Residential Demand Rises 12.3% Between July & September 2024: Magicbricks
Residential demand surged by 12.3% quarter-on-quarter (QoQ) between July and September 2024, while prices increased by 8.3%, according to the latest PropIndex Report from Magicbricks. Cities like Noida (16.9% QoQ), Gurugram (15.5% QoQ), and Greater Noida (15.1% QoQ) saw the steepest price hikes. Noida’s average property rate reached INR 11,625 psf, with Gurugram at INR 14,650 psf, and Greater Noida at INR 7,752 psf.
The report noted strong interest in both homeownership and investment, driven by factors like fear of missing out (FOMO) among investors. Abhishek Bhadra, Head of Research at Magicbricks, commented that while prices are expected to keep rising, the pace may moderate as more supply enters the market. Under-construction properties also saw capital appreciation of 11% QoQ, with major growth in Thane (19.5% QoQ), Gurugram (17.3% QoQ), and Noida (14.5% QoQ). 3BHK units dominate demand, except in cities like Chennai, Navi Mumbai, and Thane, where 2BHKs remain the top choice.