The demand for 3BHK units has emerged as the dominant choice among homebuyers, accounting for over 50 per cent of the total demand in most major cities across India, according to the latest PropIndex Report by Magicbricks.
As residential demand surged by 12.3 per cent quarter-on-quarter between July and September 2024, 3BHK units remained the most sought-after housing configuration, particularly in key urban markets, while 2BHK units continued to be popular in select cities like Chennai, Navi Mumbai, and Thane.
This surge comes alongside an 8.3 per cent increase in residential property prices. The satellite cities near major urban centres like Delhi and Mumbai are leading the charge in price appreciation.
Noida (16.9 per cent QoQ), Gurugram (15.5 per cent QoQ), and Greater Noida (15.1 per cent QoQ) recorded the highest jumps in residential prices.
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These price increases have propelled average rates to new highs, with Noida reaching INR 11,625 per square foot (psf), Gurugram at Rs 14,650 psf, and Greater Noida at Rs 7,752 psf during the July-September quarter.
Commenting on these trends, Abhishek Bhadra, Head of Research at Magicbricks, stated, “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 centres such as Delhi and Mumbai attracting significant attention.”
He added, “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.”
While residential demand surged, the report also observed a 2.8 per cent QoQ increase in residential supply during the same period.
Notably, the demand for under-construction (UC) properties also soared, with capital appreciation for such projects reaching 11 per cent QoQ across the cities tracked by Magicbricks.
Thane, Gurugram, and Noida saw the steepest gains in UC properties, with Thane experiencing a 19.5 per cent QoQ increase, Gurugram seeing a 17.3 per cent rise, and Noida reporting a 14.5 per cent gain in property values.
(INPUTS FROM ANI)
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