Business Reporter
PRICES of under-construction
residential properties
increased annually by 31 per
centintheJanuary-Marchperiod
of this year across 13 major
cities on higher demand,
according to real estate portal
Magicbricks.
“In 2023, residential prices
increased consistently, making
relatively affordable under construction
properties more
attractive for investment and
homeownership,”Magicbricks
said in a statement.
In itslatest PropIndex report,
Magicbricks said the demand
for under-construction properties
increased 7.8 per cent
during January-March 2024
from the previous quarter.
As a result, prices experienced
a corresponding uptick,
growing 1.7 per cent QoQ
(quarter-on-quarter) and a significant
30.6 per centYoY (yearon-
year). Noida (7.1 per cent
QoQ), Greater Noida (6.1 per
cent QoQ), Bengaluru and
Mumbai (5.7 per cent QoQ
each) witnessed the most substantial
price increments in
under-constructionproperties,
it added.
Abhishek Bhadra,
Head of Research, Magicbricks,
said,“Historically,homebuyers
have often favoured completed
projects over new developments.
But against the backdrop
of increasing residential
prices in 2023, there emerged
a discernible shift in preference
towards relatively more
affordable under-construction
properties. Consequently,
prices of under-construction
properties are on rise as well.”
Magicbricks said it has
monthly traffic exceeding 2
crores and an active base of
over 15 lakh property listings.
It also offers more than 15 services
including home loans, pay
rent, movers and packers, legal
assistance, property valuation,
and expert advice.