With digital adoption on the rise in the genuine estate sector in India, Tier-2 cities such as Lucknow, Jaipur and Coimbatore have witnessed a 2X rise in property owners and landlords opting for on the internet services to sell their properties through the pandemic year, reveals the most current Magicbricks Owner Services customer study.
As per the study ‘How Indians Sold Their Homes During The Pandemic Year’, landlords and property owners are now hunting for a host of specialised on the internet services like acquiring a experienced photo shoot completed, developing a crisp content description, acquiring ideal on the internet listings for rapid and ideal responses, and getting a committed connection manager to close the deal. And, hence, property owners and landlords in Tier-2 cities are now increasingly taking the digital route to expand their attain to discover purchasers by means of Magicbricks Owner Services.
The study also reveals that landlords and owners from more than 500 cities and towns across India are now opting for digital options to sell their properties. Among the Tier-2 cities, Lucknow tops the list followed by Jaipur, Coimbatore, Vadodara, Indore, Nagpur, Bhubaneshwar, Vishakhapatnam, Patna and Bhopal.
Top localities in Tier-2 cities with maximum sellers on the internet are, Gomtinagar (Lucknow), Indiranagar (Lucknow), Mansarovar (Jaipur), Saravanampatty (Coimbatore), Patia (Bhubaneshwar), Super Corridor (Indore), Manish Nagar(Nagpur), Vasna Bhayli Road (Vadodara), Madurwada (Vizag), Saguna More (Patna), and Hoshangabad (Bhopal).
As per the study, the duration for promoting properties varies from -3 months for 57% of the sellers, 3-6 months for 27% and more than 6 months for 16%. And considering that the pandemic has provided a enhance to owners and sellers to go the digital route, their enthusiasm has been contagious as 40% of the sellers are now shortlisting on an typical six purchasers just before closing the deal.
In terms of digital adoption in Tier-1 cities, Bangalore is top the chart followed by Hyderabad, Chennai, Pune and Mumbai. Sellers from major localities like Whitefield, Velachery, Gachibowli are taking the on the internet route for listing and promoting their properties in Bengaluru.
Key motives for this heightened interest in promoting properties by the property owners consist of:
# Buying larger properties by promoting smaller sized ones
# Lower buy expense
# Attractive government schemes
# Low interest price
# Jump in purchaser interest
# Sellers providing properties as the higher liquidity predicament in the market place may perhaps not sustain for lengthy
# Improvement in transport and connectivity