Residential demand in Delhi soars 17.7% QoQ: Magicbricks

financialexpress.com:

In the second quarter of 2023, Delhi’s residential demand (active searches) increased 17.7% QoQ, according to Magicbricks’ flagship PropIndex Report (April-June 2023).

As per the report, the average property rates in Delhi have grown by 11.7% since Oct-December 2021. With growing employment and business opportunities, Delhi has been attracting more workforce, which has led to increased demand for residential properties. At the same time, due to the limited availability of land for construction, most of the construction is restricted to the redevelopment of existing properties. As a result, supply has contracted and witnessed a dip of 5.7% QoQ.

Amongst the preferences exhibited by homebuyers, larger configurations, particularly 3BHK units, accounted for more than 50% of the city’s residential demand during this quarter. Affordability emerged as a key consideration, with 47% of homebuyers leaning toward properties evaluated below INR 10,000 per square foot.

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Dwarka, Greater Kailash, and Uttam Nagar were observed as the most desirable neighborhoods in Delhi. Notably, Uttam Nagar witnessed a spectacular rise, rising from sixth position to top three preferred micro localities. These microlocalities are highly sought-after by homeowners because they provide appealing facilities, convenient connections, and a desirable quality of life.

Elaborating on the trends, Sudhir Pai, CEO of Magicbricks, said “Despite global macro-economic factors which have increased interest rates, the residential demand in India has shown robust growth, especially backed by the growing importance of home ownership and the sentiment of security it brings. However, we have also observed