The active searches for residential real estate in Greater Noida has increased by 38.9 percent Quarter-On-Quarter (QoQ) in July-September 2023, even as it claimed the top spot among the 13 major cities in terms of property searches, according to Magicbricks’ PropIndex report. The report states that the supply of properties reduced 6.7 QoQ and the average property rates in Greater Noida increased 5.3 percent QoQ owing to the mismatch between demand and supply.
Homebuyers showed preference towards larger configurations, particularly 3BHK units, which accounted for more than 47 percent of the city's residential sector searches during this quarter.
Magicbricks is a platform for buyers and sellers of property to connect. Apart from Greater Noida, other cities mapped in the report included Mumbai, Delhi, Gurugram, Hyderabad, Bengaluru, Pune, Navi Mumbai, Thane, Chennai, Kolkata, Ahmedabad, and Noida. Meanwhile, searches for residential segment in Delhi increased 7.9 percent QoQ and average prices increased 1.8 percent QoQ. Gurugram observed an 8.2 percent QoQ increase in residential sector searches, the report said.
Also Read: Properties under Rs 50 lakh: Here’s where you can buy in Delhi-NCR
Sudhir Pai, CEO of Magicbricks, said, “The growing residential demand underscores the strong sentiment towards real estate in India, and the reducing supply can be attributed to various reasons such as focus on completion of under-construction projects.”
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