The Indian residential real estate sector witnessed a notable uptick in the June quarter of 2024, with under-construction housing prices surging by 15.2% sequentially, according to the latest Magicbricks PropIndex Report. This increase in prices has led under-construction properties to surpass the prices of ready-to-move-in homes in key markets like Gurugram, Mumbai, Noida, and Thane.
The report highlights that alongside price hikes, the supply of under-construction properties also rose significantly by 11.7% during the same period. This surge in supply marks the fastest growth in two years, reflecting robust activity within the sector. Industry experts attribute this trend to increasing availability and sustained customer confidence in under-construction projects, anticipating a positive trajectory for the residential real estate market in the foreseeable future.
“With the Indian property market entering its third consecutive year of a robust bull run, the steady rise in supply and balanced demand growth are steering the market towards equilibrium,” stated a source at Magicbricks. The report underscores continued customer preference for under-construction properties, indicating promising prospects for market stability in the long term. Based on insights derived from over 20 million customer preferences on the Magicbricks platform, the report also highlights a 4.6% sequential growth in aggregate residential demand across the top 13 cities. Northern markets such as Gurugram (19.6% QoQ), Delhi (17%), and Noida (16.4%) recorded the highest increases in demand during this period, underscoring regional variations in market dynamics. The surge in under-construction housing prices not only signifies robust market activity but also reflects evolving consumer preferences and economic conditions influencing the real estate landscape. As the sector navigates through 2024, stakeholders remain optimistic about sustained growth supported by strategic supply expansions and evolving market dynamics across India’s urban centres.
