-2 cities see 173% surge in in­ter­est from home buy­ers’

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Ash­wini Ku­mar Sharma n ash­wini.s@htlive.com

The ac­tion in real es­tate seems to have per­co­lated to tier-2 cities as peo­ple search­ing for prop­erty deals surged 173% in the first three months of cal­en­dar year 2018 in 25 tier-2 cities. Th­ese in­clude Ahmedabad, Luc­know, In­dore, Patna, Jaipur, Bhubaneswar and Su­rat, among oth­ers.

“Home search trends in 25 cities in­di­cate 173% growth in traf­fic from tier-2 cities dur­ing the first quar­ter of 2018 com­pared to the first quar­ter of 2017,” ac­cord­ing to a re­port by Makaan.com, an on­line real es­tate por­tal owned by Sin­ga­pore-basedElara Tech­nolo­gies , which also owns Hous­ing.com and PropTiger.com.

V isak ha pat nam( And hr a Pradesh) reg­is­tered the high­est growth in terms of searches at 489% year-on-year (y-o-y), fol­lowed by Patna (Bi­har) which saw search growth by 400% yearon-year.

In­crease in prop­erty searches has also re­sulted in higher lead (en­quiry) gen­er­a­tion, im­ply­ing peo­ple who ac­tu­ally show in­ter­est in a prop­erty they have searched for on a por­tal by fol­low­ing up. Ac­cord­ing to the re­port, lead gen­er­a­tion from tier-2 cities ac­counted for 23% of to­tal lead gen­er­a­tion.

Be­sides search and leads, over­all list­ing of prop­er­ties has grown by 22% on the por­tal over the pe­riod, with 88% buy listings, and the rest be­ing rent listings. Ravi Bhushan, group chief prod­uct and tech­nol­ogy of­fi­cer of Hous­ing.com, PropTiger.com and Makaan.com said, “The tier-2 cities. Th­ese cities are dou­bling up as ma­jor cen­tres of eco­nom­ics and that is ev­i­dent in the way that the hous­ing mar­ket is shap­ing up.” Other ex­perts are also ex­pect­ing a pick-up in the real es­tate mar­ket, es­pe­cially in tier-2 cities, but not so soon.

“We were ex­pect­ing a re­vival in real es­tate sec­tor in tier II cities, given the gov­ern­ment’s Make-in-In­dia pol­icy and in­fra­struc­ture devel­op­ment like in­dus­trial cor­ri­dors pass­ing through dif­fer­ent tier-2 cities and cre­ation of spe­cial eco­nomic zones. But such sig­nif­i­cant jump so early is sur­pris­ing,” said Sa­man­tak Das, chief econ­o­mist and na­tional di­rec­tor-Re­search, Knight Frank In­dia.

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