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India Housing Demand: India’s January-March housing demand up 14% on year, supply grew 1.9%, Magicbricks


Demand for housing across India continued to show resilience and overall growth as with 14.2% on-year rise during the quarter ended March along with 1.9% increase in supply, showed Magicbricks’ PropIndex report.

After recording a marginal decline of 2.5% last quarter, residential demand, as indicated by the searches on its portal, rose 3.2% sequentially led by Ahmedabad’s 21.4%, Bengaluru’s 10.3% and Pune’s 7% growth.

“Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation,” said Sudhir Pai, CEO, Magicbricks.

While the pan India residential supply increased from a year ago, it recorded a marginal decline of 0.9% sequentially as new project launches slowed down, and the focus remained on selling existing inventory.

However, cities including Noida and Greater Noida demonstrated 20.8% and 17.6% sequential rise in supply. As a result of demand and supply mismatch, the average pan India property prices rose 13.9% on-year and 2.3% sequentially.

(Magicbricks is a part of Bennett, Coleman and Company Limited, which publishes The Economic Times).


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