India’s residential demand increased 19%, supply grew 2.7% in 2022 reveals Magicbricks PropIndex Report (Oct-Nov), 2022
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|
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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.