‘Mumbai region, NCR most searched for properties in ’23’ – Times of India

'Mumbai region, NCR most searched for properties in '23' - Times of India

New Delhi: The Mumbai Metropolitan Area (MMR at 20%) National Capital Territory (NCR (at 19%) and Bengaluru (19%) have emerged as India’s most searched regions for properties in 2023, according to a report by Magicbricks. The report, titled “How India Searched for Properties in 2023”, said multi-storey apartments remained the top choice (80%) of potential homebuyers, followed by builder floors. More than 56% of home seekers preferred 3. BHK And large units, evidence of a strong preference for spacious apartments.
Based on customer preferences of more than 2 crore visitors to Magicbricks, it says the share of NRIs in property searches to increase from 6.2 per cent in 2022 to 9.4 per cent of total demand this year. According to the report, MMR (63%) and NCR (34%) led the demand for the luxury segment (above Rs 10,000 per sq ft).
Abhishek Bhadra, head of research, said: “In 2023, the real estate sector showed remarkable growth characterized by strong demand, improved supply and growing interest of Millennials and Gen Z in real estate investment. Continuing this momentum in 2024, we expect price stability due to continued supply growth. We also expect demand to maintain its upward trajectory, especially in tier II cities. I, which reflects the potential for substantial growth in these regions. This outlook is consistent with the evolving landscape of the real estate sector amid a progressive economic backdrop.”
According to the report, the affordable housing market flourished in Ahmedabad and Kolkata, while MMR and NCR led the demand for luxury homes. While rental market demand remained stable in most cities, Bengaluru showed significant growth, increasing its demand share from 21% in 2022 to 24% in 2023. The report concluded that the younger population, mainly 18-35 years, constitutes 67% of the whole of India. Rent demand
In NCR, Noida Expressway (South), Noida Expressway (Main) and Central Noida are the most searched areas of Noida, while Dwarka, Mayur Vihar and Laxmi Nagar are the most searched areas of Delhi.
In MMR, Malad-Kandivali, Gorgaon and Andheri East-Jogeshwari East were the most searched areas in Mumbai, while Ghodbunder Road, Kolshit and West Thane were the most preferred in Thane.
And in Bengaluru, Whitefield, Sarjapur Road, Thanendra and Kankapura Road are among the most searched areas.

Business news,NRI,Noida Expressway,NCR,National Capital Territory,Mumbai Metropolitan Area,BHK
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