Bengaluru Saw 3.7% QoQ Rise in residential real estate demand during Q1 2022, reveals Magicbricks PropIndex Report

Bengaluru: Driven by government policies and infrastructural development, the demand (listings) for residential real estate in Bengaluru increased 3.7% QoQ, revealed the latest Magicbricks PropIndex Report for Q1 (Jan-Feb-Mar) 2022. Further, new residential launches in emerging peripheral localities increased supply (listings) by 1.4% QoQ.

Commenting on the PropIndex report, Sudhir Pai- CEO of Magicbricks, said, “Across India,  increasing project completions, attractive offers from developers, supportive policies and improving employment opportunities have boosted buyer-confidence in the real-estate industry. We expect the momentum gained so far to continue across demand and supply backed by new launches tailored to the evolving needs of consumers and all-time low home loan interest rates.     ”

Other highlights from the report

-          Demand for 2 and 3 BHK configurations continued to dominate in Q1 2022, constituting 79% of the total demand and 81% of the total supply.

-          Premium residential properties (more than INR 7,000 psf) constituted 33% of the total demand.

-          RM (ready to move) segment witnessed a QoQ price increase of 1.2% and the "UC segment witnessed QoQ price decline of 0.2%.

-          Premium UC properties witnessed 3.7% QoQ price appreciation in >INR 7,000 psf segment, while affordable RM properties increased 1.5% QoQ in