Affordability, availability, connectivity and social infrastructure of localities are the key factors that are driving a strong consumer demand for residential real estate in India’s top-10 most searched localities in Q3 2019. The report features localities like Noida Extension, Mira Road (Mumbai) and Wakad (Pune) among the top-3. These insights have been revealed in the latest Magicbricks Report – India’s Top-10 Preferred Residential Localities.
India’s Top-10 Preferred Residential Localities revealed that, with government intervention in Affordable Housing, India witnessed mid-segment localities dominating the searches in Q3 2019. Consequently, 2 and 3 BHKs were commonly in demand across the markets. Except for Noida Extension, rest of the nine top localities had the average residential prices between Rs. 6,000/sqft and Rs. 9,000/sqft.
|Rank||City||Locality||Price Range||YoY Change||QoQ Change|
Source: Magicbricks Research
Commenting on the report, Mr. Sudhir Pai, CEO, Magicbricks, said: “We are witnessing increased consumer demands in markets that are developed, affordable, well connected and have a steady supply of ready-to-move-in apartments. Government’s push towards affordable housing and incentives through tax breaks have also acted as a catalyst to create demand. Home buyers continued to prefer ready-to-move in apartments, with eight out of the top ten localities witnessing more than 75% of consumers searching for ready to move-in apartments. Most localities in top-10 list also witnessed price increase due to launch of premium projects in higher price brackets.”
Fig: Average asking prices for Top 10 most searched localities in India in Q3 2019
Source: Magicbricks Research
India’s Top-10 Preferred Residential Localities also revealed that Pune and Hyderabad were the top-performing residential markets with three of their localities featuring in the Top-10 list of most searched and preferred localities by consumers for buying.
Factors for consumer preferences also differ from one place to another. The property market in Noida Extension in Delhi NCR and Khargar in Mumbai is driven by the affordability, availability and growth of employment opportunities. On the other hand housing properties in Wakad, Pune and Mira Road, Mumbai are preferred due to better connectivity.
Kukatpally in Hyderabad is witnessing a rise in pricing due to launch of more premium projects but a boom in the industrial corridors has led to increasing customer interest in the area. Same is the case for Whitefield in Bengaluru and Kondapur in Hyderabad, where growth of bustling IT hubs has led to multi-storeyed projects villas and large size formats becoming the preferred choice for residents.
Revising the definition of ‘affordable housing’, was a major push for an increase in the consumer demand in residential properties. This has resulted in an increase in the customer interest across the country in residential realty and strengthened the access to transparent information flow.
For the report, Magicbricks tracked the consumer preference across the top 100 cities in India to gauge the demand potential for various localities. The analysis throws light on the recent housing and consumer trends in the current macroeconomic environment. Accordingly, the top-10 localities in India by consumer search for Q3 2019 were identified.