MMR (20%), Bengaluru (19%), NCR (19%) emerged as India’s most searched regions for properties in 2023, reveals Magicbricks report. The report observed that 80% of prospective home buyers continued to prefer multi-storey apartments, followed by builder floors.
Further, the report revealed that more than 56% of homeseekers preferred 3 BHK and larger units, evidencing a strong preference towards spacious apartments. It was also noteworthy, that in 2023, demand from NRIs constituted a substantial 9.4% of the total demand against 6.2% in 2022, aligned with the global economic recovery post-COVID.
According to the report, the affordable housing market thrived in Ahmedabad and Kolkata, whereas MMR (63%) and NCR (34%) led the demand for luxury homes.
Further, 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 the younger demographics, predominantly 18-35 years, constituted 67% of pan India rental demand.
