Editorial Team

Recovering from the pandemic-induced slowdown, the residential real-estate industry demonstrated inherent strength in Q1’ 2022, with pan India housing demand rising 4.6% QoQ and 6.7% YoY, reveals Magicbricks’ latest PropIndex Report for Q1’ 2022. Mapping trends in 13 cities across the country, the report highlights that Mumbai (15.2%), Gurugram (9.6%), Noida (8.2%) and Delhi (5.6%) witnessed highest QoQ growth in demand while Greater Noida (6.0%), Mumbai (3.8%), Ahmedabad (3.2%), and Chennai (2.9%) exhibited maximum QoQ growth in supply. The report also shares that delivery, size, location, connectivity and amenities are significant deciding factors for homebuyers and homes located in gated communities with health and security facilities have emerged as most preferred.

Elaborating on the same, Sudhir Pai, CEO, Magicbricks commented, “Increasing project completions, attractive offers from developers, supportive policies and improving employment opportunities have boosted buyer-confidence in the real-estate industry. While the present geopolitical 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. In each of the cities mapped, 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.”

Market specific take-aways from Magicbricks’ Propindex Report Q1’ 2022:

  1. Bengaluru’shousing demand increased 3.7% QoQ. There was continued preference for bigger homes; 2BHK and 3BHK constituted 79% of the total demand and 81% of the total supply.
  2. Chennai’sresidential market is driven by demand in affordable localities, which accounted for 68% of total demand. The supply witnessed a growth of 2.9% QoQ and is likely to continue increasing in the coming quarters with new project launches, indicating a healthy outlook.
  3. Delhi’shousing demand grew5.6% QoQ while the average price increased 0.4% QoQ. 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% QoQ growth, whereas supply increased 0.2% QoQ and average prices increased 2.1% QoQ.
  4. Demand inMumbai’sresidential market increased 15.2% QoQ. New residential launches increased the supply by 3.8% QoQ; while average prices increased 1.4% QoQ. The demand and supply for 2BHK configuration constituted 40% and 42% respectively in Q1’ 2022.
  5. Pune’shousing demand and supply observed a QoQ increase of 3.9% and 2.2%, respectively. Home buyers are inclined towards 2BHK configuration; 2 and 3 BHK units commanded the bulk of the demand with a combined share of 78%.

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