Bengaluru most searched city for real property by NRI buyers: Report

Bengaluru: Commonfloor, a Quikr platform that offers home seekers, sellers and real estate professionals an extensive online real estate ecosystem, has released its Indian Real Estate Report 2020-21 which puts the state of the real estate industry into perspective. This annual report highlights property search trends seen on the platform along with some interesting insights into real estate investment trends in the NRI segment.

One of the key observations in 2020 in the NRI search trends is that maximum NRI demand came from USA, followed by UAE and UK. More than 75% of the NRI searches were directed towards South India. Karnataka received the most searches (31%) for real estate properties from NRIs, followed by Tamil Nadu (20%), Kerala (11%) and Telangana (9%).

The Property Pricing Trends show properties in areas such as Whitefield, Electronic City, Devanahalli, and Sarjapur Road in Bengaluru saw a price dip in 2020 while locations like Kanakapura Road saw an increase in property rates. With the successful launch of phase 1 of the metro line, residential developments in Kanakpura Road have increased, thus opening new avenues for real estate in South Bangalore and adding to the locality's real estate profile.

Apartments for rent is the most searched (39%) amongst property seekers. This was followed by Land - Plot for Sale which received 17% of the search volume.

Overall, properties across Hyderabad, Delhi, and Chennai saw a dip in the pricing. Due to the sluggish nature of the economy which was caused by Covid-19, the stock of unsold inventory of properties needed an extra push through discounts and offers which could explain this dip.