india’s top 10 preferred residential localities · 6 pune baner 5900-9100 1% 7 hyderabad kondapur...

India’s Top 10 Preferred Residential LocalitiesUnderstanding the demand of real estate consumers

Q3 2019

Top 10 preferred localities of India | Localities with connectivity and ready supply gathering pace

Rank City Locality Price Range YoY Change QoQ Change

1 Noida Noida Extension 2900-4100 1% 2%

2 Mumbai Mira Road 6800-9700 5% 3%

3 Pune Wakad 5500-7800 1% 0%

4 Hyderabad Kukatpally 4500-7400 11% 1%

5 Bengaluru Whitefield 4600-7400 5% 1%

6 Pune Baner 5900-9100 1% 1%

7 Hyderabad Kondapur 5000-7400 11% 4%

8 Hyderabad Gachibowli 5100-8000 9% 4%

9 Navi Mumbai Kharghar 7000-10800 4% 3%

10 Pune Pimple Saudagar 6100-8300 1% 0%

Magicbricks Research tracks the consumer preference across the top 100 cities in

India to gauge the demand potential for various localities. Our analysis also throws

light on the recent housing and consumer trends in the current macroeconomic

environment. Accordingly, We have analysed the top 10 localities in India by

consumer search for Q3 2019 on Magicbricks, India’s No. 1 property site.

• Noida Extension (NCR), Mira Road (Mumbai) and Wakad (Pune) were the most

searched localities in Q3 2019

• Due to the Government’s push on Affordable Housing, India witnessed mid-segment

localities dominating the searches in 2019. Consequently, 2 and 3 BHKs were

commonly in demand across the markets.

• Except for Noida Extension, rest of the 9 top localities had the average residential

prices between INR 6,000 and 9,000 per sq.ft.

• Buyers continued to prefer ready to move in apartments, with eight out of the top

ten localities witnessing more than 75% of consumers searching for ready

apartments.

• Most localities in top 10 list witnessed price increase due to launch of premium

projects in higher price brackets.

Disclaimer: The data represented above is compiled by Magicbricks from multiple sources. Magicbricks gives no warranty, express or implied, as to the accuracy, reliability, and completeness of any information & does not accept any liability on the information which may or may not be subject to change from time to time due to Governmental or non Governmental regulations/directions.

“Our Analysis shows that Pune and Hyderabad were the top-performing residential markets with three of their localities featuring in Top 10 list of most searched and preferred localities by consumers for buying”

3,600

5,900 5,900 6,200 6,500 6,6007,100

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Noida Bangalore Hyderabad Pune Mumbai NaviMumbai

Average asking prices for Top 10 most searched localities in India in Q3 2019

Note: Prices are in INR per Sqft.

Q3 2019


Noida Extension | Affordability and availability driving demand

Following the rapid development of Noida as a satellite city to Delhi, the Uttar Pradesh (UP) government developed a planned

extension to it, known as Greater Noida. The Greater Noida sectors adjoining Crossings Republik (Ghaziabad) sector 121

(Noida), and Tech Zone 4 (Greater Noida), are together referred to as Noida Extension. It hubs well-known developments like

Gaur City, ATS Rhapsody and Mahagun My Woods. Affordability and connectivity are the prime selling propositions for this

region. As Noida Extension’s development is fairly recent, social infrastructure development is in its developing phase and

residents have to rely on the more developed localities in Noida such as sector 62 cluster and Sector 18. The newly

constructed Noida-Greater Noida Metro is just 15 minutes (6 km) from Noida extension.

Magicbricks Analysis

According to Magicbricks research, the prices are likely to remain stable for some time in Noida Extension, as it has abundant supply and developers are offering various schemes and amenities to push for sale.

• The locality has an average asking price of INR 3,530 per sqft, lower than most localities of neighbouring city of Noida.

According to our data, asking prices witnessed 1% increase YoY

• 2 and 3 BHKs dominate the demand, with nuclear families increasingly moving here, especially due to the affordable rents

• 78% of the buyers are looking for ready properties showing aversion to under-construction projects carrying the risk of

construction delay.

