Continuing on the path of resilience and overall growth, India’s residential demand increased 14.2% and supply grew 1.9% YoY, observed Magicbricks’ PropIndex Report for January-March 2023. According to the report, after recording a marginal decline of 2.5% last quarter, residential demand (searches) increased 3.2% QoQled by Ahmedabad (21.4%), Bengaluru (10.3%) and Pune (7%).

The report also observed that while the pan India residential supply increased 1.9% YoY, it recorded a marginal decline of 0.9% QoQ as new project launches slowed down, and the focus is on selling existing inventory. However, cities including Noida (20.8%) and Greater Noida (17.6%) demonstrated an increase in residential supply (QoQ). As a result of demand and supply mismatch, the average pan India property rate increased 13.9% YoY and 2.3% QoQ.

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.”

Source: Magicbricks Research
CityDemandSupplyRate
India3.2%-0.9%2.3%
Ahmedabad21.4%1.4%1.4%
Bengaluru10.3%-1.1%2.5%
Chennai6.5%-2.3%-4.0%
Delhi-12.8%-5.9%2.8%
Greater Noida7.2%17.6%11.9%
Gurugram-1.9%2.4%9.3%
Hyderabad6.0%-14.2%5.8%
Kolkata6.5%1.3%1.0%
Mumbai-2.4%0.8%2.2%
Navi Mumbai1.8%-3.9%0.5%
Noida-2.2%20.8%3.1%
Pune7.0%1.8%0.2%
Thane6.8%-10.7%-2.2%

The above parameters represent QoQ change in Jan-March 2023

The report further observed that the pan-India average rates of ready-to-move-in properties increased 9.3% YoY, and average prices of under-construction properties increased 15.3% YoY.

Also Read: Metros continue to dominate residential real estate market in CY22 over other cities

You May Also Like

Mumbai registers 9919 units in June generates Rs 733 Cr revenue

Mumbai in the month of June has seen a registration of total…

RBI finally takes steps to counter coronavirus lockdown

RBI has taken steps to tackle the impact of the coronavirus lockdown.…

Salman Khan’s sister Arpita sells her Bandra flat for ₹22 crore.

In a significant real estate move, Arpita Khan, sister of Bollywood actor Salman Khan, has sold her Bandra flat for ₹22 crore. The property, located in the renowned Satguru’s Flying Carpet building, features a spacious flat across the 13th and 14th floors. The buyer, Shivaya Cineswise, will also enjoy access to nine car parks, with the transaction finalized in mid-October, including a stamp duty of ₹1.32 crore.

Average age of homebuyers has reduced

The real estate market recovered steadily in 2022 with growing residential and…