NoBroker has unveiled a metro station-based property search feature on its platform, allowing users to search for properties close to their desired metro stations, reducing commute time as people return to the office.
Currently, the new feature is available in Bengaluru, Hyderabad, Chennai, Mumbai, Pune, and Delhi-NCR.
Benefits of metro-based search
Previously, property seekers were constrained to searching for homes near their workplaces, based on distance in kilometres. However, the metro-based search feature allows individuals to explore residences along the nearest metro line to their workplace. Even if these homes are farther from the office, reduced or equal travel times make them an attractive choice.
This not only reduces carbon emissions but also enhances productivity and well-being. Affordability is a significant advantage, and this improved resource distribution will alleviate traffic congestion, the company stated in its official release.
How it works
For instance, consider an office located in Mandi House, Delhi-NCR. Traditionally, one might aim to reside within a five-kilometre radius of the workplace, often resulting in higher rental costs due to limited property availability. However, metro-based search allows individuals to select localities along the linear metro route, such as Janpath, JLN Stadium, Khan Market, and Lajpat Nagar. This means that a locality situated 12-15 metro stations away can offer more affordable accommodation options. Thanks to metro connectivity, tenants can also enjoy shorter commutes despite covering a greater distance.
Why introduce this feature?
According to NoBroker’s half-yearly real estate report, over 70 per cent of people have encountered challenges while searching for rental properties that align with their preferences. This issue is primarily attributed to the surging rental rates driven by robust demand and a substantial demand-supply gap in the real estate market.
Over the past year, rental rates in localities closer to office complexes across India have witnessed a significant 40 per cent surge. This increase can be primarily attributed to the growing disparity between supply and demand for properties near tech parks.
Akhil Gupta, the chief product & technology officer at NoBroker stated, “Our metro-based search feature is set to normalise 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 rationalisation, 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.”
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