Location:

North

Price per sq ft:

INR 2900-4150

Property Type:

Multi-storey

BHKs Available:

1,2, and 3 BHKs

43%

46%

10%

2 BHK 3 BHK Others

City - Greater Noida

Rank City Locality YoY Change1 QoQ Change1

1 Noida Noida Extension 1% 2%

2 Mumbai Mira Road 5% 3%

3 Pune Wakad 1% 0%

4 Hyderabad Kukatpally 11% 1%

5 Bengaluru Whitefield 5% 1%

6 Pune Baner 1% 1%

7 Hyderabad Kondapur 11% 4%

8 Hyderabad Gachibowli 9% 4%

9 Navi Mumbai Kharghar 4% 3%

10 Pune Pimple Saudagar 1% 0%

Price trend analysis Buyer’s preference

3,000

3,100

3,200

3,300

3,400

3,500

3,600

3,700

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z


Source: Magicbricks ResearchNote: Prices are in INR per Sqft.

Q3 2019

Source: Google Maps

Note 1 change represents movement in asking price

Mira Road | Connectivity and affordability prime demand drivers

Mumbai provides plenty of employment opportunities as the financial hub of India, though the sky-high prices and a lack of

developable land has pushed development to Vasai-Virar in north and Thane and Navi Mumbai in east. Development of Mira-

Bhayandar truly started with the creation of Mira Bhaindar Municipal Corporation in 1985. The more developed southern

section of Mira-Bhaindar, popularly known as Mira Road, has become the mid-segment housing hub of Mumbai region.

Western Line of Mumbai Railway and Western Express Highway have ensured excellent connectivity to this location. The

under-construction Line 7 of Mumbai Metro (Dahisar East - Andheri East), which is likely to be completed by 2020, should

further integrate Mira Road with Mumbai, driving residential demand here.


According to Magicbricks research, Mira Road is witnessing healthy development, with a steady rise in prices, as Mumbai’s

buyers look for affordable options in a slower economy.

• Mira Road has an average asking price of INR 8,300 per sqft, lower than most Mumbai localities. Despite overall stagnancy in the market, the average asking price in Mira Road has increased 3% YoY

• The average apartment size is 900 sq ft lowest among the top 10 localities in India• Mumbai being the costliest city, 2 BHK are in vogue and affordability is driving the buyer preference for smaller apartment

sizes, with 45%of the buyers looking for 2 BHKs, and 35% for 1 BHKs.

35%

45%

14%

6%

1 BHK 2 BHK 3 BHK Others

City - Mumbai




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






6,000

6,500

7,000

7,500

8,000

8,500

9,000

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z



Q3 2019

Source: Google Maps

Location:

Peripheral

Price per sq ft:

INR 6800-9700

Property Type:

Multi-storey

BHKs Available:

1,2, and 3 BHKs

Source: Magicbricks ResearchNote 1: change represents movement in asking price

Wakad | Proximity to Hinjewadi driving demand

Pune’s Hinjewadi village emerged as a commercial hub when Maharashtra Industrial Development Corporation (MIDC)

developed the Phase I of Rajiv Gandhi Infotech Park in Hinjewadi. Further development of Phase II and III, has made it the focal

point of major IT companies in India including Cognizant, Infosys, Wipro, and Tata Technologies. However, Hinjewadi and

nearby villages fall outside the Pimpri Chinchwad Municipal Corporation (PCMC), and lacked holistic infrastructure

development, and Wakad (part of PCMC), being adjacent to Hinjewadi, became the preferred residential destination for IT

professionals. Proximity to Hinjewadi, connectivity with Mumbai (2.5 hours on NH8), and affordability (as compared to Aundh

and Baner) has driven the residential demand for Wakad.


Magicbricks research suggests that Wakad is likely to continue to see a steady residential demand, as more and more IT

companies pour in Hinjewadi.

• The locality has an average asking price of INR 6,650 per sqft, witnessing 1% increase in the last one year

• The average apartment size is 1170 sq ft, second-lowest amongst the top 10 localities

• 75% of consumer searches for 1 and 2 BHKs, with 2 BHKs alone attracting 62% of the buyer preference

• 75% of the buyers looking for unfurnished properties, preferring cheaper options amongst the properties available.

