Prices of under-construction residential properties increased annually by 31% in the January-March period of this year across 13 major cities on higher demand, according to real estate portal Magicbricks.
'In 2023, residential prices increased consistently, making relatively affordable under-construction properties more attractive for investment and home ownership,' Magicbricks said in a statement.
In its latest PropIndex report, Magicbricks said the demand for under-construction properties increased 7.8% during January-March 2024 from the previous quarter.
As a result, prices experienced a corresponding uptick, growing 1.7% QoQ (quarter-on-quarter) and a significant 30.6% YoY (year-on-year).
Noida (7.1% QoQ), Greater Noida (6.1% QoQ), Bengaluru and Mumbai (5.7% QoQ each) witnessed the most substantial price increments in under-construction properties, it added.
Abhishek Bhadra, Head of Research, Magicbricks, said, 'Historically, homebuyers have often favoured completed projects over new developments. But against the backdrop of increasing residential prices in 2023, there emerged a discernible shift in preference towards relatively more affordable under-construction properties. Consequently, prices of under-construction properties are on the rise as well.
Magicbricks said it has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. It also offers more than 15 services including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice.
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