Residential supply increased 2.8% QoQ. Noida (16.9% QoQ), Gurugram (15.5% QoQ), Greater Noida (15.1% QoQ) experienced the highest increase in residential rates.
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 releasedPropIndex 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, said, “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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