Magicbricks Propindex Report: Property Rates Surge 19% in Top 13 Cities During Q3

The affordable housing segment witnessed robust growth in Ahmedabad (62%) and Kolkata (48%), whereas luxury properties garnered significant interest in the Mumbai Metropolitan Region (90%), New Delhi (58%), and Gurugram (48%).

MUMBAI: According to the latest Magicbricks Propindex Report for the quarter ending December, property prices in India’s 13 major cities experienced a substantial 18.8% year-on-year surge and a 3.97% sequential increase. Gurugram (32.1%), Greater Noida (31%), Noida (26.1%), and Hyderabad (15.8%) recorded the highest year-on-year appreciation during this period.

While the demand registered a 2% increase compared to the previous year, it declined by 16.9% sequentially, primarily attributed to the escalating property prices, as outlined in the report.

Despite a 16.9% reduction in residential supply (listings) from the previous year, Mumbai (4.2%) and Hyderabad (0.4%) observed an increase in supply.

The affordable housing segment witnessed robust growth in Ahmedabad (62%) and Kolkata (48%), whereas luxury properties garnered significant interest in the Mumbai Metropolitan Region (90%), New Delhi (58%), and Gurugram (48%).

The insights presented in the report are based on the “behavior and preferences” of users on the property platform, offering valuable market trends.

The report highlighted that constrained residential supply and rising home loan rates had an inflationary impact on residential prices, resulting in reduced demand. However, it projected a “positive trajectory” for residential demand in the medium to long term, anticipating a rebound in supply and a moderation in residential prices.

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