Prices of under-construction projects increase: Magicbricks

making relatively affordable under-construction properties
In 2023, residential prices increased consistently, making relatively affordable under-construction properties more attractive for investment and home ownership, reveals the latest PropIndex report by Magicbricks.

The report underscores a notable surge in demand for under-construction properties, increasing 7.8% QoQ between January and March 2024. As a result, prices experienced a corresponding uptick, growing 1.7% QoQ and a significant 30.6% YoY. This momentum follows a previous increase of 6.32% QoQ recorded between October and December 2023, indicating a sustained positive trend in the market.

Cities such as Noida (7.1% QoQ), Greater Noida (6.1% QoQ), Bengaluru and Mumbai (5.7% QoQ each) witnessed the most substantial price increments in under-construction properties.

Explaining the trends, Abhishek Bhadra, Head of Research, Magicbricks shared "Historically, homebuyers have often favored completed projects over new developments. But against the backdrop of increasing residential prices in 2023, there emerged a discernible shift in preference towards relatively more affordable under-construction properties. Consequently, prices of under-construction properties are on the rise as well. In response to this evolving demand, we have observed that developers are swiftly expediting the completion of under-construction projects and launching new ones."

Furthermore, the report shed light on a notable trend towards 2BHK units, also likely influenced by the increasing residential prices across various cities. According to Magicbricks, the demand share of 2BHK units increased from 32% (between October and December 2023) to 42% (between January and March 2024).

This trend was particularly pronounced in cities such as Bengaluru (rising from 29% to 45%), Noida (increasing from 11% to 33%), and Navi Mumbai (from 18% to 54%) where demand for 2BHKs grew considerably during these respective periods.

“While we anticipate residential demand to continue increasing, albeit at a slower pace, there are promising signs indicating an increase in residential supply in the upcoming quarters. Consequently, we expect prices to stabilize, showcasing the market's resilience in the face of evolving dynamics,” concluded Abhishek Bhadra.

The report highlights a continued uptrend in aggregate demand across the top 13 cities between January and March 2024, registering a robust growth of 6.9% QoQ. Moreover, after a period of relatively subdued supply, there has been a modest 0.9% QoQ increase this quarter. Despite this, the demand continues to outstrip supply, resulting in a 2.9% QoQ increase in residential prices across these 13 cities. Noida (7.4% QoQ), Greater Noida (7.2% QoQ), and Chennai (5.5% QoQ) recorded the highest appreciation in property prices.
Nitin Gadkari Unveils ₹1,183 Cr 6-Lane Access-Controlled Road in Goa

Nitin Gadkari Unveils ₹1,183 Cr 6-Lane Access-Controlled Road in Goa

Union Minister for Road Transport and Highways Shri Nitin Gadkari dedicated a 6-lane access-controlled road with elevated viaducts from Manohar International Airport to Dhargal on NH-166S in Goa. The 7 km project, costing

Read more ...

Adani Ports to Invest ₹100 Billion in Kerala Transshipment Port

Adani Ports to Invest ₹100 Billion in Kerala Transshipment Port

Adani Ports and Special Economic Zone Ltd. plans to invest ₹100 billion ($1.2 billion) to enhance its transshipment container port in Vizhinjam, Kerala. This investment is part of the second phase of the project, aiming to attract

Read more ...

Nikhil Construction Wins Maharashtra Road Project with ₹153.34 Cr Bid

Nikhil Construction Wins Maharashtra Road Project with ₹153.34 Cr Bid

Nikhil Construction Group has secured a road development project in Maharashtra, emerging as the lowest bidder (L1) with a bid value of ₹153.34 crore. The Ministry of Road Transport & Highways (MoRTH) awarded the contract for widening

Read more ...

Surge in Mumbai Luxury Home Sales Reflects Growing Market Confidence

Surge in Mumbai Luxury Home Sales Reflects Growing Market Confidence

According to a recent report by India Sotheby’s International Realty and CRE Matrix, sales of luxury homes priced at ₹10 crore and above in Mumbai have risen by 8% in the first half of CY2024, reaching a new high of ₹12,300 crore

Read more ...

RLDA Invites Bids for Leasing of Railway Land at Dharmavaram

RLDA Invites Bids for Leasing of Railway Land at Dharmavaram

The Rail Land Development Authority (RLDA), a statutory body of Indian Railways, has invited bids for leasing a 3.5-acre land parcel in Dharmavaram, Sri Sathya Sai district, Andhra Pradesh. The land, located along Station Road and adjacent

Read more ...

Alphacorp to Develop ₹350 Cr Luxury Residential Project in Gurugram

Alphacorp to Develop ₹350 Cr Luxury Residential Project in Gurugram

Real estate developer Alphacorp will invest ₹350 crore in a luxury residential project in Gurugram, Haryana, expecting a revenue of ₹600 crore. The project, 'Alphacorp SKY1,' located in Sector 15, Part 2, will include 200 units ranging

Read more ...

