Greater Noida is leading the charge in India's residential real estate market, with a remarkable 38.9% increase in property searches during Q3 2023, positioning it as the top city out of 13 major Indian cities. This surge is attributed to rising demand and a 6.7% decrease in supply, potentially signalling a supply-demand gap. Notably, 3BHK units are in high demand, making up over 47% of all property searches, in line with the growing preference for luxury residential properties. Other cities, like Delhi and Gurugram, also saw an increase in searches and property prices. These findings reflect significant transformations in India's real estate landscape, attracting attention from industry stakeholders.
Greater Noida has emerged as the forerunner in residential real estate searches, witnessing a robust 38.9% rise Quarter-On-Quarter (QoQ) during July-September 2023, as reported by Magicbricks’ PropIndex. This uptrend positions the city at the pinnacle among 13 major Indian cities in terms of the intensity of property searches.
A combination of increasing demand and declining supply seems to have shot up the city's property rates, with the report outlining a 5.3% QoQ growth in average property prices. Interestingly, while the demand has seen a surge, the supply experienced a drop by 6.7% QoQ, hinting at a potential supply-demand gap.
Notably, the residential sector in Greater Noida witnessed a growing appetite for spacious accommodations. Specifically, 3BHK units turned out to be the most sought after, constituting over 47% of all property searches in the city for this quarter. This is in line with the growing demand for luxury residential properties in the Indian real estate market.
Magicbricks further shed light on the real estate trends in other metropolitan hubs. Delhi registered a 7.9% QoQ rise in residential searches and saw property prices grow by 1.8%. In Gurugram, there was an 8.2% QoQ surge in searches for residential real estate.
Apart from these cities, the PropIndex report covered trends in Mumbai, Hyderabad, Bengaluru, Pune, Navi Mumbai, Thane, Chennai, Kolkata, Ahmedabad, and Noida.
In conclusion, the Q3 findings from Magicbricks' PropIndex underscore the growing interest in the residential property sector, especially in Greater Noida. With a clear tilt towards larger living spaces and the widening gap between supply and demand, it's evident that India's real estate market is undergoing significant transformations. Stakeholders in the sector will be keeping a close eye on these trends as they navigate the changing real estate landscape.
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