Residential Demand Surges 12.3% QoQ Amidst 8.3?pital Appreciation, Reveals Magicbricks' PropIndex Report (Jul-Sep 2024)
New Delhi, September 25, 2024: Between July and September 2024, residential demand (searches),
increased 12.3% quarter-on-quarter (QoQ), amidst an 8.3% increase in residential prices, according to
the recently released PropIndex Report (Jul-Sep 2024) by Magicbricks, India’s leading real estate
platform.
Drawing on preferences from over 20 million customers on the Magicbricks platform, the report further
detailed that cities such as Noida (16.9% QoQ), Gurugram (15.5% QoQ), and Greater Noida (15.1% QoQ)
saw the highest increases in residential prices during this period.
According to the report, the average rate in Noida reached INR 11,625 psf as compared to INR 9,945 psf
in the previous quarter. Average property rates in Gurugram reached INR 14,650 psf, and in Greater
Noida, it increased to INR 7,752 psf between July and September 2024.
Commenting on the trends, Abhishek Bhadra, Head of Research at Magicbricks, shared, "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, with satellite cities around major urban
centers such as Delhi and Mumbai attracting significant attention. Possibly there is also a fear of
missing out (FOMO) among investors, which continues to drive 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 further observed that growing interest in under-construction (UC) properties has resulted in
a capital appreciation of 11% QoQ across the tracked cities, with significant growth seen in Thane (19.5%
QoQ), Gurugram (17.3% QoQ) and Noida (14.5% QoQ). Additionally, the report indicated that demand
for 3BHK units continues to dominate, accounting for 50% or more of total demand in most cities,
except for Chennai, Navi Mumbai, and Thane, where 2BHK units remain the preferred choice.
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