Demand for Houses Soar by 19% In India in December Quarter

By : 360 Realtors

13 January, 2023

As the real estate industry in India continues to grow strong, there are some figures that would make the key players in this sector happy. Throughout 2022, the real estate sector in India has improved compared to the last few years, and now it looks far more consolidated. In terms of growth and resilience, the industry seems to be well-poised as it has crossed several hurdles over the years. The aggregate demand for residential property as per searches has increased by 19% compared to what it was a year ago.

However, the growth trend seems to be much more pronounced in certain cities compared to others. For instance, Mumbai itself shows a rise by 52.1%. Other cities that have demonstrated this healthy growth trend includes Bengaluru (33%), Noida (35.8%), Gurgaon (34.5%), and Delhi (14.8%). This is a positive development for the real estate developers, who are working to identify the demand of specific demographic markets in India and cater to the demand.

Coming to the year-on-year growth, the property rate has shown an increment of 13.9%. On the other hand, there has been an increment of 2.7% in cumulative listings. In Noida, the average rates compared to a year ago have soared by 13.7%. In Greater Noida, the increment has been 12.3%, while Hyderabad has witnessed a growth of 11.7%. The rise in Thane has been 8.1% during the aforesaid period.

Now, ready-to-move properties in India have also undergone a price appreciation in the last year. The price of properties that are currently under construction has risen by 15.3%. Across 12 cities in India, it has been found that the demand for 2 and 3 BHK apartments was the highest. The demand for affordable homes has soared in cities like Hyderabad, Chennai, and Kolkata. On the other hand, the demand for mid-range homes has increased in cities like Mumbai, New Delhi, and Bengaluru.

In terms of residential property supply, Mumbai has seen the highest increment in the last year, at 13.4%. Other cities with decent figures include Bengaluru, with 8.4% and Thane, with 4.1% increments. As the real estate industry in India continues to consolidate, buyers would be on the lookout for quality homes. This trend is likely to continue in the coming year as well.