With digital adoption on the rise in the real estate sector in India, Tier-2 cities such as Lucknow, Jaipur and Coimbatore have witnessed a 2X rise in homeowners and landlords opting for online services to sell their properties during the pandemic year, reveals the latest Magicbricks Owner Services consumer study.
As per the study ‘How Indians Sold Their Homes During The Pandemic Year’, landlords and homeowners are now looking for a host of specialised online services like getting a professional photo shoot done, creating a crisp content description, getting best online listings for quick and best responses, and having a dedicated relationship manager to close the deal. And, thus, homeowners and landlords in Tier-2 cities are now increasingly taking the digital route to expand their reach to find buyers through Magicbricks Owner Services.
The study also reveals that landlords and owners from over 500 cities and towns across India are now opting for digital solutions 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 online 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 selling properties varies from 0-3 months for 57% of the sellers, 3-6 months for 27% and over 6 months for 16%. And since the pandemic has given a boost to owners and sellers to go the digital route, their enthusiasm has been contagious as 40% of the sellers are now shortlisting on an average six buyers before closing the deal.
In terms of digital adoption in Tier-1 cities, Bangalore is leading the chart followed by Hyderabad, Chennai, Pune and Mumbai. Sellers from top localities like Whitefield, Velachery, Gachibowli are taking the online route for listing and selling their properties in Bengaluru.
Key reasons for this heightened interest in selling properties by the home owners include:
# Buying bigger homes by selling smaller ones
# Lower purchase cost
# Attractive government schemes
# Low interest rate
# Jump in buyer interest
# Sellers offering properties as the high liquidity situation in the market may not sustain for long
# Improvement in transport and connectivity