Wednesday, October 18, 2023

Bengaluru Records An Increase In Residential Demand (13.5% QoQ) In 2023: Magicbricks PropIndex (July-September 2023)

* Whitefield emerged as the most preferred residential area 

* Average property rates increased 3.8% QoQ 

Magicbricks PropIndex Report (July-September 2023) revealed that residential demand (searches) in Bengaluru increased 13.5% QoQ. For the third time in a row this year, Bengaluru secured its spot in the top 5 cities where residential demand increased sharply QoQ. At the same time, the supply (listings) reduced 9.3% QoQ, increasing the average residential prices 3.8% QoQ.  

The report further revealed that 3BHK configurations gained the highest traction, commanding a share of 51% in the total residential demand during this quarter and a 44% share in the total supply. This was followed by 2BHK configurations which held a 32% share of the demand and 42% of the supply in the city. Meanwhile, Whitefield emerged as the most preferred residential locality in Bengaluru. 

Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “While the growing residential demand underscores the strong sentiment towards real estate in India, the reducing supply can be attributed to various reasons such as focus on completion of under-construction projects. However, as we reflect on the impact of macro tailwinds, including the recently concluded G20 summit and the approaching festive season, it is evident that a wave of optimism is building, poised to propel the real estate sector forward in the coming months. We expect this upward trajectory to encourage potential investors who were previously on the fence.”.” 

The report also highlighted that the average rates of ready-to-move and under-construction properties increased 4.8% and 1.8% QoQ, respectively. 


About Magicbricks: India's no 1 property site   

As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has metamorphosed into a full-stack service provider for all real estate needs, with 15+ services including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice. 

With 15+ years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV- India’s leading online real estate YouTube . 

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