The latest PropIndex Report from Magicbricks reveals a significant surge in residential demand, which increased by 12.3% quarter-on-quarter (QoQ) from July to September 2024. This uptick occurred alongside an 8.3% rise in residential prices, highlighting a robust market for both homebuyers and investors.
The report, based on insights from over 20 million users on the Magicbricks platform, indicates that Noida, Gurugram, and Greater Noida experienced the highest residential price increases during this period. Noida saw prices soar by 16.9% QoQ, Gurugram by 15.5%, and Greater Noida by 15.1%.
As a result, the average price per square foot in Noida reached INR 11,625, up from INR 9,945 in the previous quarter. In Gurugram, average property rates climbed to INR 14,650 per square foot, while Greater Noida’s average rose to INR 7,752 per square foot.
Abhishek Bhadra, Head of Research at Magicbricks, commented on the findings: “The residential real estate market is witnessing strong interest for both primary homeownership and investment. Demand is increasing at its highest pace in the past two years, particularly in satellite cities surrounding major urban centers like Delhi and Mumbai. There appears to be a fear of missing out (FOMO) among investors, which is driving market activity. However, as more supply enters the market, residential prices are expected to continue rising in the short term, though at a more moderate pace.”
The report also highlighted a growing interest in under-construction (UC) properties, leading to a capital appreciation of 11% QoQ across the tracked cities. Notable growth was observed in Thane (19.5% QoQ), Gurugram (17.3%), and Noida (14.5%).
Additionally, the demand for 3BHK units remains dominant, accounting for over 50% of total demand in most cities. However, in Chennai, Navi Mumbai, and Thane, 2BHK units continue to be the preferred choice among buyers.
As the residential market evolves, these trends reflect both the rising interest in property investment and the shifting preferences of homebuyers across India.
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