In Oct-Dec 2023, real estate prices increased 18.8% YoY and 3.97% QoQ

By Bricksnwall | 2024-01-16

The Magicbricks Employment Hubs in Gurugram experienced the most YoY rise in property prices, at 32.1 percent. Greater Noida, Noida, and Hyderabad, at 31.1 and 15.8 percent, respectively, were the next three most affected.

According to the Magicbricks PropIndex report, property prices in 13 major Indian cities increased by 18.8% YoY and 3.97 percent QoQ between October and December 2023. The cities with the biggest increases during this time were Hyderabad, Greater Noida, Gurugram, and Noida.

According to the data, there was a 2 percent YoY increase in demand (searches) for residential property; however, there was a 16.9 percent QoQ reduction, mainly because of rising property prices. Mumbai, Navi Mumbai, Delhi, Noida, Greater Noida, Gurugram, Hyderabad, Bengaluru, Chennai, Kolkata, Pune, Ahmedabad, and Thane are among the 13 cities that were included in the survey.

During this time, Gurugram's employment centers saw the most YoY increase in property prices (32.1%), followed by Greater Noida (31% YoY), Noida (26.1%), and Hyderabad (15.8% YoY).

According to Magicbricks' head of research Abhishek Bhadra, 2023 was a turning point for the real estate market, with a sharp increase in residential demand driven by strong macroeconomic conditions and optimistic consumer attitude.

"Yet, limited housing supply and rising mortgage rates caused residential prices to rise, which in turn caused demand to decline this quarter." In the medium to long run, we anticipate a rebound in supply and a moderation in home prices, so even with these short-term issues, we see a favorable trajectory for residential demand," Bhadra stated.

According to the survey, Ahmedabad (62%) and Kolkata (48%) saw significant growth in the inexpensive housing market (rates under Rs 5,000 per square foot), while the Mumbai Metropolitan Region (90%) New Delhi (58%) and Gurugram (48%) saw the highest number of searches for luxury houses.