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

Realty portal Magicbricks on Friday said the property searches on its platform has increased 30-40 per cent from the pre-COVID levels, indicating that prospective customers have started looking for real estate.

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 increased by 30-40 per cent as compared to pre-COVID levels with consumer preference predominantly shifting towards affordable and mid-segment properties, Magicbricks said in a statement.

In its PropIndex for the quarter of July-September (Q3) 2020, the consumer searches reached pre-COVID levels in June after falling by as much as 50 per cent during 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, said the next 6-8 months are crucial 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 said.

With the festive season just around the corner, Pai said the portal is witnessing a sharp recovery in demand and prices have remained stable for the July-September quarter after falling up to 5 per cent in the April-June quarter of 2020.