- 12.7% YoY growth in residential supply across 13 major markets, driven by Bengaluru (56.1% YoY) and Gurugram (44.1% YoY)
- Supply of under-construction surge 10.97% QoQ
New Delhi: The latest Magicbricks PropIndex Report reveals a significant 12.7% year-on-year (YoY) growth in residential supply across 13 major markets in Q4 2024 (October-December), driven by cities like Bengaluru (56.1%) and Gurugram (44.1%). The luxury segment, representing 52% of the total new supply, saw a notable increase from 38% in Q4 2023, marking a 14.4% YoY growth in premium properties. Supply of under-construction properties surged 10.97% in three months with Gurugram (30.97%), Kolkata (27.80%), and Bengaluru (27.39%) leading this growth. Supply of Ready-to-Move (RTM) properties experienced minimal growth at 0.03% QoQ, reflecting steady uptick for completed inventory.
Drawing on preferences from over 20 million customers on the Magicbricks platform, indicates a 22.7% YoY increase in residential prices, underscoring strong market confidence. Cities such as Greater Noida (42.5% YoY), Noida (42.4% YoY), and Gurugram (35% 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 stabilization and averaged 6.6% YoY increase, led by cities like Ahmedabad (18.76% YoY), Delhi (16.63% YoY), and Kolkata (15.69% 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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