House Prices Rise By 15%, Under Construction Property Supply Jumps 11%: Report

According to Magicbricks' recently released PropIndex Report (April–June 2024), the availability of under-construction properties drove the largest growth rate in residential supply over the previous 24 months between April and June 2024.

The report states that between April and June 2024, prices rose by 15.2 per cent, while the supply of under-construction properties increased by 11.7 per cent on a quarterly basis.

Due to this increase, the prices of properties that are still under construction have surpassed those of properties that are ready to move into a number of cities, including Thane, Gurugram, Mumbai, and Noida.

Furthermore, the research showed a persistent increase in total residential demand throughout the top 13 cities during this time, registering a strong growth of 4.6 per cent QoQ, based on the preferences of over 2 crore users on the Magicbricks platform.

The largest increases were seen in Delhi at 17 per cent QoQ, Noida at 16.4 per cent , and Gurugram at 19.6 per cent , all in the northern cities.

Furthermore, there has been a promising growth of 3.5 per cent following a period of relatively muted supply, particularly in Thane (15 per cent ), Greater Noida (13.8 per cent ), and Noida (7.3 per cent ).

The report observed that residential prices continued to rise, rising by 4 per cent as demand continued to outpace supply. The highest increases were recorded in Noida (7 per cent ), Gurugram (6.8 per cent ), and Mumbai (6.5 per cent ).