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India’s residential demand increased 14.2%, supply grew 1.9% YoY reveals Magicbricks PropIndex Report (Jan-March 2023)

  • After recording a marginal decline of 2.5% last quarter, residential demand increased 3.2% QoQ, showing market resilience
  • With demand and supply mismatch, pan-India average rate increased 13.9% YoY

 

New Delhi/ Hyderabad: Continuing on the path of resilience and overall growth, India’s residential demand increased 14.2% and supply grew 1.9% YoY, observed Magicbricks’ PropIndex Report for January-March 2023. According to the report, after recording a marginal decline of 2.5% last quarter, residential demand (searches) increased 3.2% QoQ led by Ahmedabad (21.4%), Bengaluru (10.3%) and Pune (7%).

The report also observed that while the pan India residential supply increased 1.9% YoY, it recorded a marginal decline of 0.9% QoQ as new project launches slowed down, and the focus is on selling existing inventory. However, cities including Noida (20.8%) and Greater Noida (17.6%) demonstrated an increase in residential supply (QoQ). As a result of demand and supply mismatch, the average pan India property rate increased 13.9% YoY and 2.3% QoQ.

 Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”

Source: Magicbricks Research
City Demand Supply Rate
India 3.2% -0.9% 2.3%
Ahmedabad 21.4% 1.4% 1.4%
Bengaluru 10.3% -1.1% 2.5%
Chennai 6.5% -2.3% -4.0%
Delhi -12.8% -5.9% 2.8%
Greater Noida 7.2% 17.6% 11.9%
Gurugram -1.9% 2.4% 9.3%
Hyderabad 6.0% -14.2% 5.8%
Kolkata 6.5% 1.3% 1.0%
Mumbai -2.4% 0.8% 2.2%
Navi Mumbai 1.8% -3.9% 0.5%
Noida -2.2% 20.8% 3.1%
Pune 7.0% 1.8% 0.2%
Thane 6.8% -10.7% -2.2%

The above parameters represent QoQ change in Jan-March 2023

The report further observed that the pan-India average rates of ready-to-move-in properties increased 9.3% YoY, and average prices of under-construction properties increased 15.3% YoY.

 

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As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has metamorphosed into a full stack service provider for all real estate needs, with 15+ services including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice. With

 15+ years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV- India’s leading online real estate YouTube channel, and other proprietary tools so that home buyers can access all information related to price trends and forecasts, locality reviews and more.

 

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India’s residential demand increased 14.2%, supply grew 1.9% YoY reveals Magicbricks PropIndex Report (Jan-March 2023)