New Delhi: Realty portal Magicbricks on Thursday said that Mumbai Metropolitan Region (MMR), Bengaluru and Delhi-NCR are among the most searched regions for properties on its platform.
'MMR (20 per cent), Bengaluru (19 per cent), NCR (19 per cent) emerged as India's most searched regions for properties in 2023,' Magicbricks said in a statement.
Based on the customer preferences of over 2 crore visitors on its platform, Magicbricks' latest report said that 80 per cent of prospective homebuyers continued to prefer multi-storey apartments followed by builder floors.
More than 56 per cent of home seekers preferred 3 BHK and larger units, reflecting a strong preference towards spacious apartments, it added.
Abhishek Bhadra, Head of Research at Magicbricks, said, 'in 2023, the real estate sector demonstrated remarkable progress characterised by robust demand, improved supply and increased interest from Millennials and Gen Z in real estate investments.'
He expects prices to stabilise next year on higher supply.
'We also expect demand to maintain its upward trajectory, especially in tier 2 towns, reflecting substantial growth prospects in these regions. This outlook aligns with the evolving landscape of the real estate sector amid a progressive economic backdrop,' Bhadra said.
According to the report, the affordable housing market thrived in Ahmedabad and Kolkata, whereas MMR (63 per cent) and NCR (34 per cent) led the demand for luxury homes.
NCR refers to the National Capital Region.
While rental market demand remained stable across most cities, Bengaluru exhibited remarkable growth, elevating its demand share from 21 per cent in 2022 to 24 per cent in 2023.
'Younger demographics, predominantly 18-35 years, constituted 67 per cent of pan India rental demand,' the report said.
Magicbricks has monthly traffic exceeding 2 crore and an active base of over 15 lakh property listings. It provides more than 15 real estate-related services, including home loans, pay rent, movers and packers, legal assistance, property valuation, and expert advice.
Published 21 December 2023, 13:04 IST