Residential realty prices rise by 19% in Dec qtr: Study

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Mumbai: Residential proper- ty prices across 13 prime cities, including Delhi, Mumbai and Bengaluru, increased by 18.8% year-on-year during the Oct- Dec quarter, showed a recent report. Gurugram (32.1%), Greater Noida (31%), Noida (26.1%) and Hyderabad (15.8%) saw the sharpest year-on-year appreciation, according to the Magicbricks PropIndex Report for the quarter.

The findings are derived from the data of customers using the real estate platform. Searches (which implies demand) increased by 2% y-o-y during the period, while residential supply reduced by 16.9% y-o-y with exceptions in Mumbai and Hyderabad, which showed a reverse trend.

On a quarterly basis, however, demand fell 16.9% due to rising property prices, according to the report. The report revealed that people prefer more spacious homes and the highest demand is for homes sized between 750 and 1,250 sq ft. Among the 13 cities analysed in the report, two and three BHK units lead the overall demand.

The report concluded that the affordable housing market flourished in Ahmedabad and Kolkata while luxury properties were most searched in Mum- bai Metropolitan Region, New Delhi and Gurugram.