Under-construction property supply soars by 46.8 per cent in one year: Report
Magicbricks Report: Residential Property Growth in India
Magicbricks Research has reported a 46.8% year-on-year increase in the supply of under-construction residential properties across major Indian cities. This growth highlights the resilience of India's real estate market.
Leading Cities in Growth
Bengaluru leads with a 114% increase in supply, followed by Gurugram with a 98% rise. Over the last quarter, Gurugram saw a 30.97% increase, Kolkata 27.80%, and Bengaluru 27.39%.
Property Prices
The average price for under-construction properties is Rs 12,064 per square foot. Affordable options are available in Ahmedabad (INR 6,708 psf), Kolkata (Rs 7,259 psf), and Greater Noida (Rs 8,281 psf). Cities like Bengaluru (Rs 10,988 psf), Noida (Rs 11,706 psf), and Navi Mumbai (Rs 11,738 psf) offer affordable luxury.
Premium Housing
In the premium segment, Gurugram leads with Rs 14,579 psf, followed by New Delhi (Rs 18,150 psf) and Mumbai (Rs 27,725 psf). These cities attract affluent buyers seeking luxury homes.
City-Specific Trends
Bengaluru shows a 114.08% increase in supply and a 25.7% price rise. Gurugram has a 98.89% supply increase and a 20.5% price hike. Greater Noida sees a 65.58% supply increase and a 21.1% price rise. Kolkata offers affordable housing with an 80.37% supply increase and an 8.8% price rise.
Doubts Revealed
Magicbricks
Magicbricks is a popular website in India where people can buy, sell, or rent houses and apartments. They also provide information and reports about the real estate market.
Residential Property
Residential property refers to buildings or land used for people to live in, like houses or apartments.
Bengaluru
Bengaluru, also known as Bangalore, is a big city in India known for its technology industry and pleasant weather.
Gurugram
Gurugram, formerly known as Gurgaon, is a city near New Delhi in India, known for its modern buildings and business hubs.
Kolkata
Kolkata is a large city in eastern India, known for its cultural heritage and historical significance.
Under-construction
Under-construction means buildings or houses that are currently being built and are not yet finished.
Square foot
A square foot is a unit of area used to measure the size of a space, like a room or a piece of land. It's about the size of a small tile.
Affordable options
Affordable options refer to houses or apartments that are priced lower, making them easier for more people to buy.
Premium housing
Premium housing refers to expensive and luxurious homes that have high-quality features and are usually located in desirable areas.
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