NoBroker, India's first proptech unicorn, has introduced metro-based property search on its platform that would enable consumers to choose from a wider array of properties within their budget.
In the post-pandemic landscape, there has been an imbalanced demand and supply scenario in the real estate market, tilting the scales in favor of properties near gated communities near technology hubs, resulting in soaring rental costs.
During the pandemic, many companies continued to increase the headcount of their employees but the construction activity came to a grinding halt. With offices opening up and the return to work from office culture, many cities are struggling to cater to the residential demand. Recognizing the pressing need to address this issue, NoBroker has launched a revolutionary metro-based search feature, available across Bengaluru, Hyderabad, Chennai, Mumbai, Pune, and Delhi-NCR.
How will metro-based search help customers? In today's fast-paced world, people desire shorter commutes, and many cities boast extensive metro networks. NoBroker has disrupted the real estate landscape once again by introducing a metro-based property search option. Previously, individuals were limited to searching for residences near their workplaces, measured in kilometers. However, with the metro-based search feature, individuals now have the flexibility to explore homes along the nearest metro line to their workplace. Even if these homes are farther from the office in terms of distance, the reduced or equal travel time makes them an attractive option. This not only reduces carbon emissions but also enhances productivity and mental well-being. Affordability is a key advantage, and this improved distribution of resources will alleviate traffic congestion.
For instance, if your office is in Mandi House in Delhi-NCR, you would ideally want to stay within 5 km of the office, which typically means higher rent due to scarcity of properties. But what metro based search enables you with is the choice of localities along the linear metro route like Janpath, JLN Stadium, Khan Market & Lajpat Nagar.
So a locality situated 12-15 metro stations away will offer more accomodation options in cheaper rentals. Due to metro connectivity, tenants will also be able to commute in lesser time despite greater distance. According to the half-yearly real estate report by NoBroker, over 70% people have faced challenges while searching for rental properties that match their preferences.This can be primarily attributed to the surging rental rates resulting from robust demand and a striking mismatch between supply and demand in the real estate market.
Over the past year, there has been a staggering 40% surge in rental rates in localities closer to office complexes in cities across India. This significant increase can primarily be attributed to the growing disparity between supply and demand of properties near tech parks.
According to Akhil Gupta, Chief Product & Technology Officer, NoBroker, “NoBroker has consistently endeavored to simplify and streamline the process of buying and renting properties, in order to offer a convenient and hassle-free solution to its consumers. Through Metro Based Search, we are trying to enhance the process of property exploration, while also helping the people alleviate traffic congestion. Our metro-based search feature is set to normalize rents around office complexes and IT parks, relieving the pressure on natural resources caused by overcrowding. People can now explore more housing options without straining their budgets. These three key benefits—rent rationalization, addressing the demand-supply gap, and reducing the strain on natural resources—are poised to bring significant positive change to the real estate market, especially for tenants.”
