Connect with us


Dwarka, GK emerge as most searched Delhi localities: Magicbricks Report, Jan-Mar’23

New Delhi/ Noida, April 6, 2023: Residential demand and supply in Delhi declined by 12.8% and 5.9% QoQ, respectively, while price increased by 2.8% QoQ, observed Magicbricks PropIndex Report January – March 2023. Further, owing to metro rail connectivity, quality infrastructure, and the availability of multiple residential options, Dwarka and Greater Kailash emerged as the most searched localities of Delhi.


The report further observed that Delhi’s residential market recorded the highest demand for 3BHK where 52% of the homebuyers showed preference towards this configuration. This was followed by 2BHK units which commanded a 30% share of the total demand.

Elaborating on the trends, Sudhir Pai, CEO, Magicbricks commented, “Several multilateral agencies have projected that the Indian economy will grow by 6-7% in FY’ 23, despite the global slowdown. The recent Union Budget has also introduced several encouraging initiatives, including substantial allocations to PMAY and UIDF, which have set the wheels in motion for facilitating employment opportunities and infrastructure development. Given the under-served demand for home-ownership in the affordable and mid-range segment, we are optimistic about the growth trajectory for residential demand in the coming quarters as well. We anticipate that the market will stabilise, supplemented by new projects, and expedited delivery of under-construction properties, which will open up new avenues for investment and innovation.”

The report concludes that owing to inflationary pressures on infrastructure costs, the average rate of ready-to-move and under-construction properties increased 2.1% and 9.3% QoQ, respectively.

Residential Market Insights for Greater Noida


  • The residential demand (searches) and supply (active listings) in Greater Noida increased 7.2% and 17.6% QoQ, respectively.
  • The average rates also inched up by 11.9% QoQ.
  • The average rate of ready-to-move and under-construction segments increased 10.3% and 16.3% QoQ respectively.
  • Greater Noida saw highest preference coming in for 2 BHK units with a demand share of 43% and 47% of available homes (supply) came in from 2BHK units.

Residential Market Insights for Gurugram

  • After witnessing a dip in two-quarters, Gurugram recorded a QoQ increase of 2.4% in supply (active listings) from Jan – March 2023 whereas demand (searches) declined by 1.9% QoQ.
  • Due to the mismatch of demand and supply, property rates appreciated by 9.3% QoQ and 18.1% YoY, which is the second highest, according to the report. 
  • 3 BHK units dominated the residential market with a 59% share in total demand and a 54% share in total supply.
  • Backed by affordability and accessibility to employment hubs, New Gurugram emerged as the showstopper based on demand & supply.

Latest News

News11 hours ago

Central Park’s Bignonia Towers in Sohna Achieves Rs 500cr Sales Bookings 

New Delhi, 14th June 2024: Bignonia Towers by Central Park in in Sohna has recorded sales bookings of Rs 500...

News12 hours ago

Author Ashwinder R. Singh Launches His Third Book, “Master Commercial Real Estate”

June 14, 2024: Ashwinder R. Singh, acclaimed for his insightful contributions to real estate, launched his third book, “Master Commercial...

News12 hours ago

Grade A Office Spaces Demand Growing at a Brisk pace, 164.3 Mn Sq Ft Added Since 2021

June 14, 2024: India’s office market is undergoing a profound transformation, reflecting the country’s robust economic growth, demographic advantages, and...

News13 hours ago

Real Estate Sector Needs to Gear Up for New Housing Challenges Until 2029, With Rain Harvesting as a Core Element for Housing Projects: HUA Additional Secretary

New Delhi, June 14, 2024: Additional Secretary of the Ministry of Housing and Urban Affairs, D Thara, on Friday asked...

News2 days ago

Tier-2 Cities Closing the Gap with Top-8 as Property Prices Surge by 10-15% in Prime Areas: Report

New Delhi, June 13, 2024: has released its inaugural “The Bharat in India” report on Thursday. The report unveils...

News2 days ago

Housing Prices Soar 13% CAGR as Inflation Moderates to 5.4%: ANAROCK Report 

Mumbai, June 13, 2024: Inflation, the gradual increase in the general prices of goods and services, erodes the purchasing power of money...