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

NEW DELHI: The Mumbai Metropolitan Region (MMR at 20%), National Capital Region (NCR at 19%) and Bengaluru (19%) have emerged as India’s most searched regions for properties in 2023, according to a report by Magicbricks. Titled “how India searched for properties in 2023”, the report says that multi-storey apartments remain the top choice (80%) of prospective homebuyers, followed by builder floors. Over 56% of home-seekers preferred 3 BHK and larger units, evidencing a strong preference towards spacious apartments.
Based on the customer preferences of over 2 crore visitors on Magicbricks, it says the share of NRIs looking for properties rose to 9.4% of total demand this year from 6.2% in 2022. The MMR (63%) and NCR (34%) led the demand in the luxury segment (above Rs 10,000 per square foot), according to the report.
Abhishek Bhadra, head of research, 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. Continuing on this trajectory in 2024, we anticipate price stabilisation owing to a sustained increase in supply. We also expect demand to maintain its upward trajectory, especially in tier II 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.”
According to the report, the affordable housing market thrived in Ahmedabad and Kolkata, while MMR and NCR led the demand for luxury homes. While rental market demand remained stable across most cities, Bengaluru exhibited remarkable growth, elevating its demand share from 21% in 2022 to 24% in 2023. The report concluded that younger demographics, predominantly 18-35 years, constituted 67% of pan-India rental demand.
In the NCR, Noida Expressway (south), Noida Expressway (main) and central Noida are the most searched localities of Noida, while Dwarka, Mayur Vihar and Laxmi Nagar are most searched localities of Delhi.
In MMR, Malad-Kandivali, Goregaon and Andheri East-Jogeshwari East were the most searched localities in Mumbai, while Ghodbunder Road, Kolshet and Western Thane were most preferred in Thane.
And in Bengaluru, Whitefield, Sarjapur Road, Thanisandra and Kanakapura Road are among the most searched localities.

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