As the festive season approaches, the Indian real estate market is experiencing a notable surge in both residential demand and supply. A recent report by Magicbricks, a real estate portal, indicates that residential inventory across 13 primary markets has increased by nearly 12% in just one month.
Notably, Noida has emerged as a standout performer, with residential supply soaring by an impressive 50%, bringing average residential rates to INR 11,645 per square foot. Ahmedabad follows closely behind, witnessing a 32.5% increase in residential inventory, while Greater Noida recorded a 25% rise.
Investor sentiment remains strong, particularly in Noida and Greater Noida, both of which recorded high Housing Sentiment Index (HSI) scores of 163. Ahmedabad is not far behind, with an HSI score of 160. This positive sentiment reflects the heightened interest from potential buyers as homeowners and developers seize the opportunity to capitalize on the festive season.
Even in traditionally saturated markets like Mumbai and Bengaluru, approximately 60,000 homes are available for sale in each city, suggesting a potential shift in market dynamics. With demand already reaching a decade high, the growing inventory is expected to contribute to long-term price stabilization in these areas.
Earlier reports from Magicbricks indicated a 12.3% quarter-over-quarter surge in residential demand and an 8.3% capital appreciation between July and September 2024. These figures highlight the robust health of the real estate market and the increasing confidence among buyers and sellers alike.
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