Buyers, especially NRIs, are often in a dilemma when they choose properties. They know their budget but have little idea about the supply in various cities of the country. Sometimes homebuyers end up buying properties that they were not searching for in the first place.
Thus, it is important to know what is available in the locations of your choice so you can make up your mind about your purchase.
Let us have a look at the supply data of Magicbricks for the top eight cities and see what is available for buyers and investors in these popular markets.
The real estate market of Bengaluru witnessed rise in urban population owing to demand from the IT/ITeS sector. Flats are the most supplied property type in the city with as much as 59% availability. Plots (25%) and independent houses/villas (13%) are the other two segments where you can find good options. Commercial properties (4%) are also available.
Young professionals working in the IT sector mainly prefer apartments in a city like Bengaluru where rates are on the higher side and availability of land remains difficult.
Popular residential housing search is for flats, plots, houses, villas and penthouses in the city.
It is one of the real estate markets where supply of flats is very high. The price is on the higher side but availability of flats is not an issue in this market. Supply of flats at 90% is followed by commercial properties (6%). Houses/villas (6%) and plots (1%) are also available but the number is not much as of now.
People mostly search for flats followed by houses, plots, villas and penthouses in Mumbai. It seems the city witnessed vertical growth which is the only solution for cities like Mumbai which are not only highly populated but also see significant demand for residential housing. Here it remains a challenge for authorities to increase the supply so high-rise construction is the trend in Mumbai.
This is one city where under-construction properties witnessed equal preference as ready-to- move-in properties in the quarter Oct-Dec 2017. This means that sales are not concentrated in only one segment. Be it under-construction or ready-to- move-in, Pune too has the highest supply of flats (84%) followed by commercial properties (6%), plots (5%), and houses/villas (5%).
Flats, houses and plots are the dominating factors in the buyer's search pattern in this market as well.
The demand for housing has undergone changes over the years due to change in the availability of properties in Delhi. Currently, flats dominate this market with 82% supply. The city's L Zone will see fresh supply of several new flats that may further add to this number. As the prices are on a higher side, homebuyers too appear to prefer flats over independent houses. Builder floors are popular as rental option. Those who prefer to live in Delhi but cannot afford a society flat or independent house can opt to buy builder floor apartments which are available across the city.
Houses/villas (8%), commercial properties (6%) and plots (5%) are the other options available for buyers here.
Flats and houses are the preferred choices in the city among homebuyers.
Homebuyers search preferably for flats and plots in Chennai. Houses/villas and penthouses are other categories where buyers show interest in the city. There is a high supply of both flats and plots, whereas, houses and villas are also popular in the search for properties. When it comes to availability, 49% are flats followed by plots (32%). Houses/villas (15%) and commercial properties (4%) are other options available for buyers in this market.
In terms of supply, Hyderabad appears to be similar to Chennai as both the markets kept a balance of availability of flats and plots in a decent number. There are 42% flats available for sale followed by plots (34%). Houses/villas (18%) are also easily available for homebuyers. Commercial properties are around 6% in this region but is expected to grow in future as more and more companies are buying land in Hyderabad for their commercial operations. Availability of large parcels of land and demand from top-notch companies shows Hyderabad will certainly be a market to look for in the next few years.
It seems the supply in this city is entirely dominated by flats. There are as many as 82% flats available for sale. Houses/villas and plots contribute around 7% in this region. The commercial market sees a supply of 5%. Higher supply of flats also indicate that the demand is concentrated to mainly flats in this market.
The higher supply of one property type also shows that there is a preference in the market for such particular type owing to budget, location, lifestyle and availability. The supply pattern changes as per the preference. For example, affordable housing has become a new trend where more and more builders and buyers are shifting their focus towards it due to the government’s policy initiatives and affordability factor.
Supply of properties in this city is similar to Kolkata where one segment dominates the market significantly. Flats are much higher in supply than any other property type. There are 92% flats whereas other options such as houses/villas (3%), plots (1%) and commercial properties (4%) contribute much less. Rapid infrastructure developments and efficient connectivity are the key differentiators for Thane. The supply consists of both under-construction and ready-to- move-in-properties.
Preferred residential search happens mostly for apartments and houses in this city.
Since you now know what is mainly available in these top eight cities searching for properties will be easier for you.
Baner Pashan Link Road, Pune