Magicbricks Report: Big Price Jump for Under-Construction Homes in Top Indian Cities
The Magicbricks PropIndex Report for April-June 2024 has shown a 15.2% increase in prices for under-construction properties across India’s top 13 cities, including Ahmedabad, Bengaluru, Chennai, Delhi, Greater Noida, Gurugram, Hyderabad, Mumbai, Navi Mumbai, Noida, Pune, and Thane. This is the highest price surge in the last 24 months.
Key Highlights:
- Supply of under-construction properties increased by 11.72% QoQ.
- Under-construction property prices have surpassed those of ready-to-move properties in cities like Gurugram, Mumbai, Noida, and Thane.
- Residential demand grew by 4.6% QoQ, with Gurugram, Delhi, and Noida leading the way.
- Despite high interest rates, demand remains strong due to the RBI’s unchanged Repo Rate.
Abhishek Bhadra, Head of Research at Magicbricks, noted that the Indian real estate market is in its third year of a robust bull run. He expects the market to move towards equilibrium with a steady increase in supply and a measured pace of demand growth.
Across the 13 cities, residential prices increased by an average of 4% QoQ. Noida saw the highest price hike at 7% QoQ, followed by Gurugram at 6.8% QoQ and Mumbai at 6.5% QoQ. Other cities like Ahmedabad, Bengaluru, Chennai, and Hyderabad also showed varying degrees of demand, supply, and price changes.
Overall, the report suggests a promising outlook for the residential real estate market in the long run.