Location:

Peripheral

Price per sq ft:

INR 5500-7800

Property Type:

Multi-storey

BHKs Available:

1,2, and 3 BHKs

15%

62%

20%

3%


City - Pune




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






5,500

5,700

5,900

6,100

6,300

6,500

6,700

6,900

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z



Q3 2019

Source: Google Maps


Kukatpally | Launch of premium projects pushing average prices

Kukatpally started out as an industrial hub with industrial corridor stretching from Sanath Nagar to Kukatpally. However, the

development of Hi-Tec City and Financial District changed the fortune of North-western Hyderabad. Kukutapally, offering its

significant development potential, has been at the forefront of the residential boom. Its residential market offers several

projects in multi-storey and villa formats. Kukutapally offers affordability when compared to posh localities of Banjara Hills, and

Jubilee Hills, while offering similar ease of connectivity with HiTec City. The operational red Line of Hyderabad Metro (LB Nagar

- Miyapur) has 3 of its stations within Kukatpally.


According to Magicbricks research, Kukatpally has solid drivers of growth and potential for further development, making it an

attractive investment hotspot.

• It has an average asking price of INR 5,950 per sqft ., witnessing 11% increase YoY. However, in our opinion, the price

increase attributes to the launch of premium projects in the locality

• Almost 60% of consumer searches for 2 BHKs, with most of the new projects also offering 2 and 3 BHK configurations

• Only 13% of buyers looking for under-construction properties in Kukatpally, as the locality has an ample supply of quality

ready-to-move-in apartment and villa projects

• 33% of buyers looking for Fully-furnished properties, highest amongst the top 10 localities.

Location: Urbanized part of Hyderabad

Price per sq ft:

INR 4500-7400

Property Type:

Multi-storey, Villa

BHKs Available:

1, 2 and 3 BHKs

5%

59%

34%

7%


City - Hyderabad




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z



Q3 2019

Source: Google Maps


Whitefield | Multi-storey and Villas most preferred formats

Whitefield has witnessed a tremendous transformation in the last two and a half decades, from a small village to a developed

IT hub, with several IT parks. International Tech Park, Bengaluru (ITPB) was one of the first IT parks to be developed in the

country. Today the locality is a much sought-after residential destination of Bengaluru, with several premium projects from

developers like Prestige, Brigade, and DivyaSree. Whitefield has a well-developed social infrastructure, with access to the best

of schools and hospitals. Phoenix Market City, Inorbit Mall, The Forum Neighborhood, and VR Bengaluru are some of malls of

Bengaluru located in and around Whitefield. Old Airport Road and Whitefield Main Road connect the locality with the rest of

the city. The under-construction Purple Line (Whitefield-Challeghatta) of the Bengaluru Metro, to have station in Whitefield.


According to Magicbricks research, the residential market of Whitefield is saturating fast, with the neighbouring localities

witnessing the next phase of growth.

• The locality has an average asking price of INR 6,060 per sqft. , with a YoY growth of 5% and a QoQ growth of 1%.

• On Magicbricks website, Villas make up for 26% of consumer searches, making it the only locality in top 10, with

significant preference of villas.

• 2 and 3 BHKs dominate Whitefield, as it is a mature market now, getting significant consumer searches for 3 BHKs also.

• 40% of consumer searches were for under-construction properties in Whitefield, 2nd highest amongst the top 10.

Location: Urbanized part of Bengaluru

Price per sq ft:

INR 4600-7400

Property Type:

Multi-storey, Villa

BHKs Available:

2, 3, and 4 BHKs

City | Bengaluru

Rank City Locality YoY Change QoQ Change



3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






5,000

5,100

5,200

5,300

5,400

5,500

5,600

5,700

5,800

5,900

6,000

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z

39%

42%

15%3%




Q3 2019

Source: Google Maps


Baner | Popular IT and residential destination promoting walk-to-work

Baner is a premium suburb in north-western Pune that comes under the Pune Municipal Corporation (PMC) limits. Earlier a

village, Baner witnessed rapid development in commercial real estate projects hosting Information Technology (IT) companies.

