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NEW DELHI: Continuing on its growth trajectory, pan-India residential realty prices increased 5.4% quarter-on-quarter in the July-September quarter as demand outstripped supply, showed a recent Magicbricks PropIndex report. Compared to the previous quarter, residential demand increased 8.4% while aggregate supply reduced 7.2% during Q3.
Search volumes particularly in Greater Noida, Noida, Kolkata and Bengaluru increased substantially quarter-on-quarter, reflecting positive sentiment among homebuyers, the report said. “Prospective homebuyers continued to prefer spacious home units such as 3 BHKs and above as its demand commanded 52% of total demand in key cities, up by 1% from the last quarter,” according to the report.
Greater Noida and Gurgaon lead in terms of capital appreciation, with aggregate prices increasing by 27.2% and 33.4% year-on-year respectively. Prices of both ready to move and under construction segments increased on the back of robust demand. Analysts attributed the dip in supply to factors like declining land availability, strict regulation by most state RERAs, increasing construction costs and focus on developers to clear the unsold inventory.
“While the growing residential demand underscores the strong sentiment towards real estate in India, the reducing supply can be attributed to various factors such as focus on completion of under-construction projects,” said Sudhir Pai, CEO at Magicbricks.
Search volumes particularly in Greater Noida, Noida, Kolkata and Bengaluru increased substantially quarter-on-quarter, reflecting positive sentiment among homebuyers, the report said. “Prospective homebuyers continued to prefer spacious home units such as 3 BHKs and above as its demand commanded 52% of total demand in key cities, up by 1% from the last quarter,” according to the report.
Greater Noida and Gurgaon lead in terms of capital appreciation, with aggregate prices increasing by 27.2% and 33.4% year-on-year respectively. Prices of both ready to move and under construction segments increased on the back of robust demand. Analysts attributed the dip in supply to factors like declining land availability, strict regulation by most state RERAs, increasing construction costs and focus on developers to clear the unsold inventory.
“While the growing residential demand underscores the strong sentiment towards real estate in India, the reducing supply can be attributed to various factors such as focus on completion of under-construction projects,” said Sudhir Pai, CEO at Magicbricks.
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