The Business Bytes
TBB BUREAU
BHUBANESWAR, DEC 21, 2023
MMR (20%), Bengaluru (19%) and NCR (19%) emerged as India’s most searched regions for properties in 2023, reveals Magicbricks in its flagship report “How India Searched for Properties in 2023”.
Based on the customer preferences of over 2 crore visitors on Magicbricks platform, the report observed that 80% of prospective home buyers continued to prefer multi-storey apartments, followed by builder floors.
Further, the report revealed that more than 56% of home seekers preferred 3 BHK and larger units, evidencing a strong preference towards spacious apartments.
It was also noteworthy that in 2023, demand from NRIs constituted a substantial 9.4% of the total demand as against 6.2% in 2022, aligned with the global economic recovery post-COVID.
Elaborating on the report, Abhishek Bhadra, Head of Research, said, “In 2023, the real estate sector demonstrated remarkable progress characterized by robust demand, improved supply and increased interest from Millennials and Gen Z in real estate investments. Continuing on this trajectory in 2024, we anticipate price stabilization owing to a sustained increase in supply. We also expect demand to maintain its upward trajectory, especially in tier 2 towns, reflecting substantial growth prospects in these regions. This outlook aligns with the evolving landscape of the real estate sector amid a progressive economic backdrop.”
According to the report, the affordable housing market thrived in Ahmedabad and Kolkata, whereas MMR (63%) and NCR (34%) led the demand for luxury homes.
Further, while rental market demand remained stable across most cities, Bengaluru exhibited remarkable growth, elevating its demand share from 21% in 2022 to 24% in 2023. The report concluded that the younger demographics, predominantly 18-35 years, constituted 67% of pan India rental demand.
