Thursday, April 6, 2023

Bengaluru Records Second Highest Increase In Residential Demand (10.3% QoQ)

* Sarjapur Road emerged as the most preferred residential area 

* Average property rates increased by 2.5% QoQ 

Magicbricks PropIndex Report (January-March 2023) revealed that residential demand (searches) in Bengaluru increased 10.3% QoQ, making it amongst the top 3 preferred metros in India. During the same time, residential supply (active listings) observed a marginal decline of 1.1% QoQ and the demand-supply mismatch led to an increase of 2.5% in the average property rates. The average rates of ready-to-move and under-construction properties increased 2.5% and 2% QoQ, respectively. 

The report further revealed that 3BHK configurations gained the highest traction commanding a share of 48% in the total residential demand during this quarter and 43% share in the total supply. This was followed by 2BHK configurations which held 38% share of the demand and 43% of the supply in the city. Sarjapur Road emerged as the most preferred residential locality in Bengaluru while Whitefield locality ranked highest in terms of residential. 

Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.” 

The report concluded that residential demand in India increased 14.2% and supply grew 1.9% YoY. 

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