The nearby Rajiv Gandhi Infotech Park in Hinjewadi is just 10 kms from Baner. Upper mid-segment buyers have been preferring

Baner as it allows easy connectivity with Hinjewadi, and promotes walk to work facility for professionals working in many IT

companies within Baner. Buyers and tenants also prefer Baner for the higher standard of living it offers when compared to

Wakad and Hinjewadi. The under-construction Line 3 of Pune Metro (Hinjawadi Phase III- Civil Court) is planned to have two

stations in Baner.


According to Magicbricks research, Baner has witnessed a resurgence in real estate prices in the last 3 quarters as premium

under-construction projects generate buyer demand

• The property prices in Wakad average at INR 7,500 per sqft, the 3rd highest amongst the top 10 localities. It witnessed 1%

increase on a QoQ basis

• 83% of consumer searches for multi-storey, while rest of the consumer searches going to villas and independent houses

• Baner witnessed significant consumer searches for 3 BHKs, a rarity amongst the top 10 localities by consumer searches.

Location:

Suburban

Price per sq ft:

INR 5900-9100

Property Type:

Multi-storey, Villa

BHKs Available:

2, 3, and 4 BHKs

34%

42%

15%

8%


City - Pune




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






5,500

6,000

6,500

7,000

7,500

8,000

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z



Q3 2019

Source: Google Maps


Kondapur | Large size formats most preferred

Kondapur is one of the best places to live in Hyderabad. It is part of the prime Information Technology and Biotech zone of

Hyderabad, consisting of HiTec City, Financial District, Gachibowli and Whitefields in Kondapur. Kondapur has offices of tech

giants like Google, TCS, and S&P Global. DLF Cyber City in Gachibowli and Jublie Enclave of HiTec City are also located adjacent

to Kondapur, offering walk to work facility to the residents. Sarath City Capital Mall, a popular mall in Hyderabad, is located

here. Planned Line 5 of Hyderabad Metro (BHEL- Lakdi Ka Pul) to have a station in Kondapur, while Miyapur metro station and

HiTec Metro station on the operational Red and Blue Lines respectively, are just 10 mins from here.


According to Magicbricks research, Kondapur has potential for further growth, backed by solid fundamentals

• Kondapur has an average of price INR 6,200 per sqft and certain pockets have witnessed growth of as high as 11% YoY

• The locality is dominated by large size apartments with 1940 sqft being the average apartment size, second highest

among the top 10 localities in India.

• With 47% searches for 3BHKs the buyer preference is shifting towards 3 BHKs, driven by supply availability

• 25% of the buyers looking for under-construction properties here, among the highest in the top 10 localities.


Price per sq ft:

INR 5000-7400

Property Type:

Multi-storey, Builder-floor

BHKs Available:

2, 3, and 4 BHKs

46%

47%

7%

2 BHK 3 BHK Others

City - Hyderabad




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z



Q3 2019

Source: Google Maps


Gachibowli | Prime residential location for IT employees and Students

Gachibowli is one of the well-known localities of Hyderabad, popular due to presence of numerous information technology (IT)

complexes, higher education institutes, and 5 star hotels. Gachibowli, together with HiTec City and Financial District, forms the

prime IT hub of Hyderabad, making it one of the most preferred residential location for IT professionals. Prominent

educational institutes like IIIT Hyderabad, Indian School of Business (ISB), and the University of Hyderabad are all located

within Gachibowli. On the connectivity front, Mumbai Highway and Outer Ring Road (ORR) provide easy access to the rest of

the city. Planned Lines 4 and 5 of Hyderabad Metro (BHEL- Lakdi Ka Pul and Raidurg - Airport) will have a common station in

Gachibowli, greatly enhancing connectivity of the whole region.


As per Magicbricks research, Gachibowli’s residential footprint is likely to witness more and more premium developments, as

an abundance of employment opportunity, well-developed social infra and connectivity, make Gachibowli a place worth living.

• Gachibowli has an average of price INR 6,550 per sqft., and witnessed a 9% YoY and 4% QoQ growth, primarily due to

launch of premium apartment projects

• The average apartment size in Gachibowli is 2100 sq ft, highest among the top 10 localities. Because of large apartment

size, maximum searches were also in 3BHK category only.

• 53% of consumer searches for under-construction units, driven by under-construction options from prominent developers.