Patel Engineering Achieves Major Milestone in USBRL Project

Patel Engineering Achieves Major Milestone in USBRL Project

Patel Engineering Limited has successfully completed substantial work on Tunnel T-15 and part of Tunnel T-14 for the Udhampur-Srinagar-Baramulla Rail Link (USBRL) project as of July 4, 2024. This achievement highlights the company’s

Read more ...

RVNL Secures Major Railway Projects Worth ₹390 Cr

RVNL Secures Major Railway Projects Worth ₹390 Cr

Rail Vikas Nigam Limited (RVNL) has been declared the lowest bidder (L1) for a railway project worth ₹203 crore from South Eastern Railway, a zone under the Ministry of Railways. Additionally, RVNL has received a letter of acceptance for

Read more ...

IRB Infrastructure Reports 35% Toll Revenue Growth in June 2024

IRB Infrastructure Reports 35% Toll Revenue Growth in June 2024

IRB Infrastructure Developers Limited and the IRB Infrastructure Trust have reported a 35% year-on-year toll revenue growth for June 2024. The toll collection for June 2024 was ₹517 crore, compared to ₹383 crore in June 2023.

Read more ...

CareEdge Ratings Predicts Decline in CV Sales for FY25

CareEdge Ratings Predicts Decline in CV Sales for FY25

CareEdge Ratings forecasts a 3-6% decline in Commercial Vehicle (CV) sales volumes for FY25 due to a slowdown in demand in both the Medium and Heavy Commercial Vehicle (MHCV) and Light Commercial Vehicle (LCV) segments, coupled with

Read more ...

Siemens & RVNL Secure ₹766 Cr Order for Bengaluru Metro Electrification

Siemens & RVNL Secure ₹766 Cr Order for Bengaluru Metro Electrification

Siemens Limited, in a consortium with Rail Vikas Nigam Limited (RVNL), has secured a ₹766 crore order from Bangalore Metro Rail Corporation Limited (BMRCL) for the electrification of the Bengaluru Metro Phase 2 project. Siemens Limited's

Read more ...

Paradip Port Sets New Record with 41.12 MMT Cargo Handling in Q1 FY25

Paradip Port Sets New Record with 41.12 MMT Cargo Handling in Q1 FY25

Paradip Port Authority (PPA) has achieved a milestone in its operational history by handling an unprecedented 41.12 Million Metric Tons (MMT) of cargo in the first 100 days of FY 2024-25. This marks a 4.78% growth compared to the 39.25 MMT

Read more ...

Kalpataru Projects International Secures New Orders Worth ₹2,995 Cr

Kalpataru Projects International Secures New Orders Worth ₹2,995 Cr

Kalpataru Projects International (KPIL), along with its joint ventures (JVs) and international subsidiaries, has secured new orders worth ₹2,995 crore. These orders span across various verticals, including the transmission

Read more ...

Otis India Introduces Customizable Modular Elevator Series

Otis India Introduces Customizable Modular Elevator Series

Otis India has launched the Modular Series, offering 360 possible design combinations for elevators. This new series provides customers the flexibility to customize the look and feel of their elevators, enhancing building aesthetics

Read more ...

L&T Secures 'Significant' Construction Order from Hindustan Shipyard

L&T Secures 'Significant' Construction Order from Hindustan Shipyard

Larsen & Toubro (L&T) has won a significant order from Hindustan Shipyard Ltd (HSL) for the part construction of two Fleet Support Ships (FSS) for the Indian Navy. Orders in the ₹1,000 crore to ₹2,500 crore range are classified

Read more ...

13-14% Growth in Warehouse Logistics Park Supply for FY25: ICRA

13-14% Growth in Warehouse Logistics Park Supply for FY25: ICRA

ICRA estimates that the industrial and warehouse logistics park (IWLP) supply in the eight primary markets will grow by 13-14% year-on-year (YoY) in FY2025, reaching around 424 million sq. ft. Absorption is expected to rise to 47 million

Read more ...

Geetanjali Homestate Report Reveals Surge in Property Prices Indian Market

Geetanjali Homestate Report Reveals Surge in Property Prices Indian Market

Geetanjali Homestate, a leading real estate consultancy, has released its latest industry report detailing property pricing trends across key markets in India for the second quarter of 2024. The report provides an in-depth analysis of average

Read more ...

Generative AI to Transform Asia Pacific Corporate Real Estate: Colliers

Generative AI to Transform Asia Pacific Corporate Real Estate: Colliers

Generative AI is poised to unlock substantial opportunities for the Asia Pacific corporate real estate sector in the coming years, according to a new report from Colliers, a global diversified professional services and investment management

Read more ...

CPWD Invites Bids for ₹162.48 cr Hostel Project at IIT Gandhinagar

CPWD Invites Bids for ₹162.48 cr Hostel Project at IIT Gandhinagar

The Central Public Works Department (CPWD) has called for bids to construct student hostel buildings with associated facilities at IIT Gandhinagar, Gujarat. The project, part of Phase-2A, includes the development of 12 hostel blocks

Read more ...

To get latest updates on whatsapp, Save +91 93545 87773 and send us a 'Saved' message
Click Here to Subscribe to Our eNewsletter.