3BHK Homes Most Popular in India, Prices Soar in Noida, Gurugram, and Greater Noida
The latest PropIndex Report by Magicbricks reveals that 3BHK units are the top choice for homebuyers in India, making up over 50% of the demand in major cities. Residential demand increased by 12.3% from July to September 2024, with significant price hikes in satellite cities like Noida, Gurugram, and Greater Noida.
Price Increases in Key Cities
Noida saw a 16.9% rise in prices, reaching INR 11,625 per square foot. Gurugram experienced a 15.5% increase, with prices at Rs 14,650 per square foot, and Greater Noida saw a 15.1% rise, reaching Rs 7,752 per square foot.
Expert Insights
Abhishek Bhadra, Head of Research at Magicbricks, commented, “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.”
Under-Construction Properties
The demand for under-construction (UC) properties also grew, with capital appreciation for such projects reaching 11% QoQ across the cities tracked by Magicbricks. Thane, Gurugram, and Noida saw the steepest gains in UC properties, with Thane experiencing a 19.5% QoQ increase, Gurugram seeing a 17.3% rise, and Noida reporting a 14.5% gain in property values.
Doubts Revealed
3BHK -: 3BHK stands for a house with 3 bedrooms, a hall, and a kitchen. It is a common type of home in India.
PropIndex Report -: The PropIndex Report is a study by Magicbricks that shows trends in the real estate market, like which types of homes people are buying.
Magicbricks -: Magicbricks is a website where people can buy, sell, or rent homes. They also provide information about the real estate market.
Noida -: Noida is a city near Delhi, known for its modern infrastructure and many residential and commercial buildings.
Gurugram -: Gurugram, also known as Gurgaon, is a city near Delhi famous for its skyscrapers and business hubs.
Greater Noida -: Greater Noida is a planned city near Noida, known for its wide roads and new residential projects.
INR -: INR stands for Indian Rupee, which is the currency used in India.
per square foot -: Per square foot is a way to measure the price of a property. It tells you how much one square foot of space costs.
under-construction properties -: Under-construction properties are homes that are still being built and are not ready to live in yet.
Thane -: Thane is a city near Mumbai, known for its lakes and growing residential areas.