Over 15 lakh active customers searched on the country’s largest online property site, Magicbricks, during the October-December 2017 quarter. Sudhir Pai, CEO of, while releasing the latest Magicbricks PropIndex, said the large number of customers searching for housing options on the site clearly suggests immense pentup demand in the market. These searches are likely to translate into ground transactions in the short to medium term, Pai said. Pai said that this pent-up demand will drive the sector in the near future on account of three factors: First, paucity of new project launches in the last 18 months has constrained supply in the market. Second, with prices stagnant in the past two-three years, property purchases can now effectively be done at 2014-2015 rates. Third, the number of ready-to-move-in projects is high in the market and will lower consumer risk associated with delivery of projects.
Overall, Pai says that 2018 would be positive for the real estate sector. The latest PropIndex shows an average price increase of 3.1% in 46% of the 750 localities surveyed across 14 major cities in the country.
“What is encouraging is that the Magicbricks’ National Price Index (NPI) registered the first price gain in the July-September 2017 quarter, after remaining stagnant for almost two years, and this has continued in the October-December quarter as well with just under 1% increment. However, the NCR Delhi markets continued to decline, while the first upward movement in other markets in the country is encouraging,” Pai said.
Following the trends of the July-September 2017 quarter, southern markets like Hyderabad, Chennai, and Bangalore continued to register encouraging quarterly price changes, ranging from 1.5% to 3.5%.
On the other hand, western markets like Ahmedabad, Pune, Thane, Mumbai, and Navi Mumbai saw price appreciation in the range of 0.5-1.5%.
Noida, Greater Noida, and Ghaziabad regions in the north saw price decline fluctuating in the range of 1.5-1%. Gurgaon and Delhi saw a price decline of approximately 1%, while Kolkata market in the east saw a marginal drop of around 0.25% in prices.