Under Construction Property Prices Up By 31 Percent From Jan To March 2024

Prices of under-construction housing properties have surged by 31% in the January-March 2024 period, according to a report by Magicbricks, a real estate portal. This substantial increase in prices is attributed to higher demand for under-construction properties across 13 major cities in India. In the previous quarter, the demand for such properties rose by 7.8%.

During the year 2023, residential prices consistently increased, making relatively affordable under-construction properties more attractive for investment and home ownership. As a result, prices experienced a corresponding uptick, growing by 1.7% quarter-on-quarter (QoQ) and a significant 30.6% year-on-year (YoY). Notably, 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.

Abhishek Bhadra, Head of Research at Magicbricks, highlighted the shift in preference towards relatively more affordable under-construction properties. Historically, homebuyers favoured completed projects, but the rising residential prices in 2023 led to this discernible shift.