Bangalore, Hyderabad, Chennai Homeowners Emerge As Most Serious Sellers In India’s Real Estate Market: Magicbricks Owner Services Data

* Home owners from more than 500 cities are opting for Owner Services

* 55% of Owner Services users are outside four metros

* 20% Owner Services users are women homeowners

* With South India leading the revival in India’s real estate market, homeowners of Bangalore, Hyderabad, and Chennai have emerged as the most serious sellers, revealed the latest consumer data of Magicbricks’ Owner Services. As demand for residential real estate gradually gathers momentum across the country, consumer data also suggests that 55% of Owner Services’ users are from outside the four metros (Delhi, Mumbai, Kolkata, Chennai).

* Magicbricks’ Owner Services is aimed at strengthening its portfolio as a full-stack service provider and is designed to help homeowners sell their properties with ease. Right from a professional photo shoot, content description of the property, online listings, to getting the best responses, and closing the deal with the help of a relationship manager, Magicbricks’ Owner Services offer end-to-end solutions for selling a property. The packages range from Rs.2599 to Rs.5999.

The consumer data also suggests that homeowners from more than 500 cities are now using Owner Services indicating that the pandemic has induced a higher digital adoption rate amongst the owners to sell their properties.

* In terms of demographics, 80% of the users are male, and 20% female. It is interesting to note that 50% of the users are in the range of 40-45 and 45-plus age groups. A huge majority that is 60% of users are salaried while 30% are self-employed.

5 reasons why Southern cities are witnessing more serious sellers?

1. Transportation and metro connectivity in the Southern cities has increased the sale of property in the peripheral areas as buyers look for affordability and connectivity. Also, the rising property prices in these select pockets may entice sellers to make a profit.

2. Magicbricks’ Property Buyer Sentiment Survey (2020) findings suggest that repeat buyers are back in the market. Additionally, people are looking for bigger homes.

3. Given the hard to come by benefits of lower purchase costs as well as various schemes by the state governments and developers, people are looking to upgrade homes by selling smaller homes while consecutively buying bigger homes.

4. Additionally, low interest-rates and jump in buyer interest in the last six months have reversed the low- transaction volume situation plaguing real estate.

5. Mirroring buyer sentiments, sellers may respond by offering properties that they had kept on hold as the high liquidity situation in the market may not last long. 

The launch of Owner Services is in line with Magicbricks’ promise of creating a holistic Property Services marketplace that provides all property seekers a seamless experience under one roof. Magicbricks aim to streamline the process and be a one-stop-shop for the property seeker during the entire journey.