Forget Bengaluru And Mumbai: These 3 Cities Recorded Maximum Hike In Residential Rates

New Delhi: The residential demand has surged to 12.3% QoQ amid an 8.3% capital appreciation, according to Magicbricks' PropIndex Report (Jul-Sep 2024). The cities that saw the maximum increase in residential rates are from the National Capital Region (NCR). As per the report, residential supply increased by 2.8% QoQ, with Noida (16.9% QoQ), Gurugram (15.5% QoQ), and Greater Noida (15.1% QoQ) recording the highest increases.As per the Magicbricks report, the average rate in Noida reached INR 11,625 psf as compared to INR 9,945 psf in the previous quarter. Average property rates in Gurugram reached INR 14,650 psf, and in Greater Noida, it increased to INR 7,752 psf between July and September 2024.According to the Magicbricks PropIndex Report (July-September 2024), residential demand — measured by searches — rose by 12.3% quarter-on-quarter (QoQ), alongside an 8.3% increase in residential prices. The report, which analyzes preferences from over 20 million users on the Magicbricks platform, highlighted significant price hikes in cities like Noida (16.9% QoQ), Gurugram (15.5% QoQ), and Greater Noida (15.1% QoQ).Interest in under-construction (UC) properties has surged, leading to an 11% QoQ capital appreciation across tracked cities, with notable growth in Thane (19.5% QoQ), Gurugram (17.3% QoQ), and Noida (14.5% QoQ).Abhishek Bhadra, Head of Research at Magicbricks, commented on the report, stating, "The residential real estate market is experiencing robust interest for both primary homeownership and investment. Demand is growing at its fastest rate in two years, particularly in satellite cities near major urban centers like Delhi and Mumbai. There is likely a fear of missing out (FOMO) among investors, which continues to drive market activity."He also noted that while residential prices are expected to rise in the short term due to increasing supply, the pace of growth may moderate.Additionally, the report indicated that demand for 3BHK units dominates, making up 50% or more of total demand in most cities. However, in Chennai, Navi Mumbai, and Thane, 2BHK units remain the preferred choice.Magicbricks' PropIndex Report (Jul-Sep 2024) PDF: Download FULL REPORT