by Suman Gupta
- Gurugram (28.9%), Bengaluru (19.7%), Greater Noida (18.1%) and Delhi (17.7%) witnessed the highest QoQ growth in residential demand
- Pan India, average property rates increased 2.2% QoQ and 14.7% YoY
- Residential supply declined by 7.4% QoQ and 8.3% YoY
Mumbai, 27 June 2023: Magicbricks, India’s leading real estate platform, released its flagship PropIndex Report for April-June 2023, observing that the residential demand across 13 Indian cities increased 7.8% YoY and 10.4% QoQ during the said period.
Based on the behavior and preferences of over 2 crore customers on Magicbricks platform and over 15 lakh listings, PropIndex also observed that employment hubs Gurugram (28.9%), Bengaluru (19.7%), Greater Noida (18.1%) and Delhi (17.7%) were at the forefront of this growing residential demand. At the same time, the report also observed a decline of 7.4% QoQ and 8.3% YoY in residential supply, indicating a tightening of inventory. Owing to the supply-demand mismatch, the average property rates increased 14.7% YoY and 2.2% QoQ.
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 that there is a sizable mismatch between budget thresholds of buyers and the residential prices in many micro markets. Hence, there is an urgent need to ramp up the supply to meet the growing demand, especially in the affordable and mid-segments.”
The report also observed that the average rates of Ready-to-move (RTM) properties increased 2.4% QoQ and 9.8% YoY, and average rates of Under-construction (UC) increased 1.9% QoQ and 16.3% YoY.
Change in Average Rate (%)
| City | JFM 2023 to AMJ 2023 (QoQ) | AMJ 2022 to AMJ 2023 (YoY) | % QoQ change |
| Ahmedabad | 1.2% | 4.8% | 13.0% |
| Bengaluru | 2.0% | 8.2% | 18.4% |
| Chennai | 1.2% | -0.1% | 4.2% |
| Delhi | 1.0% | 6.4% | 10.2% |
| Greater Noida | 2.9% | 22.0% | 32.4% |
| Gurugram | 0.9% | 16.0% | 23.1% |
| Hyderabad | 2.0% | 13.4% | 23.3% |
| Kolkata | 1.5% | 5.2% | 8.0% |
| Mumbai | 1.9% | 7.7% | 14.4% |
| Navi Mumbai | 0.4% | 1.4% | 6.7% |
| Noida | 3.3% | 15.8% | 28.7% |
| Pune | 0.2% | 3.1% | 10.1% |
| Thane | 1.9% | 1.9% | 10.7% |
According to Magicbricks Research, Greater Noida saw the highest increase in its average rate (32.4%), followed by Noida (28.7%), Hyderabad (23.3%) and Gurugram (23.1%). Among the major cities, Chennai (4.0%), Kolkata (8.0%) and Pune (10.1%) remained the most affordable during the last two years.
About Magicbricks: India’s no 1 property site : 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.
