•Mira Road is the second most searched locality for Indian home buyers
•75% of consumers are searching of ready-to-move in apartments in eight of the Top-10 localities.

MUMBAI, 6 DECEMBER, 2019 (GPN): Affordability, availability, connectivity and social infrastructure of localities are the key factors that are driving a strong consumer demand for residential real estate in India’s top-10 most searched localities in Q3 2019. Magicbricks has come out with an extensive Report on India’s housing demand trends that features localities like Noida Extension, Mira Road (Mumbai) and Wakad (Pune) among the top-3 most preferred localities in India.
Two localities of Mumbai Metropolitan Region (MMR) – Mira Road (Mumbai) and Kharghar (Navi Mumbai) featured in the Top-10 list of most searched and preferred localities by consumers for buying.

Magicbricks research suggests that Mira Road is witnessing healthy development, with a steady rise in prices, as Mumbai’s buyers look for affordable options in a slower economy.
The locality has an average asking price of INR 8,300 per sq. ft., which is lower than most Mumbai localities. Despite overall stagnancy in the market, the average asking price in Mira Road has increased 3% since last year
The average apartment size is 900 sq. ft. lowest among the top 10 localities in India

Mumbai being the costliest city, 2 BHK are in vogue and affordability is driving the buyer preference for smaller apartment sizes, with 45% of the buyers looking for 2 BHKs and 35% for 1 BHKs

For Kharghar the upcoming enhancement in connectivity and developing social infrastructure should act as residential demand driver in the long-term.Kharghar has witnessed an overall 4% increase in asking prices since last year. The average asking price of ready to move in properties in Kharghar is INR 8,920 per sq. ft.

Contrary to rest of the developed areas of Mumbai, Kharghar witnessed preference for 3BHK apartments, getting a 57% of consumer searches, due to affordable housing options available here. Data suggests only an 11% of consumer searches for under-construction units, as plenty of ready to move in units available in the secondary market at attractive prices

Commenting on the report, Mr. Sudhir Pai, CEO, Magicbricks, said: “We are witnessing increased consumer demands in markets that are developed, affordable, well connected and have a steady supply of ready-to-move-in apartments. Government’s push towards affordable housing and incentives through tax breaks have also acted as a catalyst to create demand. Home buyers continued to prefer ready-to-move in apartments, with eight out of the top ten localities witnessing more than 75% of consumers searching for ready to move-in apartments. Most localities in top-10 list also witnessed price increase due to launch of premium projects in higher price brackets.”

Revising the definition of ‘affordable housing’, was a major push for an increase in the consumer demand in residential properties. This has resulted in an increase in the customer interest across the country in residential realty and strengthened the access to transparent information flow.

Methodology
For the report, Magicbricks tracked the consumer preference across the top 100 cities in India to gauge the demand potential for various localities. The analysis throws light on the recent housing and consumer trends in the current macroeconomic environment. Accordingly, the top-10 localities in India by consumer search for Q3 2019 were identified. ENDS

About Magicbricks:
Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.1 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content and research services, which have helped us, build the largest audience pool.

PLEASE REFER THE “LINK” FOR THE COMPLETE REPORT.“India’s Top-10 Preferred Residential Localities’.”