Magicbricks Report Highlights Noida, Gurugram, and Greater Noida as Key Real Estate Hotspots in 2024
Magicbricks PropIndex Report Overview
According to the Magicbricks PropIndex Report (July-September 2024), the residential demand surged by 12.3% quarter-on-quarter (QoQ) amid an 8.3% capital appreciation. The report highlights that residential supply saw an increase of 2.8% QoQ, reflecting a burgeoning interest in the housing market.
Key Real Estate Hotspots
- Noida: Recorded a stunning rise of 16.9% QoQ, with average property rates climbing to INR 11,625 psf from INR 9,945 psf.
- Gurugram: Experienced a significant increase of 15.5% QoQ, reaching an average rate of INR 14,650 psf.
- Greater Noida: Increased residential rates by 15.1% QoQ, now averaging INR 7,752 psf.
Future Trends and Insights
As indicated in the report, the interest in under-construction properties is rising, leading to an 11% QoQ capital appreciation across tracked cities. Significant growth was noted in Thane (19.5% QoQ), Gurugram (17.3% QoQ), and Noida (14.5% QoQ).
Abhishek Bhadra, Head of Research at Magicbricks, provided insights into these trends, emphasizing the robust demand for residential properties in these leading hotspots.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.