Indian Housing Market Bullish: Report

New Delhi, Mar 25 (PTI) Consumers sentiments in India's housing market remain positive despite a rise in prices, according to realty portal Magicbricks.

On Thursday, Magicbricks released a report 'Housing Sentiment Index' based on the survey of over 4,500 customers across 11 cities.

"Despite inflationary pressures, the Housing Sentiment Index (HSI) across India remains robust with strong buyer confidence," it said in a statement.

The survey revealed a positive market outlook for the Indian residential real estate sector with an overall HSI of 149.

Magicbricks said the HSI is derived from an online survey capturing the responses of 4,500 high intent homebuyers across the top 11 cities of India, spanning various income brackets and budget preferences.

The HSI score ranges from 0 to 200, with 100 representing neutrality. Indicating an expectation of market stability in the short to medium term. A score of 200 reflects a bullish sentiment while a score of 0 indicated a bearish sentiment.

"Currently, the pan-India HSI stands at 149, signalling the optimistic outlook of prospective homebuyers," the report said.

Ahmedabad emerged as the frontrunner with the highest HSI of 163, closely followed by Kolkata (160), Gurugram (157), and Hyderabad (156), propelled by enhanced infrastructure and upcoming new real estate projects.

"The current scenario of India's real estate sector reflects the most promising conditions witnessed in the past decade, instilling confidence among homebuyers and investors nationwide. Its also noteworthy that the demand is consistently surpassing available supply, showing encouraging signs of swift absorption when new inventory enters the market," Sudhir Pai, CEO of Magicbricks, said.

The report also identified that mid-age professionals (24-35 age group) demonstrated the highest HSI (154). Furthermore, consumers with an annual income of Rs 10-20 lakh displayed strongest aspirations for home buying, with HSI of 156.

According to the statement, Magicbricks has monthly website traffic exceeding 2 crore and an active base of over 15 lakh property listings. It has become a full stack service provider for all real estate needs, with services, including home loans, interiors, movers and packers, and expert advice.