Greater Noida Residential Property Demand Surges by 38.9% in Q2, Reports Magicbricks

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    Greater Noida, in the Delhi-NCR region, witnessed a remarkable surge in the demand for residential properties during the third quarter of 2023. According to the latest PropIndex report by Magicbricks, active searches for residential real estate in Greater Noida increased by a significant 38.9 percent Quarter-On-Quarter (QoQ) in the months of July to September. This surge placed Greater Noida at the forefront among the 13 major cities surveyed in terms of property searches.

    The report highlights an interesting trend, with a 6.7 percent reduction in property supply QoQ in Greater Noida. This decrease in supply has corresponded with a substantial 5.3 percent increase in average property rates QoQ. This rise in prices can be attributed to the growing demand surpassing the available supply, creating a mismatch in the market.

    Homebuyers in Greater Noida displayed a strong preference for larger configurations, with 3BHK units accounting for over 47 percent of residential property searches during this quarter.

    Magicbricks, a platform connecting property buyers and sellers, conducted this survey in various major cities, including Mumbai, Delhi, Gurugram, Hyderabad, Bengaluru, Pune, Navi Mumbai, Thane, Chennai, Kolkata, Ahmedabad, and Noida. The report also revealed that searches for residential properties in Delhi increased by 7.9 percent QoQ, accompanied by a 1.8 percent QoQ increase in average property prices. Gurugram observed an 8.2 percent QoQ surge in residential property searches.

    Sudhir Pai, the CEO of Magicbricks, commented on the findings, stating, “The growing residential demand underscores the strong sentiment towards real estate in India, and the reducing supply can be attributed to various reasons such as a focus on completing under-construction projects.”

    Also Read: Greater Noida Authority Progresses Toward Master Plan 2041 Approval

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