Magicbricks’ latest report titled, “India’s Tier 2 cities: Emerging Real Estate Growth Engines” reveals that tier 2 cities Nagpur, Coimbatore, Bhubaneshwar, Indore and Jaipur are emerging as Real Estate Growth Engines.
Mapping property related trends across these five tier 2 cities, the report highlights that Nagpur (49%), Coimbatore (27%), Bhubaneswar (12%) observed the highest YoY growth for residential demand and Nagpur (84%), Coimbatore (30%), and Indore (6%) exhibited the highest YoY growth for rental demand (searches).
Elaborating on the trends, Sudhir Pai, CEO, Magicbricks, Said :
The report also observes that Indian MNCs such as Infosys and TCS are present in 80% of these cities while foreign MNCs such as IBM are present in almost 60% of these cities, with further expansion plans.
Market-Specific Takeaways from Magicbricks’ Emerging Cities Report Q2, 2022
- In Bhubaneswar, the residential demand increased 5% QoQ and 12% YoY, while the rental demand declined 15% QoQ. 37.7% of the customers preferred homes between 1000-1500 sf.
- Residential demand in Coimbatore grew 12% QoQ and 27% YoY, while rental demand increased 11% QoQ and 30% YoY. As per the report, 43% of homebuyers prefer the 2 BHK configuration, 39% of homebuyers are searching for properties priced between INR 25-50 lakh, followed by 23% in the INR 50-75 lakh range.
- In Jaipur, the aggregate demand for residential properties increased 5% YoY while the rental demand grew 17% YoY. The demand for 3 BHK configurations constituted 57% and majority (35%) of the homebuyers preferred units in the 1,000-1,500 sf bracket.
- Residential demand in Nagpur grew 25% QoQ and 49% YoY, while the rental demand increased 84% YoY. There was a preference for 2 BHKs, constituting 44% of the total residential demand and 45% of the homebuyers preferred properties in the size bracket of 1,000-1,500 sf.
- Residential demand in Indore increased 12% QoQ and 2% YoY, while the rental demand increased 6% YoY.The report observed that 42.5% of homebuyers preferred 3 BHK units and 22% of homebuyers keen to opt for units in the size range of 1,000-1,500 sf.
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