MAGICBRICKS
Under-construction housing prices increase 15.2% in June quarter
Residential real estate supply surged in June quarter driven by under-construction properties, prices rose 11.7% and 15.2% sequentially, surpassing ready-to-move-in prices in Gurugram, Mumbai, Noida, and Thane.
Noida, Gurgaon, Bengaluru register around 30 percent rent hike, highest in India
Rental prices in 13 major Indian cities surged 16% year-on-year in the March quarter, with Greater Noida, Gurugram, and Bengaluru seeing the highest increases. Demand for rental units in the Rs 10,000 to Rs 30,000 range dominated, accounting for 42% of total demand. However, supply only increased marginally, leading to a mismatch between demand and availability. Abhishek Bhadra, Head of Research at Magicbricks, attributes the surge in rents to the resumption of office operations since 2022, offering higher yields to landlords.
Buyer sentiment strong in housing segment, says Magicbricks survey
The real estate platform unveiled its flagship Housing Sentiment Index (HSI) report, reflecting a positive outlook for the residential real estate market, with an overall HSI of 149. Ahmedabad took the lead with the highest HSI of 163, closely trailed by Kolkata (160), Gurugram (157), and Hyderabad (156), driven by improved infrastructure and forthcoming real estate ventures.
Under-construction housing prices rise 30.6% in January-March
Prices of under-construction residential projects in top 13 Indian markets rose 30.6% year-on-year. Shift towards affordable properties observed. 2BHK demand share increased to 42% between January and March.
Magicbricks launches guide to new projects
Magicbricks has launched MagicHomes, an initiative spotlighting new projects in key cities. The launch comes amid a resurgence in the residential sector driven by rising demand and a 15% increase in property prices. MagicHomes serves as a comprehensive directory for prompt decision-making by customers.
Property rates in top 13 cities rise 19 per cent in Q3: Magicbricks Propindex Report
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%).
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Mumbai & suburbs, Bengaluru and Delhi-NCR most searched for properties on Magicbricks
According to the report, the affordable housing market thrived in Ahmedabad and Kolkata, whereas MMR and Delhi-NCR led the demand for luxury homes. While rental market demand remained stable across most cities, Bengaluru exhibited remarkable growth, elevating its demand share from 21% in 2022 to 24% in 2023.
Nearly 53% home loan demand from millennials, Gen Z: Study
Millennials and Gen Zs, in the age group of 18-34 years, constituted 53% of the total demand for home loans in India between October 2022 and October 2023. While male applicants contributed to 74% of this demand, female applicants constituted 26%, showed a Magicbricks study.
Residential rentals surge 22.4% in September quarter, millennials drive record demand: Magicbricks
Based on the behavior and preferences of over 2 crore customers on Magicbricks platform, the report also observed that Thane witnessed 57.3% on-year growth, Gurugram 41.4%, Greater Noida 28.7%, Noida 25.2% and Hyderabad 24.2% observed highest appreciation in rent as compared to last year.
Residential prices up 5.4% in Q3 of 2023: MagicBricks
The report, which analysed the preferences of over 20 million customers across 13 prominent cities, noted significant quarter-over-quarter increase in search volumes for Greater Noida (38.9%), Noida (20.4%), Kolkata (13.6%), and Bengaluru (13.5%), signalling ongoing demand for homes in these areas.
The Dissapearing 1BHKs: Why finding small flats has become so difficult in Mumbai
The availability for 1BHK apartments in Mumbai has dropped significantly from 115 to 71 in just one year. This shift can be attributed to lifestyle changes accelerated by the pandemic, with remote working and co-living arrangements becoming more common. People now seek more spacious homes that cater to evolving needs, such as dedicated workspaces or hobby areas.
Demand rising for PG accommodations in India, especially double-triple sharing: Study
The demand for paying guest (PG) accommodations in India is growing rapidly, driven by factors such as educational institutions and job opportunities. According to a report by MagicBricks, the National Capital Region (NCR) and Bengaluru are the top locations for PG rentals. The report also highlights a rising interest in double and triple-sharing PGs, with 68% of tenants preferring such arrangements.
House rentals rise 4.9% in June quarter: Magicbricks
The rental housing market continued to grow in the top 13 cities of India with a 4.9% quarter-on-quarter increase in average rent as demand outpaced supply, according to Magicbricks rental index for the April-June period. While demand grew 18.1% sequentially, supply rose 9.6%.
Housing prices across India’s top 13 cities up 14.7% in April-June: Magicbricks
According to Magicbricks Research, Greater Noida saw the highest increase in its average prices at 32.4%, followed by Noida 28.7%, Hyderabad 23.3%, and Gurgaon 23.1%. Among the major cities, Chennai with 4% price growth, Kolkata with 8% and Pune with 10.1% rise remained the most affordable during the last two years.
