Residential demand increases by 16.9% in Apr-Jun

Bengaluru: The Indian residential real-estate market exhibited strength in Q2, 2022, with pan India residential demand (searches) rising by 16.9% QoQ and 27.7% YoY and supply (listings) by 2.9% QoQ and 16.2% YoY, as per Magicbricks' latest PropIndex Report for Q2, 2022. The growth reflects a promising comeback from the pandemic-induced slowdown and the overall economic recovery across sectors.

The mapping trends in 13 cities across the country, the report highlights that Delhi (47.2%), Ahmedabad (21.4%), Kolkata (21.2%), Noida (20.6%), and Bengaluru (18.8%) witnessed the highest QoQ growth in residential demand while Delhi (10.8%), Bengaluru (6.7%), Gurugram (6.6%), Chennai (5.1%) and Kolkata (5.1%) exhibited maximum QoQ growth in supply.

"The rise in residential demand across 13 India cities is reflective of economic recovery and income stabilisation. This is also fuelled by families returning to metros as offices and educational institutions reopen. While growing inflation, disruption of the global supply chain and increase in input cost of materials and mortgage rates are pushing up the prices, overall we are seeing buyer's confidence and expect India's residential market to continue growing over the next few quarters as well," shared Sudhir Pai, CEO, Magicbricks.

Regardless of the headwinds created by the multiple waves of Covid-19, Magicbricks Research anticipates a stable growth curve for India's residential sector throughout 2022.

Bengaluru's residential demand observed a substantial growth with an increase of 18.8% QoQ while the supply observed a growth of 6.7% QoQ. There was a continued preference for bigger homes with 3 BHK constituting 49% of the total demand and 43% of the total supply.