New Delhi [India], January 11 : Magicbricks Research has revealed a significant 46.8 per cent year-on-year (YoY) increase in the supply of under-construction residential properties across major cities in India.
The report highlights notable growth in cities such as Bengaluru, Gurugram, and Kolkata, showcasing the resilience and dynamism of India's residential real estate market.
Bengaluru stands out as the leader in this growth, with an impressive 114 per cent YoY increase in the supply of under-construction properties.
Gurugram follows closely, experiencing a 98 per cent rise. Over the last quarter alone, under-construction property supply grew by 10.97 per cent, with Gurugram showing the most significant increase at 30.97 per cent, followed by Kolkata (27.80 per cent) and Bengaluru (27.39 per cent).
The average price for under-construction properties in key markets stands at Rs 12,064 per square foot (psf).
Affordable housing options are available in cities such as Ahmedabad (INR 6,708 psf), Kolkata (Rs 7,259 psf), and Greater Noida (Rs 8,281 psf), catering to budget-conscious buyers. In contrast, cities like Bengaluru (Rs 10,988 psf), Noida (Rs 11,706 psf), and Navi Mumbai (Rs 11,738 psf) cater to the affordable luxury segment.
These regions are witnessing increasing demand from homebuyers seeking better living standards while remaining within budget.
In the premium housing segment, Gurugram leads with an average price of Rs 14,579 psf, followed by New Delhi (Rs 18,150 psf) and Mumbai (Rs 27,725 psf), which targets high-net-worth individuals looking for luxury homes.
These cities are experiencing a growing interest from affluent buyers, driving the demand for high-end residential properties.
City-specific trends show that Bengaluru is leading the charge, with a remarkable 114.08 per cent increase in supply and a 25.7 per cent rise in prices. Gurugram, with a 98.89 per cent increase in supply and a 20.5 per cent price hike, is another city witnessing substantial growth.
Greater Noida also stands out with a 65.58 per cent increase in supply and a 21.1 per cent rise in prices, reflecting growing interest in the region.
Kolkata, with an 80.37 per cent increase in supply, offers a more affordable housing option with a modest 8.8 per cent price increase, making it an attractive market for both affordable and mid-range homes.
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