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Pan India residential demand increases 7.3% YoY, supply grows 6% YoY reveals Magicbricks PropIndex Report Q3, 2022

New Delhi/Noida : Magicbricks PropIndex Report for Q3, 2022 reveals that the aggregate demand (searches) increased 7.3% YoY, the cumulative supply (listings) grew 6.0% YoY and prices increased 9.1% YoY.  The report further observes that the average price increased 2% QoQ with a marginal dip in aggregate demand (2.9%) and cumulative supply (3.3%) QoQ.

Mapping trends in 13 cities across the country, the report highlights that Greater Noida (9.9%), Gurugram (3.7%), Bengaluru (3.7%) and Mumbai (1.9%) witnessed the highest QoQ growth in residential demand while Bengaluru (0.3%), Kolkata (0.9%), Navi Mumbai (1.3%) and Mumbai (2.1%) exhibited decline in residential supply QoQ.

Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “After uncertainty in the past few years, 2022 has ushered in relative stability and recovery for the residential sector. Home sales have been strong all year, and the upcoming festive season is likely to further spur the growth as it is considered an auspicious time to make real estate investments. To facilitate access to properties with lucrative offers and deals, we are excited to launch the 6th edition of our Dream Home Festival (DHF) from 1st October 2022 and are confident that this year will also mirror the success of previous editions.”

Market-specific takeaways from Magicbricks’ Propindex Report Q3, 2022:

  1. Bengaluru’s residential demand grew 3.7% QoQ while the supply observed a slight decline of 0.3% QoQ, and property rates increased 2.7% QoQ. There was a continued preference for bigger homes with 3BHK constituting 49% of the total demand and 43% of the total supply. 

Highlights from Magicbricks’ PropIndex Report Q3, 2022

The report further observes that real estate developers are launching projects with new features in anticipation of high demand. The recent increase in home loan rates is also not expected to impact demand because they are still lower than the pre-pandemic rates.

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