The first quarter of 2024 witnessed a significant surge in the under-construction residential property prices in 13 major cities, registering an annual increase of 31%. This surge in prices can be attributed to the rising demand for such properties, as highlighted in a report by real estate portal Magicbricks. The report noted that throughout 2023, there was a consistent uptick in residential prices, making under-construction properties more attractive for both investment and home ownership.
According to Magicbricks’ latest PropIndex report, the demand for under-construction properties saw a notable increase of 7.8% in Q1 2024 compared to the previous quarter. This rise in demand has led to a corresponding increase in prices, with prices growing by 1.7% quarter-on-quarter (QoQ) and a substantial 30.6% year-on-year (YoY) increase.
Cities such as Noida (7.1% QoQ), Greater Noida (6.1% QoQ), Bengaluru, and Mumbai (5.7% QoQ each) witnessed the most significant price increments in under-construction properties during this period.
Abhishek Bhadra, Head of Research at Magicbricks, noted a shift in homebuyers’ preferences towards relatively more affordable under-construction properties, particularly in light of the increasing residential prices in 2023. This change in preference has contributed to the rising of under-construction residential property prices.
Magicbricks, which boasts a monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings, offers a wide range of services, including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice.
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