Pan India Residential Prices Continue To Surge; Increase 5.4% QoQ Observes Magicbricks PropIndex Report Q3, 2023

* Compared to last quarter, residential demand increased 8.4%, while aggregate supply reduced 7.2%  

* The search volumes in Greater Noida (38.9%), Noida (20.4%), Kolkata (13.6%) and Bengaluru (13.5%) increased substantially QoQ, indicating customer preferences for these cities 

* The prices of ready to move properties increased 4.4% QoQ while prices for under-construction increased 8.2% QoQ 

Continuing on its growth trajectory, pan India residential prices increased 5.4% QoQ, as aggregate demand (searches) increased 8.4% QoQ and supply (listings) decreased 7.2% QoQ observed Magicbricks PropIndex Report for Q3, 2023 (July-September 2023). 

Mapping trends across 13 prominent cities, based on preferences of over 2 crore customers, Magicbricks’ PropIndex Report also observed that the search volumes in Greater Noida (38.9%), Noida (20.4%), Kolkata (13.6%) and Bengaluru (13.5%) increased substantially QoQ, indicating continued interest for homes in these cities.  

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 observed that the prices of ready to move properties increased 4.4% QoQ while prices for under-construction properties increased 8.2% QoQ. 

Highlights from Magicbricks’ PropIndex Report Q3, 2023  

Continued preference towards spacious units such as 3BHK and above as its demand commanded 52% of total demand in the key cities, up by 1% from last quarter 

Developers are starting to align with the shifting demand patterns, as indicated by 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.