Property prices in prime Indian cities rose 18.8 per cent in Oct-Dec quarter: Magicbricks report

New Delhi [India], January 16 : Property prices across 13 prime cities increased 18.8 per cent on a yearly basis and 3.97 per cent on a quarterly basis between October and December 2023, according to Magicbricks, a real estate platform.
In its PropIndex Report, Magicbricks noted that prices saw 32.1 per cent yearly rise in Gurugram, 31 per cent in Greater Noida, 26.1 per cent in Noida, 15.8 per cent in Hyderabad, exhibiting the highest appreciation during this period.
Drawing insights from the behaviour and preferences of over two crore customers within the primary (first-time sale) and secondary (resale) residential real estate market on the Magicbricks platform, its report indicated that while demand (searches) increased 2.0 per cent on a yearly basis, it decreased 16.9 per cent on a quarterly basis, primarily due to rising property prices.
The analysis further highlighted that residential supply (listings) reduced 16.9 per cent on a yearly basis, with exceptions in Mumbai and Hyderabad, where supply increased.
"The year 2023 served as a pivotal period for the real estate sector, witnessing an exponential surge in residential demand propelled by robust macroeconomic factors and positive customer sentiment. However, constrained residential supply and increasing home loan rates had an inflationary impact on residential prices, subsequently declining demand this quarter," said Abhishek Bhadra, Head of Research, Magicbricks.
"Despite these short-term challenges, we foresee a positive trajectory for residential demand in the medium to long term, anticipating a rebound in supply and moderation in residential prices," Bhadra added.
Further, the Magicbricks report noted that the affordable housing market flourished in Ahmedabad and Kolkata and luxury properties were most searched in Mumbai, New Delhi and Gurugram.