Price per sq ft:

INR 5000-7400

Property Type:

Multi-storey, Builder-floor

BHKs Available:

2, 3, and 4 BHKs

30%

60%

10%

2 BHK 3 BHK Others

City - Hyderabad




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z



Q3 2019

Source: Google Maps


Kharghar | Affordability deriving demand for large size formats

Developed by City and Industrial Development Corporation (CIDCO) starting 1995, Kharghar is a planned development in Navi

Mumbai. Located on the Sion-Panvel Highway, Kharghar is witnessing a frenzy in consumer interest, as the locality will soon

have multiple stations on the upcoming Navi-Mumbai Metro (Belapur-Kharghar-Taloja-Pendhar), uplifting the connectivity and

the economy of the whole region. The under-construction Navi Mumbai International Airport is also just 12 kms from the

locality. Since 2016, Kharghar is under the administration recently established Panvel Municipal Corporation, furthering its

popularity amongst the home buyers.


As per Magicbricks research, Kharghar’s upcoming enhancement in connectivity and developing social infrastructure should

act as residential demand driver in the long-term.

• Kharghar witnessed an overall 4% increase in asking prices YoY. The average asking price of ready to move in properties

in Kharghar is INR 8,920 per sqft

• Contrary to rest of the developed areas of Mumbai, Kharghar witnessed preference for 3BHK apartments, getting 57% of

consumer searches, due to affordable housing options available here

• Just 11% of consumer searches for under-construction units, as plenty of ready to move units available in the secondary

market at attractive prices.

Location:

Suburban

Price per sq ft:

INR 7000-10,800

Property Type:

Multi-storey

BHKs Available:

2, 3, and 4 BHKs

City | Navi Mumbai




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






7,000

7,500

8,000

8,500

9,000

9,500

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z

25%

56%

16%3%




Q3 2019

Source: Google Maps


Pimple Saudagar | Steadily gathering pace in North Pune

The development of Rajiv Gandhi Infotech Park in Hinjewadi has led to the growth of North-western Pune as a residential

hotspot. Pimple Saudagar is one of the most developed localities in Pimpri-Chinchwad Municipal Cooperation. While Wakad

has hogged the limelight, Pimple Saudagar has steadily made its way to the top 10 most searched localities in Q3 2019, as a

favoured place of residence for IT professionals working in Hinjewadi and Baner locations. Pimple Saudagar is affordable as

compared to neighbouring localities of Aundh and Baner, both of which come under Pune Municipal Corporation (PMC) and it

is also closer to Hinjewadi. The under-construction Line 1 of Pune Metro (PCMC-Swargate) is planned to have Kasawadi station

adjacent to Pimple Saudagar.


According to Magicbricks research, the Pimple Saudagar has witnessed resurgence in real estate prices in the last 3 quarters, as

premium under-construction projects generate buyer demand

• The locality has an average asking price of INR 7,110 per sqft ., witnessing increase of 1% on a YoY basis.

• Just 5% of consumer searches for under-construction units, lowest amongst the top 10 localities, as Pimple Saudagar,

being a developed locality, is mostly attracting buyers interested in ready units.

• 80% of the Buyers looking for unfurnished houses, suggesting the buyer interest for cheaper options within the locality.

• 45% of searches for 2 BHKs, as it gets a majority of its demand from IT professionals looking for affordable housing options.

Location:

Suburban

Price per sq ft:

INR 6100-8300

Property Type:

Multi-storey, Villa

BHKs Available:

1, 2, 3, and 4 BHKs

13%

45%

37%

5%

1 BHK 2 BHK 3 BHK 4 BHK

City - Pune




3 Pune Wakad 1% 0%



6 Pune Baner 1% 1%






6,000

6,200

6,400

6,600

6,800

7,000

7,200

7,400

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

z



Q3 2019

Source: Google Maps


Magicbricks: India's no 1 property site

CEOSudhir Pai

For more research related queries please contact:

Surabhi AroraHead of [email protected]

Devendra LohmorChief [email protected]

Magicbricks is India’s No.1 property site. With monthly traffic exceeding 20 million visits and with an active base of over 1.4 million+ property listings, Magicbricks provides the largest platform for buyers and sellers of property to connect with each other in a clear, transparent manner. With this in mind, Magicbricks has innovated several product features, content and research services, which have helped us, build the largest audience pool.

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