Realty on Recovery path; homebuyers’ searches at pre-Covid levels: Magicbricks’ Q2 Propindex
Following the Covid19 outbreak and the national lockdown, the realty sector has started witnessing some green shoots as homebuyers are back in the market across tier-1 cities, though in lower numbers, showed Magicbricks’ Propindex April-June report.
The report suggests the market sentiments are changing as shown by the buyer searches on Magicbrick’s property portal.
Property prices in top 8 cities declined 2-9% in April as an immediate reaction to Covid-19 crisis.
However, the overall price decline recovered during the quarter to 1-5% across tier I cities.
“Prices have shown a marginal decline whereas demand has been steadily coming back. Actions have been taken by the government on the recovery package and the RBI has also reduced repo rates by more than 100 basis points since the lockdown. This augurs well for the industry,” said Sudhir Pai, CEO, Magicbricks.
Hyderabad, Chennai and Bengaluru witnessed maximum price decline but least demand drop indicating that homebuyers are active and looking for exciting deals even during the crisis. Gurgaon and Noida that were already facing headwinds resisted price pressure. Mumbai Metropolitan Region (MMR) fared slightly better as average price decline was 0.4% to 0.8%. Magicbricks is a part of Bennett, Coleman & Co., which publishes The Economic Times.
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