In the ongoing growth trajectory, residential prices across India rose by 5.4% QoQ, driven by an 8.4% QoQ surge in aggregate demand (searches) and a 7.2% QoQ decline in supply (listings), according to the Magicbricks PropIndex Report for Q3, 2023 (July-September 2023).
This report, which analyzes trends in 13 prominent cities based on the preferences of over 2 crore customers, also noted substantial increases in search volumes in Greater Noida (38.9%), Noida (20.4%), Kolkata (13.6%), and Bengaluru (13.5%) QoQ, indicating sustained interest in homes in these cities.
Sudhir Pai, CEO of Magicbricks, commented on the trends, saying, “While the growing residential demand underscores the strong sentiment towards real estate in India, the reduction in supply can be attributed to various factors, including a focus on completing under-construction projects. However, as we consider the impact of macroeconomic tailwinds, such as the recently concluded G20 summit and the upcoming festive season, it’s clear that optimism is on the rise, poised to drive the real estate sector forward in the coming months. We anticipate that this upward trajectory will encourage potential investors who were previously hesitant.”
The report also observed that prices of ready-to-move properties increased by 4.4% QoQ, while prices for under-construction properties surged by 8.2% QoQ.
Key highlights from Magicbricks’ PropIndex Report for Q3, 2023:
- The preference for spacious units such as 3BHK and above continued, representing 52% of total demand in key cities, up by 1% from the previous quarter.
- Developers are adjusting to shifting demand patterns, with an increase in the availability of 3 BHK and larger apartments, while availability of 1 BHK and 2 BHK configurations declined compared to the previous quarter.
- Greater Noida and Gurugram lead in terms of capital appreciation, with aggregate prices increasing by 27.2% and 33.4% YoY, respectively.
