Residential demand increased YoY across cities including Mumbai (52.1%), Noida (35.8%), Gurugram (34.5%) and Bengaluru (33%)

The Indian residential market demonstrated resilience and overall growth in 2022, observed Magicbricks’ PropIndex Report for October-December, 2022. According to the report, the aggregate residential demand (searches) increased 19% YoY led by major cities such as Mumbai (52.1%), Noida (35.8%), Gurugram (34.5%), Delhi (14.8%) and Bengaluru (33%).

The report further observed that the average rate increased 13.9% YoY and the cumulative supply (listings) grew 2.7% YoY. Noida (13.7%), Greater Noida (12.3%), Hyderabad (11. 7%) and Thane (8.1%) witnessed the highest increase in average rate YoY; and Mumbai (13.4%), Bengaluru (8.4%) and Thane (4.1%) saw the highest YoY increase in residential supply. The report also observed that 2 and 3 BHK units were the most preferred across these 12 cities. While cities like Kolkata, Chennai, Hyderabad continue to see a surge in demand for affordable units, other big metro cities like Bengaluru, New Delhi and Mumbai are attracting demand for mid-segment residences.

Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “In 2022, residential demand, supply and prices recovered, and the year bode well for both under-construction and ready-to-move-in houses. Despite consecutive hikes in the Repo Rate and home loan rates in the past quarters, end-users remained keen on home buying, encouraging developers to accelerate new project launches while delivering their existing projects. Overall, we are optimistic that the residential demand will be largely sustained in 2023 as well.”

Source: Magicbricks Research

Demand

Supply

Price

Cities

OND 2022 YoY % Change

OND 2022 YoY % Change

OND 2022 YoY % Change

Ahmedabad

8.5%

1.0%

5.7%

Bengaluru

33.0%

8.4%

7.5%

Chennai

-4.1%

2.9%

6.2%

Delhi

14.8%

2.1%

7.5%

Greater Noida

14.2%

2.0%

12.3%

Gurugram

34.5%

-1.4%

8.4%

Hyderabad

-6.6%

-4.7%

11.7%

Kolkata

4.4%

0.2%

7.6%

Mumbai

52.1%

13.4%

6.1%

Navi Mumbai

14.2%

-5.3%

1.4%

Noida

35.8%

-17.2%

13.7%

Pune

9.6%

0.4%

4.0%

Thane

10.3%

4.1%

8.1%

India

18.9%

2.7%

13.9%

The report further observed that the pan-India average rates of ready-to-move-in properties increased 9.0% YoY, and average prices of under-construction properties increased 15.3% YoY.

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