Business

Magicbricks sees 30-40% rise in online searches from pre-Covid level

Realty portal Magicbricks on Friday stated the property searches on its platform has elevated 30-40 per cent from the pre-COVID ranges, indicating that potential prospects have began on the lookout for actual property.

Magicbricks.com is owned by Magicbricks Realty Services, which is a subsidiary of Times Internet, the digital arm of the Times of India Group.

Property searches elevated by 30-40 per cent as in comparison with pre-COVID ranges with client desire predominantly shifting in direction of inexpensive and mid-segment properties, Magicbricks stated in an announcement.

In its PropIndex for the quarter of July-September (Q3) 2020, the buyer searches reached pre-COVID ranges in June after falling by as a lot as 50 per cent throughout April.

“The consumer search pattern holds the same trend since then and as of Sep 2020, the consumer searches were almost 30-40 per cent higher than the pre-COVID levels,” it added.

Sudhir Pai, CEO, Magicbricks, stated the following 6-8 months are essential for the revival of the residential sector.

“The onset of the pandemic and the ensuing lockdown have changed consumer preferences. Today, the shift is towards affordability as home buyers have reduced their budget but they have not changed their preference in terms of BHK or size,” he stated.

With the festive season simply across the nook, Pai stated the portal is witnessing a pointy recovery in demand and costs have remained steady for the July-September quarter after falling as much as 5 per cent in the April-June quarter of 2020.

(Only the headline and film of this report could have been reworked by the Business Standard workers; the remainder of the content material is auto-generated from a syndicated feed.)

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