Residential Prices Hike: There is a continuous increase in the prices of residential property in India. According to the Magicbricks PropIndex report, residential property prices in the country have seen a quarter-on-quarter increase of 5.4 percent. At the same time, this report has also revealed that the total demand for residential property has registered an increase of 8.4 percent on a quarterly basis. At the same time, there is a decrease of 7.2 percent in the supply of property.
Demand is highest in these cities
Magicbricks PropIndex has prepared this report considering the demand of 2 crore customers in 13 big cities of the country. It has been told in this report that an increase of 38.9 percent has been seen in the search for residential property in Greater Noida. Whereas in Noida this figure has increased by 20.4 percent, in Kolkata by 13.6 percent and in Bengaluru by 13.5 percent, there has been an increase in the search for residential property. It is clear from this report that the demand for residential property is increasing in all these cities.
Supply is less than demand – Magicbricks
Talking about demand and supply, Magicbricks CEO Sudhir Pai has said after the report that a big difference is being seen in the demand and supply of residential property in big cities. People’s inclination towards real estate in the country is constant and it is continuously increasing. Along with this, he expressed hope that with the end of the G20 summit and the beginning of the festive season in the country, growth can be registered in the real estate sector.
Demand for this type of property is increasing among people
This report has also revealed that on a quarter-to-quarter basis, the prices of ready-to-use properties are increasing by 44 percent. At the same time, the price of under-construction property is registering an increase of 8.2 percent on a quarterly basis. Magicbricks report has also revealed that demand for 3 BHK flats is increasing in big cities.
People are preferring to buy bigger houses. In such a situation, the demand for 3BHK flats has reached 52 percent, which is 1 percent more on a quarterly basis. Talking about the annual increase in property prices, an annual increase of 27.2 percent and 33.4 percent has been recorded in property prices in Greater Noida and Gurugram.