Home prices up 14.7% in June quarter in top cities: Report
While the demand for housing in these cities increased 7.8% year-on-year and 10.4% quarter-on-quarter, supply declined 8.3% on-year and 7.4% sequentially, indicating a tightening of inventory that led to the price rise during the period.
What is driving higher rents in the metros? When will they subside?
None of us are strangers to the recent surge in housing rentals across metros. Driving this painful rise in prices is the gradual roll-back of work-from-home policy coupled with the lack of options for tenants. Read on to know how tenants are dealing with the situation and if there will be any respite any time soon.
India’s January-March housing demand up 14% on year, supply grew 1.9%, Magicbricks
“Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation,” said Sudhir Pai, CEO, Magicbricks.
Housing demand rises 19% in December quarter across India, avg property prices up 13.9%
The average property rates increased 13.9% from a year ago and the cumulative supply, indicated by listing, grew 2.7%. The highest increase in average rates were witnessed in Noida 13.7%, Greater Noida 12.3%, Hyderabad 11.7% and Thane 8.1% from a year ago.
Bangalore, Mumbai, Pune among India’s most searched cities for properties in 2022, Magicbricks
Bangalore’s Whitefield and Sarjapur Road, Pune’s Wakad and Baner, and Kolkata's Rajarhat among top five most searched micro markets for home buying.
Take guard so that your home is not the next Noida Supertech twin towers to be demolished
The Indian government in July informed that in Delhi alone 64,300 illegal or unauthorised constructions have been identified since 2016 by various agencies. Of these, 53,171 were identified by the municipal corporations. Also, 29,986 illegal or unauthorised constructions have been demolished or sealed in Delhi from 2016 onwards.
Demand for rental housing rebounds, sees 16% sequential rise, says report
Indian rental housing market demand, as indicated by searches, grew 15.8% sequentially and 6.7% from a year ago in the March quarter, showed a Magicbricks’ report. The cumulative rental housing supply, as indicated by listings, increased 30.7% sequentially and 101.5% from a year ago across the 13 Indian cities mapped by the property portal.
Housing demand up 6.7% in Q1, supply remains stable, Magicbricks Report
Mumbai with 15.2% rise, Gurugram 9.6%, Noida 8.2% and Delhi 5.6% witnessed highest sequential growth in demand, while Greater Noida with 6%, Mumbai 3.8%, Ahmedabad 3.2%, and Chennai 2.9% exhibited maximum growth in supply.
Housing prices witness an uptick across key property markets in January-March
All cities posted up to 7% year-on-year growth in per sq ft prices during the quarter ended March. Prices grew the most in Bengaluru at 7% on-year followed by Pune and Mumbai at 5% and 4% on-year, respectively. The lowest price rise of 1% was witnessed in Hyderabad and Chennai, showed data from Knight Frank India.
Housing demand in Q3 rises 13% on-quarter, supply up 6.6%, says Magicbricks PropIndex
The residential real estate industry is showing signs of recovery after experiencing serious economic repercussions caused by the pandemic. Key property markets of Ahmedabad, Mumbai Metropolitan Region (MMR), Delhi-NCR and Pune witnessed a remarkable surge in both demand as well as new supply in their respective markets.
India’s appetite for plots almost at par with apartments, shows Magicbricks Consumer Survey
Apartments were the most preferred choice with 36% respondents voting for it, while plots emerged as the second most preferred asset with 34% votes. Around 20% of the respondents voted for independent houses and 10% for villas, it mentioned.
India sees 42% jump in balance transfers demand, 26% rise in home loans in January-June: Study
The demand for Loan Against Property (LAP) during this period has also witnessed a 20% rise. The soaring demand is largely attributed to the Reserve Bank of India’s decision to keep the repo rate unchanged at a constant 4%.
Demand for 2, 3 BHKs in Mumbai sees 18% on-year rise in June quarter
Various factors have been driving this increased demand for larger homes in Mumbai, including easy and affordable payment plans offered by the developers, extension of the 2% stamp duty benefit, availability of cheaper home loans, and lower margin money (down payment) requirement by banks.
Housing demand in June rebounds to March levels after dipping in April-May: Magicbricks PropIndex
The intermittent lockdown due to the second wave and the continuance of Work-From-Home (WFH) policies ensured a rise in demand for 3-bedroom apartments and above as home buyers are looking to upgrade for the need of an extra room to suit the requirement of home-office.
Stamp duty reduction likely to improve homebuyers' sentiment: Magicbricks Consumer Poll
Property registration and stamp duty charges range between 5%-9% on an average across the country and add significantly to the overall cost of the property and also act as a deterrent for many first-time home buyers.
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