Housing demand across India grows ~19% in December quarter

4 Jan 2023 , 11:24 AM

In the year 2022, the Indian residential market demonstrated resilience and overall growth. 

According to the Magicbricks’ PropIndex report for the December quarter, aggregate residential demand, as measured by searches, increased 19% year on year, led by major cities such as Mumbai with a 52.1% increase, Noida with a 35.8% increase, Gurgaon with a 34.5% increase, Delhi with a 14.8% increase, and Bengaluru with a 33% increase.

The average property rate increased 13.9% year on year, while the cumulative supply, as measured by listings, increased 2.7%. From a year ago, the average rates in Noida increased by 13.7%, Greater Noida by 12.3%, Hyderabad by 11.7%, and Thane by 8.1%.

From a year ago, the average price of ready-to-move-in properties in India increased by 9%, while the price of under-construction properties increased by 15.3%.

In addition, 2- and 3-bedroom apartments were found to be the most popular across 12 cities. While cities such as Kolkata, Chennai, and Hyderabad continue to see an increase in demand for affordable units, other major metro cities such as Bengaluru, New Delhi, and Mumbai are seeing an increase in demand for mid-segment residences.

The highest annual increase in residential supply was seen in Mumbai (13.4%), Bengaluru (8.4%), and Thane (4.1%).

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