Residential searches rose 14.2% between January and March 2023, while listings rose 1.9%.

NEW DELHI: As per Magicbricks’ Proplndex research, residential searches surged by 14.2 percent from January to March 2023 while listings increased by 1.9 percent.

Residential searches grew 3.2% quarter over quarter, the research claims, following a little fall of 2.5% the previous quarter, led by Ahmedabad (21.4%), Bangalore (10.3%), and Pune (7%).

The survey also noted that although residential listings throughout all of India rose 1.9% year over year, they actually experienced a little fall of 0.9% quarter over quarter as new project launches slowed and existing inventory was the main emphasis.

Nonetheless, a surge in residential listings was seen in cities like Noida (20.8%) and Greater Noida (17.6%). (Quarter-on-quarter). Due to the mismatch between searches and listings, the average property rate throughout all of India increased by 13.9% annually and 2.3% quarterly.

The business’s CEO, Sudhir Pai, said: “Despite the global slowdown, the Indian economy is expected to rise by 6-7% in FY23, according to several multilateral agencies. We are confident about the growth curve for residential demand in the upcoming quarters due to the under-served market for home ownership in the inexpensive and mid-range sector.

In addition to new projects and accelerated delivery of properties that are still under construction, we predict that the market will stabilise, creating new opportunities for investment and innovation.”

The research also noted that the average prices of properties that are ready to move into across all of India climbed by 9.3% annually, while those that are still being built saw an increase of 15.3%.

Residential