MMR (20%), Bengaluru (19%), NCR (19%) emerged as India’s most searched regions for properties in 2023, reveals Magicbricks in its flagship report “How India Searched for Properties in 2023”. Based on the customer preferences of over 2 crore visitors on Magicbricks platform, the report observed that 80% of prospective home buyers continued to prefer multi-storey apartments, followed by builder floors. Further, the report revealed that more than 56% of homeseekers preferred 3 BHK and larger units, evidencing a strong preference towards spacious apartments. It was also noteworthy, that in 2023, demand from NRIs constituted a substantial 9.4% of the total demand as against 6.2% in 2022, aligned with the global economic recovery post-covid.
Abhishek Bhadra, head of research, shared, “In 2023, the real estate sector demonstrated remarkable progress characterized by robust demand, improved supply and increased interest from Millennials and Gen Z in real estate investments. Continuing on this trajectory in 2024, we anticipate price stabilization owing to a sustained increase in supply. We also expect demand to maintain its upward trajectory, especially in tier 2 towns, reflecting substantial growth prospects in these regions. This outlook aligns with the evolving landscape of the real estate sector amid a progressive economic backdrop.”
According to the report, the affordable housing market thrived in Ahmedabad and Kolkata, whereas MMR (63%) and NCR (34%) led the demand for luxury homes.
Further, while rental market demand remained stable across most cities, Bengaluru exhibited remarkable growth, elevating its demand share from 21% in 2022 to 24% in 2023. The report concluded that the younger demographics, predominantly 18-35 years, constituted 67% of pan India rental demand.
Bengaluru
*Almost 50% of homeseekers prefer 3BHK units
*Properties in the range of 1,250-2,000 sq ft and 750-1,250 sq ft lead the market demand, constituting 42.12% and 28.6%, respectively.
*Whitefield, Sarjapur Road, Thanisandra and Kanakapura Road are amongst the most searched localities of Bengaluru
*62% of tenants are of the age group 18-34 years
NCR
*51.5% homeseekers prefer 3BHK apartments
*Properties in the range of 1,250-2,000 sq ft and 2,000-3,000 sq ft are most preferred, constituting 37.5% and 23.1% of the total demand, respectively.
*Maximum demand in the budget segment above Rs 10,000 ps ft
*Noida Expressway (South), Noida Expressway (Main) and Central Noida are the most searched localities of Noida while Dwarka, Mayur Vihar and Laxmi Nagar are most searched localities of Delhi
MMR
*Clear preference for 2BHK units as 44.4% homeseekers searched for the same
*Properties in the range of 750-1,250 sq ft and 500-750 sq ft are most preferred, constituting 39% and 26% of the total demand, respectively.
*73% homeseekers prefer properties above Rs 10,000 psf
*Malad-Kandivali, Goregaon and Andheri East-Jogeshwari East were the most searched localities in Mumbai while Ghodbunder Road, Kolshet and Western Thane were most preferred in Thane.
