New Delhi/ Noida, April 7, 2023: Residential demand and supply in Delhi declined by 12.8% and 5.9% QoQ, respectively, while price increased by 2.8% QoQ, observed Magicbricks PropIndex Report January – March 2023. Further, owing to metro rail connectivity, quality infrastructure, and the availability of multiple residential options, Dwarka and Greater Kailash emerged as the most searched localities of Delhi.
The report further observed that Delhi’s residential market recorded the highest demand for 3BHK where 52% of the homebuyers showed preference towards this configuration. This was followed by 2BHK units which commanded a 30% share of the total demand.
Elaborating on the trends, Sudhir Pai, CEO, of Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. 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.”
The report concludes that owing to inflationary pressures on infrastructure costs, the average rate of ready-to-move and under-construction properties increased 2.1% and 9.3% QoQ, respectively.
Residential Market Insights for Greater Noida
The residential demand (searches) and supply (active listings) in Greater Noida increased 7.2% and 17.6% QoQ, respectively.
The average rates also inched up by 11.9% QoQ.
The average rate of ready-to-move and under-construction segments increased 10.3% and 16.3% QoQ respectively.
Greater Noida saw highest preference coming in for 2 BHK units with a demand share of 43% and 47% of available homes (supply) came in from 2BHK units.
Residential Market Insights for Gurugram
After witnessing a dip in two-quarters, Gurugram recorded a QoQ increase of 2.4% in supply (active listings) from Jan – March 2023 whereas demand (searches) declined by 1.9% QoQ.
Due to the mismatch of demand and supply, property rates appreciated by 9.3% QoQ and 18.1% YoY, which is the second highest, according to the report.
3 BHK units dominated the residential market with a 59% share in total demand and a 54% share in total supply.
Backed by affordability and accessibility to employment hubs, New Gurugram emerged as the showstopper based on demand & supply.