Page 36 - Construction & Architecture Update JAN-FEB 2018

REAL ESTATE Magicbricks

Magicbricks Consumer Search trends reveal 61%

spike in property seekers over 12 months

n Growth trend continues with a 4% sequential quarter-on-quarter growth

n Rise in returning users indicate a positive perception improvement in consumer sentiment

ith the implications of the users haven’t exited the market, but are
policy interventions in taking longer to finalise a transaction.
WIndia’s real estate industry The growth trend over the last 12
settling in there are tell-tale signs of recovery all over and months seems to continue from the last quarter with a
Magicbricks’ Consumer Search Trends reveal that there 4% sequential quarter on quarter growth. At a city-level
has been a whopping 61% rise in property seekers over in Delhi-NCR, Pune Mumbai and Hyderabad, we have seen
the last 12 months, with the number of active property growth varying from 3-10% on a sequential basis.”
seekers going up sharply on a YoY basis from 3.4 Lakh in
July’16 to 5.5 Lakh in September’17.
Though on-ground transactions are yet to pick steam,
there has been an 18% rise in returning users over the last
quarter (July-September, 2017) indicating a positive shift
in consumer sentiment towards what has otherwise been
a muted SnipImage (00A)real estate industry for the last
few years. The rise in returning users could be attributed to
the fact that consumers are not exiting the market out of
despair but are taking longer to close deals. “Deal-seeking”
is the new normal and developers and agents would do
well to work on strategies on how to close a transaction in
a buyer driven market.
Commenting on the positive change in consumer search
trends, Mr. Sudhir Pai, CEO, Magicbricks, said: “The Magicbricks’ Consumer Search Trends have also revealed
number of returning users rising by 18% in just one quarter that demand at a city-level has continued its uptrend from
is a testament to fact that property seekers are searching last quarter to this quarter. Cities like Pune, Mumbai, NCR
vigorously than ever before. A returning property seeker is and Hyderabad have shown growth varying from 3% to
defined as someone who has been in the market for over 10% on a sequential basis.
a month. The rise in returning users indicates that end- These cities have shown a robust growth of 35%+ from
last year with Hyderabad leading the pack at 66%
growth. Bangalore, Chennai and Kolkata have
had a muted increase in the number of buyers
sequentially but have given a 30%+ growth as
compared to Jul’16.
There are multiple factors driving the current
jump in consumer demand and changes in
consumer preference. With supply in abundance,
it is now a buyers’ market. And from an end-
users’ perspective, this is the best time to get the
proverbial ‘bang-for-the-buck’.

034 January-February 2018 > Construction & Architecture Update > www.constructionarchitectureupdate.com

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