Magicbricks: Indian housing demand increased 14% from January to March

03 Apr 2023 CW Team

According to the PropIndex data from Magicbricks, the demand for housing in India continued to expand and show resilience, rising 14.2% year over year for the quarter ended in March along with a 1.9% increase in supply.

Residential demand, as measured by searches on its web, increased 3.2% sequentially after marginally declining by 2.5% the previous quarter, driven by increases in Ahmedabad (21.4%), Bengaluru (10.3%), and Pune (7%) growth.

We are confident about the growth trajectory for residential demand in the upcoming quarters given the under-served demand for home ownership in the inexpensive and mid-range sector. In addition to new projects and accelerated delivery of properties that are still being built, we predict that the market will stabilise and create new opportunities for investment and innovation.

Even while the supply of homes throughout all of India increased compared to a year ago, it barely decreased sequentially by 0.9% as the pace of new project launches slowed and the emphasis remained on selling existing inventory.

Nonetheless, cities like Noida and Greater Noida showed a consecutive increase in supply of 20.8% and 17.6%, respectively. The average price of real estate across all of India increased by 13.9% on-year and 2.3% sequentially due to a mismatch between supply and demand.

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