Residential prices up 5.4% in Q3 of 2023: MagicBricks
Q3 2023, driven by an 8.4% q-o-q surge in demand (searches) and a 7.2% q-o-q drop in supply (searches), as per the MagicBricks PropIndex Report.
The report, which analysed the preferences of over 20 million customers across 13 prominent cities, noted significant quarter-over-quarter increase in search volumes for Greater Noida (38.9%), Noida (20.4%), Kolkata (13.6%), and Bengaluru (13.5%), signalling ongoing demand for homes in these areas.
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks said, «While the growing residential demand underscores the strong sentiment towards real estate in India, the reducing supply can be attributed to various reasons such as focus on completion of under-construction projects. However, as we reflect on the impact of macro tailwinds, including the recently concluded G20 summit and the approaching festive season, it is evident that a wave of optimism is building, poised to propel the real estate sector forward in the coming months.
We expect this upward trajectory to encourage potential investors who were previously on the fence.»
The report additionally noted a 4.4% q-o-q increase in prices for ready-to-move properties, while under-construction property prices surged by 8.2% q-o-q.
The analysis also pointed towards the preference for larger units like 3 BHKs, accounting for 52% of the total demand in key cities, marking a 1% increase from the previous quarter.
