Amaravati (49.10% YoY), Guntur (38.27% YoY) and Vijayawada (31.95% YoY) enjoyed increased searches (demand) in 2024.
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Amaravati, Guntur and Vijayawada are emerging as the new residential favourites in South India in 2024, according to the latest report by real estate portal Magicbricks.
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“Based on the preferences of over 2 crore customers on the platform, Amaravati (49.10% YoY), Guntur (38.27% YoY) and Vijayawada (31.95% YoY) enjoyed increased searches (demand). At the same time, due to high uptick, residential supply (listings) in Guntur (-22.57% YoY), Amaravati (-6.7% YoY) and Vijayawada (-18.46% YoY) reduced,” Magicbricks said in its report.
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Due to demand and supply mismatch, residential prices increased substantially in these markets. Average residential prices in Vijayawada increased 20.06 per cent YoY to reach Rs 5,759 psf in Q3 (Jul-Sep 2024). Average residential prices in Guntur increased 3.27 per cent YoY to Rs 4,962 psf and in Amaravati, it increased 3.29 per cent YoY to Rs 4,470 psf shared the portal, it added.
