Under-construction housing prices rise 30.6% in January-March

Prices of under-construction residential projects across top 13 property markets of India have risen 30.6% year-on-year between January and March led by a surge in demand, showed the latest PropIndex report by Magicbricks.

Sequentially, the demand for under-construction properties rose 7.8% during the quarter leading to 1.7% price growth. Cities such as Noida and Greater Noida saw on-quarter price rise of 7.1% and 6.1%, respectively, while Bengaluru and Mumbai each witnessed 5.7% sequential price growth.

"Historically, homebuyers have often favoured completed projects over new developments. But against the backdrop of increasing residential prices in 2023, there emerged a discernible shift in preference towards relatively more affordable under-construction properties. Consequently, prices of under-construction properties are on the rise as well," said Abhishek Bhadra, head of research, Magicbricks.


The demand share of 2BHK increased to 42% between January and March from 32% between October and December.