NoBroker, the proptech unicorn, has introduced a metro-based property search feature on its platform to offer users more property options within their budget constraints. Previously, users were limited to searching for homes based on proximity to their workplaces in terms of kilometers. With the new metro-based search feature, users can now explore residences located along the nearest metro line to their workplaces.
A report by NoBroker revealed that over 70% of people face challenges when searching for rental properties that match their preferences. This challenge is largely due to high rental rates driven by strong demand and a significant supply-demand gap in the real estate market.
Additionally, rental rates in localities near office complexes in Indian cities have seen a notable 40% increase over the past year.
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 standardize rental rates around office complexes and IT parks, easing the strain on natural resources caused by overcrowding.”
He further emphasized that the three key advantages — rental rate rationalization, 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.
