Residential Property Supply Grows 12.7% in 13 Major Cities in Q4 2024
The luxury segment of the residential property market, representing 52% of new supply, saw a significant 14.4% year-on-year growth in Q4 2024, according to a report by Magicbricks. Cities like Bengaluru and Gurugram led the overall growth.
Residential PropertyLuxury SegmentMarket GrowthReal EstateMagicbricksReal EstateJan 10, 2025
This surge was notably driven by cities like Bengaluru and Gurugram, which have been at the forefront of this expansion.
The luxury segment, accounting for 52% of the total new supply, saw a remarkable 14.4% year-on-year increase, up from 38% in Q4 2023.
The supply of under-construction properties also saw a significant rise of 10.97% in the three months leading up to Q4 2024.
Gurugram led this growth with a 30.97% increase, followed by Kolkata at 27.80% and Bengaluru at 27.39%.
Conversely, the supply of ready-to-move (RTM) properties experienced a minimal 0.03% quarter-on-quarter growth, indicating a steady uptick in completed inventory.
According to Magicbricks, residential property prices increased by 22.7% year-on-year, reflecting strong market confidence and a robust economic outlook.
Cities such as Greater Noida, Noida, and Gurugram saw the highest capital appreciation, with rates of 42.5%, 42.4%, and 35% year-on-year, respectively.
These figures underscore the continued strength of these markets.
The residential demand across the 13 cities showed signs of stabilization with an average 6.6% year-on-year increase.
Notably, cities like Ahmedabad, Delhi, and Kolkata led this trend, with respective year-on-year increases of 18.76%, 16.63%, and 15.69%.
This indicates a steady and balanced growth in demand, contributing to the overall health of the real estate sector.
Magicbricks, a leading real estate platform, provides comprehensive insights into the residential market, helping buyers, sellers, and investors make informed decisions.
The company's robust data analytics and market research capabilities have made it a trusted source for real estate information in India.
Frequently Asked Questions
Which cities saw the highest year-on-year growth in residential supply in Q4 2024?
Bengaluru and Gurugram led the growth in residential supply in Q4 2024.
What was the percentage increase in the luxury segment of residential supply year-on-year?
The luxury segment saw a 14.4% year-on-year increase in Q4 2024.
How much did the supply of under-construction properties grow in Q4 2024?
The supply of under-construction properties grew by 10.97% in Q4 2024.
What was the year-on-year increase in residential property prices according to Magicbricks?
Residential property prices increased by 22.7% year-on-year in Q4 2024.
Which cities had the highest capital appreciation in the residential market in Q4 2024?
Greater Noida, Noida, and Gurugram had the highest capital appreciation with rates of 42.5%, 42.4%, and 35% year-on-year, respectively.
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