Housing demand in India is up 7.3% year on year, while supply is up 6%.

NEW DELHI: According to the Magicbricks Proplndex report for Q3, 2022, aggregate demand (searches) in India’s top 13 cities increased 7.3% YoY (year on year), while cumulative supply (listings) increased 6.0% YoY.

According to the report, aggregate demand and cumulative supply fell slightly year on year (quarter on quarter).
Greater Noida, Gurugram, Bengaluru, and Mumbai experienced the fastest year-on-year growth in residential demand, while Bengaluru, Kolkata, Navi Mumbai, and Mumbai experienced the slowest growth in residential supply.

“After years of uncertainty, 2022 has brought relative stability and recovery to the residential sector. Home sales have been strong all year, and the upcoming holiday season is expected to fuel growth even more because it is an excellent time to invest in real estate.” Sudhir Pai, CEO of Magicbricks, stated.

According to the report, residential demand in Bengaluru increased by 3.7% year on year, while supply decreased by 0.3%. Larger homes remained popular, accounting for 49% of the total demand and 43% of the total supply.

Chennai’s housing market contracted, with demand falling 9.2% year on year and supply falling 5.2%. According to the report, residential prices in the city increased 2.1% year on year.
Residential demand in Delhi remained subdued, falling 12.8% year on year. Three-bedroom apartments dominated its residential market, accounting for 49% of orders and 47% of supply.