Premium Segment Supply Surges 14.4% YoY: Magicbricks

10 Jan 2025 CW Team

The latest Magicbricks PropIndex Report reveals a significant 12.7 per cent year-on-year (YoY) growth in residential supply across 13 major markets in Q4 2024 (October-December), driven by cities like Bengaluru (56.1 per cent) and Gurugram (44.1 per cent). The luxury segment, representing 52 per cent of the total new supply, saw a notable increase from 38 per cent in Q4 2023, marking a 14.4 per cent YoY growth in premium properties. Supply of under-construction properties surged 10.97 per cent in three months with Gurugram (30.97 per cent), Kolkata (27.80 per cent), and Bengaluru (27.39 per cent) leading this growth. Supply of Ready-to-Move (RTM) properties experienced minimal growth at 0.03 per cent QoQ, reflecting steady uptick for completed inventory.

Drawing on preferences from over 20 million customers on the Magicbricks platform, indicates a 22.7 per cent YoY increase in residential prices, underscoring strong market confidence. Cities such as Greater Noida (42.5 per cent YoY), Noida (42.4 per cent YoY), and Gurugram (35 per cent YoY) experienced highest capital appreciation, showcasing the continued strength of these markets.

The report concluded that the residential demand across the markets showed signs of stabilisation and averaged 6.6 per cent YoY increase, led by cities like Ahmedabad (18.76 per cent YoY), Delhi (16.63 per cent YoY), and Kolkata (15.69 per cent YoY).

The findings underscore the continued expansion of India's residential real estate sector, driven by investor confidence and sustained demand.

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