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NoBroker, India's proptech pioneer, has introduced a ground breaking feature on its platform – metro-based property search. This innovation empowers consumers to explore a wider range of properties that align with their budget and preferences, addressing the imbalanced demand and supply dynamics that have driven up rental costs in the post-pandemic real estate landscape.
The COVID-19 pandemic reshaped urban living dynamics significantly. While many companies expanded their workforce, construction activities came to a halt. As offices reopen and the return-to-office culture gains traction, several cities face a shortage of residential spaces to meet this renewed demand. Recognizing this pressing issue, NoBroker has launched an innovative metro-based property search feature, available in key Indian cities like Bengaluru, Hyderabad, Chennai, Mumbai, Pune, and Delhi-NCR.
So, what's the essence of this metro-based property search, and how does it benefit customers? In today's fast-paced world, shorter commutes are highly desirable, and many cities boast extensive metro networks. NoBroker has once again disrupted the real estate landscape by introducing this unique metro-based property search option.
Previously, individuals searching for residences were limited to proximity to their workplaces, measured in kilometres. However, with the metro-based search feature, individuals gain the flexibility to explore housing options along the nearest metro line to their workplace. Even if these homes are located farther from the office in terms of kilometres, the reduced or equivalent travel time makes them an attractive choice. This not only contributes to lower carbon emissions but also enhances overall productivity and mental well-being. Moreover, it provides a crucial affordability advantage and has the potential to alleviate traffic congestion, a persistent urban issue.
For example, consider someone with an office at Mandi House in Delhi-NCR. Traditionally, they might prefer to live within a 5-kilometer radius of their workplace, often accompanied by higher rental costs due to limited availability. However, NoBroker's metro-based search allows them to explore localities along the linear metro route, such as Janpath, JLN Stadium, Khan Market, and Lajpat Nagar. This opens up neighbourhoods situated 12-15 metro stations away, offering a wider array of accommodation options at more affordable rental rates. Thanks to the efficiency of the metro system, tenants can still maintain a manageable commute despite the greater distance.
According to a NoBroker half-yearly real estate report, over 70% of people face challenges in finding rental properties that match their preferences. This challenge is primarily due to surging rental rates resulting from strong demand and a notable supply-demand gap in the real estate market.
Over the past year, rental rates in localities near office complexes in Indian cities have surged by a staggering 40%. This price hike is primarily attributed to the growing disparity between supply and demand for properties near tech parks and corporate hubs.
In summary, NoBroker's introduction of metro-based property search is a game-changer in the Indian real estate landscape. It addresses challenges resulting from post-pandemic demand surges, offering consumers the flexibility to find homes that meet their needs, budget, and desire for shorter commutes. This innovation has the potential to normalize rental rates, bridge the supply-demand gap, and alleviate the strain on urban resources, ultimately benefiting tenants and reshaping the Indian real estate market.
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