PropIndex | Magicbricks Delhi

JAN-MAR 2024

Residential Market Insights Market Dynamics

Delhi’s residential real estate market recovers, post cooling off period in the previous quarter Parameters India Delhi
While in the previous quarter, the residential market in Delhi saw 12% QoQ decline in demand, this quarter witnessed Demand+ 6.9% 2.6%
an uptick of 2.6% QoQ as reflected in the search activity. Additionally, there was a minor 0.8% QoQ reduction in Supply++ 0.9% 1..3%
residential listings, which recovered to a QoQ growth of 1.3% this quarter. Prices of residential properties showed a
Rate Index+++ 2.9% 3.1%
modest 3.1% QoQ increase as well.
Notes:
After a period of relative stagnation in the residential real estate market in Delhi during the previous quarter, there Above parameters represent QoQ change in Q1 2024 at
India and cit y level
has been a noticeable resurgence in sales activity. The market, which had experienced a cooling off period + change in volume of propert y searches
characterised by sluggish sales and subdued buyer interest, has now rebounded. This resurgence suggests renewed ++ change in volume of act ive list ings
+++ change in t he average rat e of under-const ruct ion
confidence among both buyers and sellers, leading to increased transactions and potentially indicating a more (UC) and ready-to-move (RM) properties
favourable outlook for the residential property sector in Delhi, thus pushing the prices higher than the last quarter. S ource: M agicbricks Research

Key developers based on active

RM Rate Change
listings
25,000
24,000 Developer

23,000 Cooperative Group Housing Society (CGHS)

Average Rate (INR psf)

22,000 Delhi Development Authority

21,000
DLF Ltd.
20,000 " RM segment East India Earth Movers
19,000 recorded QoQ price Shabh Infrastructure
18,000
growth of 2.2%." Planner N Maker
17,000
Build Wick Realty
16,000
Taneja Group
15,000
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 The Antriksh Group

Mahalaxmi CGHS Ltd.

Note: The above table represents the top
UC Rate Change developers by the share of active listings on
Magicbricks website in Q1 2024.

18,000 Key Projects and Localities

Project Locality
16,000
Vasundhara
Average Rate (INR psf)

Paryatan Vihar Enclave

14,000
“ UC segment Rama Apartment Sector 11 Dwarka
Vasundhara
12,000
recorded QoQ price CEL Apartment Enclave
growth of 3.4%." DDA Flats Sarita Vihar Sarita Vihar
10,000 East End Apartments Mayur Vihar 1
Anusandhan
8,000 Apartment Sector 6 Dwarka
Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 DDA Flats Vasant Kunj Vasant Kunj
DLF Chattarpur Farms Chattarpur
Daffodils Apartment Sector 6 Dwarka
Nehru Enclave
Notes:
1. RM rate index represents the weighted average rate of completed properties on the Magicbricks website as of March 2024. Nehru Enclave Chittaranjan Park
2. UC rate index represents the weighted average rate of under-construction properties on the Magicbricks website as of March 2024. Note: Above table lists the most searched projects on
3. The graph represents the average rate of the dominant asset class in each locality of the city. Magicbricks website in Q1 2024
Source: Magicbricks Research Source: Magicbricks Research

Supply change of RM vs UC properties In the News

1. According to a Times Property report,
3.50% 3.18% there's been a 75% YoY growth in luxury
3.00% home sales priced at INR 4 crore and
" B o t h RM & UC
QoQ change in supply

above in 2023, with Delhi-NCR leading

2.50% with 197% YoY increase. Delhi-NCR saw
segment recorded a nearly threefold surge in luxury home
2.00%
QoQ increase of sales last year, marking the highest sales
1.50% 1.28%
1.28% and 3.18% among seven major cities.
1.00% respectively in
0.50% supply.”
0.00%
RM UC

Note:
1. Above table represents the rate changes for RM and UC properties for dominant asset classes in each locality under various rate buckets (INR psf) as of March 2024

Source: Magicbricks Research

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Source: Magicbricks Research

 Demand-Supply Analysis Delhi|JAN-MAR 2024

Bigger is better, as Demand by BHK Supply by BHK

homebuyers in Delhi 4%
5%
15%
prefer 3 BHKs 23%
1 BHK 22%
27% 1 BHK
2 BHK 2 BHK

The pattern of demand in Delhi highlights a 3 BHK 3 BHK

clear inclination towards 3 BHK units, which 57% Above 3 BHK Above 3 BHK
47%
dominate with a significant 57% share of the
market. Following behind are 2 BHK units,
accounting for 23% of the total demand
share.

Moreover, properties falling within specific Units ranging from 1,250 to 2,000 sf witnessed highest traction
size ranges are particularly popular. Homes
ranging from 1,250 to 2,000 sf and those
between 2,000 and 3,000 sf emerge as the Demand by Size Supply by Size
4% 4% 5% 5%
most coveted categories. These collectively
capture a substantial portion of the market, 8%
Below 500 Below 500
with shares of 42% and 24% respectively. 17% 13%
500-750
19% 500-750
This indicates a preference for spacious living
spaces within these size brackets among 750-1,250 750-1,250
24%
buyers in the region. 1,250-2,000 1,250-2,000
2,000-3,000 28% 2,000-3,000
42% 30% Above 3,000
Above 3,000
In Delhi, people Area in sf Area in sf

searched for mid-range

units
Highest demand for properties priced between INR 10,000-20,000 psf
The real estate landscape of Delhi
demonstrates a clear preference for Demand by Rates Supply by Rates
properties valued between INR 10,000 to
20,000 psf. This pricing trend signifies a
13% 20%
demand surge from individuals seeking
properties within the mid-range segment in <10,000 <10,000
Delhi. This preference highlights the specific
price range that is attracting the attention of 10,000-20,000 10,000-20,000
43% 43%
44%
prospective buyers, indicating a strong
>20,000 37% >20,000
inclination towards properties that offer a
balance between affordability and quality. Rate in INR psf Rate in INR psf

