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The dynamics of India’s housing market witnessed a subtle yet impactful shift in Q4 2024, as revealed by Magicbricks, India’s leading property portal. Of all properties listed between October and December, 50.9% comprised new inventory, including builder floors, under-construction projects, and freshly launched independent homes. Meanwhile, resale properties accounted for the remaining 49.1%, a slight decline from the 51.9% observed in Q3 2024.
The data points to a growing preference for new properties in major metropolitan areas. Gurugram recorded a significant rise, with 63.1% of listings classified as new inventory in Q4, up from 55.1% in Q3. Other cities like Bengaluru, Mumbai, and Chennai mirrored this trend, with approximately 60% of their listings dominated by new properties, signifying a surge in supply and buyer demand for modern housing solutions.
In contrast, cities like Noida displayed a strong preference for resale properties, with 65.3% of listings falling under this category. New Delhi reported an even higher proportion, with 70% of properties listed as resale, followed by Thane (65%) and Navi Mumbai (60%). These areas underscore the enduring value of pre-owned homes, particularly in established neighborhoods with high investment returns for long-time homeowners.
The data paints a vivid picture of India’s housing market’s evolving landscape. While metropolitan cities like Gurugram and Bengaluru lead in new supply, satellite cities such as Thane and Navi Mumbai are closing the gap, showcasing their potential in shaping the future of real estate. This balanced growth reflects the market's ability to cater to diverse preferences, whether it’s the allure of modern construction or the reliability of established homes.
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