Representative Image: Vijaywada, Amravati And Guntur Emerge As New Residential Favourites
Photo : iStock
In South India, Amaravati, Guntur, and Vijayawada are emerging as the new residential favourites in 2024, according to a report by Magicbricks, India’s leading real estate portal.
Based on the preferences of over 2 crore customers on the platform, Amaravati recorded a 49.10 percent year-on-year (YoY) growth, Guntur saw a 38.27 percent YoY growth, and Vijayawada experienced a 31.95 percent YoY growth in searches. Meanwhile, due to the high demand, residential supply (listings) in Guntur (-22.57 percent YoY), Amaravati (-6.7 percent YoY), and Vijayawada (-18.46 percent YoY) decreased.
Additionally, the demand-supply mismatch led to a substantial increase in residential prices in these markets. The average residential prices in Vijayawada rose by 20.06 percent YoY to reach Rs 5,759 per square foot (psf) in Quarter 3 (July-September 2024). In Guntur, the average residential prices increased by 3.27 percent YoY to Rs 4,962 psf, while in Amaravati, they rose by 3.29 percent YoY to Rs 4,470 psf, according to the portal.
