Magicbricks says demand for residential real estate has gone up

5 Jul 2022 , 08:54 AM

Between April and June of this year, the demand for residential real estate increased by 16.9% on a quarterly basis and by 27.7% on an annual basis, according to a report.

According to the Magicbricks Prop Index study, the supply (listings) increased by 16.2% year over year and 2.9% quarter over quarter.

The survey, which looked at trends in 13 cities across the nation, noted that Delhi (47.2%) had the biggest QoQ growth in residential demand, followed by Ahmedabad (21.4%), Kolkata (21.2%), Noida (20.6%), and Bengaluru (18.8%).
Delhi led the list for supply on a QoQ basis with 10.8%, followed by Bengaluru (6.7%), Gurugram (6.6%), Chennai (5.1%), and Kolkata (5.1%).

The report stated, that overall demand for residential markets in Noida and Greater Noida climbed by 19.3% quarter over quarter, while supply fell by 1.6% and average prices rose by 3.1%.

According to the research, demand in Mumbai’s residential market rose by 16.5% QoQ due to a rise in demand in the western suburbs, while supply rose by 4.5% QoQ.

In terms of prices, Mumbai saw an average QoQ price increase of 1.2%. According to the survey, the city’s demand and supply for two bedrooms were 43% and 44%, respectively.

Pune’s demand increased to 8.1% in the second quarter from 3.9% in the first, while the supply fell to -2% from 2.2%. In Hyderabad, despite regulatory changes relating to the supervision of industry malpractices, residential supply continued to decline even in Q2 2022.

According to the research, Bengaluru continues to see a preference for larger homes, with 3BHK making up 43% of total supply and 49% of total demand. Due to the existence of IT corridors and job centres, Chennai’s residential market has been driven by an increase in demand for properties close to the seaside. According to the report, homebuyers in Chennai favoured mid-segment and upscale properties over inexpensive housing. Homebuyers in Delhi’s National Capital District favoured mid-segment neighbourhoods.

According to the report, the cost of properties that are ready to move into grew 6.4% year over year and 2.3% quarter over quarter. Nationally, the cost of properties still being built grew by 13.3% year over year and 2.7% QoQ.