News: Housing demand up 6.7% in Q1, supply remains stable: Magicbricks Report-08-04-2022
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
Recovering from the pandemicinduced slowdown, residential real estate demonstrat ed inherent strength in the quarter ended March, with pan-India housing demand rising 6.7% from a year ago and 4.6% sequentially, showed Magicbricks’ PropIndex 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.
“Increasing project completions, attractive offers from developers, supportive policies and improving employment opportunities have boosted buyer-confidence in the realestate industry. While the present geo-political situation is impacting the supply chain and input costs, we expect the momentum gained thus far to continue across demand and supply backed by new launches tailored to the evolving needs of consumers and all-time low home loan interest rates,” said Sudhir Pai, CEO, Magicbricks.
The pan-India prices increased 1.3% sequentially and 6.4% from a year ago, reflecting resilience of the housing markets vis-a-vi other real estate assets
In each of the cities mapped, according to Pai, the peripheral areas continue to be hotspots of demand driven by infrastructure development. These trends signal optimism and a stable outlook for the industry for the coming quarters.
Demand in Mumbai's residential market increased 15.2%. New residential launches increased the supply by 3.8%; while average prices increased 1.4% on-quarter. The demand and supply for 2BHK configuration constituted 40% and 42% respectively during the quarter.
Housing demand in Delhi rose 5.6% sequentially while the average price increased 0.4%. The residential market was dominated by 3BHK and above configurations that constituted 64% of the demand. In Noida and Greater Noida, the aggregate demand for residential markets witnessed a 6.8% on-quarter growth, whereas supply increased 0.2% and average prices increased 2.1% sequentially.
Bangalore’s housing demand increased 3.7% sequentially and there was continued preference for bigger homes as 2BHK and 3BHK constituted 79% of the total demand and 81% of the total supply.
