New Delhi, October 19, 2023 – Magicbricks, one of the largest Indian real estate platforms, released its flagship PropIndex Report (July-September 2023), which observed that residential demand (active searches) in Greater Noida increased 38.9% QoQ. According to the report, Greater Noida claimed the top spot among the 13 major cities in terms of demand. The supply (Listings) of properties was reduced by % QoQ and the average property rates in Gr. Noida increased by 5.3% QoQ owing to the mismatch between the demand and supply.
Homebuyers preferred larger configurations, particularly 3BHK units, which accounted for more than 47% of the city’s residential demand during this quarter. Affordability emerged as a key consideration, with 47% of homebuyers leaning towards properties ranging between INR 1500-2000 per square foot. Greater Noida West emerged as the most desirable neighborhood in the city.
Elaborating on the trends, Sudhir Pai, CEO of Magicbricks, said, “While the growing residential demand underscores the strong sentiment towards real estate in India, the reducing supply can be attributed to various reasons such as focus on completion of under-construction projects. However, as we reflect on the impact of macro tailwinds, including the recently concluded G20 summit and the approaching festive season, it is evident that a wave of optimism is building, poised to propel the real estate sector forward in the coming months. We expect this upward trajectory to encourage potential investors previously on the fence.”
Meanwhile, residential demand in Delhi increased by 7.9% QoQ and average prices increased by 1.8% QoQ. However, the supply witnessed a dip of 10.3% QoQ. Gurugram observed an 8.2% QoQ increase in residential demand, while the supply of residential properties in the area grew by 1.2% QoQ, as per Magicbricks’ report. During July-September 2023, the average property rates of Gurugram grew 13.8% QoQ.