Proptech unicorn NoBroker has introduced a metro-based property search feature on its platform, allowing consumers to broaden their property options within their budget constraints.
Previously, users were confined to searching for homes based on proximity to their workplaces, measured in kilometers. However, with the newly introduced metro-based search function, individuals now have the flexibility to explore residences situated along the nearest metro line to their workplaces.
A NoBroker report reveals that more than 70 per cent of people have encountered challenges when searching for rental properties that align with their preferences. This issue can be primarily attributed to soaring rental rates due to robust demand and a notable disparity between supply and demand in the real estate market.
Furthermore, over the past year, there has been a remarkable 40 per cent increase in rental rates in localities near office complexes in cities across India.
Akhil Gupta, Chief Product and Technology Officer at NoBroker, explained, “Through our metro-based search feature, we aim to streamline the property exploration process while also helping people mitigate traffic congestion. This innovation is poised to standardise rental rates around office complexes and IT parks, easing the strain on natural resources caused by overcrowding.”
He further emphasised that the three key advantages — rental rate rationalisation, addressing the demand-supply gap, and reducing the burden on natural resources—have the potential to bring about substantial positive changes in the real estate market, particularly benefiting tenants.