Property rates in top 13 cities rise 19 per cent in Q3: Magicbricks Propindex Report

January 19, 2024

MUMBAI: Property prices across India’s 13 prime cities increased 18.8% from a year ago and 3.97% sequentially during the quarter ended December, a report said. Gurugram (32.1%), Greater Noida (31%), Noida (26.1%) and Hyderabad (15.8%) saw the sharpest year-on-year appreciation, showed the Magicbricks Propindex Report for the quarter.

The demand increased 2% from a year ago but declined 16.9% sequentially primarily due to rising property prices, the report noted.

Residential supply (listings) reduced by 16.9% from a year earlier, but Mumbai (4.2%) and Hyderabad (0.4%) saw an increase in supply.

The affordable housing market saw strong growth in Ahmedabad (62%) and Kolkata (48%) while luxury properties were most searched in the Mumbai Metropolitan Region (90%), New Delhi (58%), and Gurugram (48%).

The insights are derived from “behaviour and preferences” of customers using the property platform, the report noted.

Constrained residential supply and increasing home loan rates had an inflationary impact on residential prices, which dented demand, the report noted. It saw a “positive trajectory” for residential demand in the medium to long term, helped by a rebound in supply and moderation in residential prices.

  • Published On Jan 19, 2024 at 09:33 AM IST

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