MMR (20%), Bengaluru (19%), NCR (19%) emerged as India’s most searched regions for properties in 2023, reveals Magicbricks in its flagship report “How India Searched for Properties in 2023”. Based on the customer preferences of over 2 crore visitors on Magicbricks platform, the reportobserved that 80% of prospective home buyers continued to prefer multi-storey apartments, followed by builder floors. Further, the report revealed that more than 56% of homeseekers preferred 3 BHK and larger units, evidencing a strong preference towards spacious apartments. It was also noteworthy, that in 2023, demand from NRIs constituted a substantial 9.4% of the total demand as against 6.2% in 2022, aligned with the global economic recovery post-COVID.

Elaborating on the report, Abhishek Bhadra, Head of Research, shared “In 2023, the real estate sector demonstrated remarkable progress characterized by robust demand, improved supply and increased interest from Millennials and Gen Z in real estate investments. Continuing on this trajectory in 2024, we anticipate price stabilization owing to a sustained increase in supply. We also expect demand to maintain its upward trajectory, especially in tier 2 towns, reflecting substantial growth prospects in these regions. This outlook aligns with the evolving landscape of the real estate sector amid a progressive economic backdrop.”

According to the report, the affordable housing market thrived in Ahmedabad and Kolkata, whereas MMR (63%) and NCR (34%) led the demand for luxury homes.

Further, while rental market demand remained stable across most cities, Bengaluru exhibited remarkable growth, elevating its demand share from 21% in 2022 to 24% in 2023. The report concluded that the younger demographics, predominantly 18-35 years, constituted 67% of pan India rental demand.

CITY SNAPSHOTS

BENGALURU

• Almost 50% of homeseekers prefer 3BHK units
• Properties in the range of 1,250-2,000 sq ft and 750-1,250 sq ft lead the market demand, constituting 42.12% and 28.6%, respectively.
• Whitefield, Sarjapur Road, Thanisandra and Kanakapura Road are amongst the most searched localities of Bengaluru
• 62% of tenants are of the age group 18-34 years

NCR

• 51.5% homeseekers prefer 3BHK apartments
• Properties in the range of 1,250-2,000 sq ft and 2,000-3,000 sq ft are most preferred, constituting 37.5% and 23.1% of the total demand, respectively.
• Maximum demand in the budget segment above Rs 10,000 ps ft
• Noida Expressway (South), Noida Expressway (Main) and Central Noida are the most searched localities of Noida while Dwarka, Mayur Vihar and Laxmi Nagar are most searched localities of Delhi

MMR

• Clear preference for 2BHK units as 44.4% homeseekers searched for the same
• Properties in the range of 750-1,250 sq ft and 500-750 sq ft are most preferred, constituting 39% and 26% of the total demand, respectively.
• 73% homeseekers prefer properties above Rs 10,000 psf
• Malad-Kandivali, Goregaon and Andheri East-Jogeshwari East were the most searched localities in Mumbai while Ghodbunder Road, Kolshet and Western Thane were most preferred in Thane

Also Read: Residential homes sold in MMR are likely to expand by 8-9% in FY2024 supported by continued end-user demand and healthy affordability: ICRA 

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