BHK wise Average Rate Change (INR psf)

25.6%

20.4%
17.4%

12.5%

7.8%
6.3%

3.0%
0.5%

1 BHK 2 BHK 3 BHK Above 3 BHK

QoQ YoY

Looking at the quarterly changes, all housing configurations demonstrated growth in rate (INR psf). 2 & 3 BHKs showed maximum growth, across
both QoQ and YoY. Compared to 1 BHK and above 3 BHKs, mid-range to large units showed higher growth in rate. This suggests a preference among
Delhi homebuyers for larger residences, but a hesitation in buying ultra luxury units.

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Source: Magicbricks Research

Rate Analysis Delhi|JAN-MAR 2024

QoQ Change In Average Rate (INR psf)

17,000 16,525
16,028
16,000 15,651
15,383 15,373
14,964
15,000 14,643
14,484
14,287
Rate (INR psf)

14,000

13,000

12,000

11,000

10,000
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024

Over the past two years, the real estate sector in Delhi has experienced a notable upswing, marked by a substantial growth
rate of 15.66% across the last eight consecutive quarters. What's particularly striking is the sustained momentum,
evidenced by consistent increase in rates over the last four quarters. This pattern underscores a robust and enduring trend,
signaling a buoyant market characterised by steady expansion and investor confidence.

Average Rates (Property Type)

Builder Floor Multistorey Apartment Residential House Villa

14,500 16,600 17,000 51,800

In Delhi, the real estate market has diverse pricing as builder floors command an average rate of INR 14,500 psf, multistorey
apartments stand at INR 16,600 psf, residential houses at INR 17,000 psf, and luxurious villas are available at a very high rate
of INR 51,800 psf on the cover area.

Average rates (BHK wise)

1 BHK 2 BHK 3 BHK Above 3 BHK

6,400 8,600 14,200 22,000

In Delhi, the real estate market presents a wide range of pricing options for residential properties, spanning from INR 6,000
to 60,000 psf, offering diverse configurations to suit different preferences and needs. On an average, the price psf for 1 BHK
residences is approximately INR 6,400. However, when it comes to luxury segments, particularly for residences with 3
bedrooms or more, the average price significantly increases to around INR 22,000 psf. This variation in pricing reflects the
diverse nature of the real estate landscape in Delhi, catering to a broad spectrum of buyers with varying budget constraints
and lifestyle preferences.

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Source: Magicbricks Research

Micro-Market Statistics Delhi|JAN-MAR 2024

Top Micro-markets in the City

Rohini

Laxmi Nagar- Patparganj

Mayur Vihar
Janakpuri
Uttam Nagar

Green Park
Dwarka
NOIDA
Greater Kailash
Vasant Kunj
Kalkaji
Mathura Rd

GURUGRAM
Note: This map is not to scale.

Inference
A significant portion of the demand for real estate in Delhi is primarily concentrated in the southern and western regions. This trend is largely
shaped by their advantageous proximity to key infrastructural nodes, such as the airport, and their enhanced connectivity to major employment
hubs in neighbouring satellite cities like Gurugram and Noida. These satellite cities effectively serve as pivotal employment centres for the broader
Delhi region. Particularly noteworthy is the pattern of stronger market performance in localities situated along the Delhi Metro route over the
preceding 2-3 quarters. Areas like Dwarka and Greater Kailash continue to be appealing to prospective homebuyers due to their seamless
integration with the mass transit systems, which facilitates convenient commuting, along with them adjacent to significant employment centers. In
essence, the demand dynamics in Delhi reflect a symbiotic relationship between geographical accessibility, transit infrastructure, and proximity to
employment opportunities, with certain areas emerging as particularly desirable due to their advantageous positioning in these regards.
Note: Map above represents the top preferred micro-markets in the city in Q1 2024. Source: Magicbricks Research

Micro-Markets with Highest Demand Micro-Markets with Highest Supply

Micro-market Avg. Rate Rank Q1-24 Rank Q4-23 Micro-market Avg. Rate Rank Q1-24 Rank Q4-23

Dwarka 8,600 1 2 Dwarka 8,600 1 1

Greater Kailash 22,200 2 1 Greater Kailash 22,200 2 2

Uttam Nagar 4,900 3 6 Rohini 10,800 3 8

Mayur Vihar 9,600 4 3 Uttam Nagar 4,900 4 3

Laxmi Nagar- Laxmi Nagar-
Patparganj 13,800 5 - Patparganj 13,800 5 5

Rohini 10,800 6 7 Green Park 25,200 6 4

M G Road 5,100 7 - Janakpuri 12,200 7 -

Vasant Kunj 14,400 8 5 Mayur Vihar 9,600 8 6

Notes: Notes:
1. Top micro-markets ranked by number of searches on Magicbricks in Q1 2024. 1. Top micro-markets ranked by their active listings on Magicbricks in Q1 2024.
2. Average rate in the micro-market in INR psf. 2.Average rate in the micro-market in INR psf.

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Source: Magicbricks Research