More and more homeowners in tier-2 cities opt for online services to sell properties

With digital adoption on the rise in India’s real estate sector, tier-2 cities 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 .
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, Visakhapatnam, Patna and 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.

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).

Some of the key reasons for this heightened interest in selling properties by the home owners includes buying bigger homes by selling smaller ones, lower purchase cost and low interest rate.