Continuing on its growth trajectory, residential prices across India increased 5.4 per cent quarter-on-quarter (QoQ) during July-September 2023, as aggregate demand increased 8.4 per cent QoQ and supply decreased 7.2 per cent QoQ, according to a report by realty portal Magicbricks.
The report, titled ‘Magicbricks PropIndex Report for Q3, 2023 (July-September 2023)’, mapped trends across 13 prominent cities, based on preferences of over two crore customers. It said that the search volumes in Greater Noida (38.9 per cent), Noida (20.4 per cent), Kolkata (13.6 per cent) and Bengaluru (13.5 per cent) increased substantially QoQ, indicating continued interest for homes in these cities.
Sudhir Pai, CEO of 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.”
He, however, added that as reflected 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 also observed that the prices of ready-to-move-in properties increased 4.4 per cent QoQ, while prices for under-construction properties increased 8.2 per cent QoQ.
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