New Delhi /Mumbai : Magicbricks Research highlights a 46.8% YoY increase in under-construction residential supply across major cities, reflecting heightened developer activity in response to strong market demand. Bengaluru leads this trend with an impressive 114% YoY growth, followed by Gurugram at 98%. Over the last quarter alone, under-construction supply grew by 10.97%, with Gurugram (30.97%), Kolkata (27.80%), and Bengaluru (27.39%) showing the most significant increases.
The average price for under-construction properties across key markets stands at INR 12,064 psf. Affordable options are available in cities like Ahmedabad (INR 6,708 psf), Kolkata (INR 7,259 psf), and Greater Noida (INR 8,281 psf). Bengaluru (INR 10,988 psf), Noida (INR 11,706 psf), and Navi Mumbai (INR 11,738 psf) dominate the affordable luxury segment, while Gurugram (INR 14,579 psf), New Delhi (INR 18,150 psf), and Mumbai (INR 27,725 psf) cater to premium homebuyers.
The increased focus on under-construction properties aligns with rising demand, as developers expedite project timelines to meet the needs of potential homebuyers. This surge underscores the resilience of India’s residential real estate market, with developers actively contributing to supply in both affordable and premium segments.
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Change
in prices of under-construction properties in 1 year
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Average
price psf in Under-construction properties (Q4 '24- October-December 2024)
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Change
in supply of under-construction properties in the past one year
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Ahmedabad
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7.6%
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6708
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24.84%
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Bangalore
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25.7%
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10988
|
114.08%
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Chennai
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14.8%
|
9260
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8.20%
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Greater
Noida
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21.1%
|
8281
|
65.58%
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Gurgaon
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20.5%
|
14579
|
98.89%
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Hyderabad
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11.9%
|
9090
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4.50%
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Kolkata
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8.8%
|
7259
|
80.37%
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Mumbai
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12.8%
|
27725
|
21.25%
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Navi
Mumbai
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13.2%
|
11738
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-3.62%
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New
Delhi
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-20.3%
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18150
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-16.80%
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Noida
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19.0%
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11706
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55.88%
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Pune
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16.1%
|
9119
|
48.40%
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Thane
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-2.2%
|
12228
|
27.99%
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India
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8.39%
|
12064
|
46.85%
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