March 8, 2024: After a period of dormancy, the residential sector is currently experiencing remarkable resurgence, characterized by surging residential demand that has driven property prices up by nearly 15% in 2023. The demand, currently at a decadal high, has also spurred an increased interest in new projects, marking a notable trend in the sector.
In response to these evolving trends, Magicbricks, India's leading real estate platform, has launched MagicHomes, an initiative which spotlights all the new projects across key cities of Delhi NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Hyderabad, Kolkata, Pune, Ahmedabad, and Chennai.
Commenting on the launch, Sudhir Pai, CEO, Magicbricks highlighted the relevance of MagicHomes amidst the growing interest of customers in new projects. “The increasing prices of under-construction properties and the high velocity of sales reported by developers underscore the dynamic nature of the market, and reiterate the necessity for prompt decision-making based on reliable information. MagicHomes is an initiative in this direction, serving as a comprehensive directory of new projects offering up-to-date and essential information for seamless decision making by our customers"
A centralized platform to assist customers in decision-making, MagicHomes includes information on authenticity and compliance of new projects sourced from verified authorities like RERA. Customers can evaluate projects across important parameters including master plans, builder history, project construction timelines and updates, price appreciation trends, and inventory details. MagicHomes also offers a curated selection of nearly 4000 editorial reviews from 280+ influencers and MBTV, India’s first real estate YouTube channel, providing unbiased insights to customers.
Elaborating on the same, Vivek Kumar, Head of Product, Magicbricks shared “Historically, homebuyers have favored completed projects over new projects due to uncertainties and limited access to information regarding the viability of new developments. However, with the changing preferences, MagicHomes serves as a single-window to assist customers in seamlessly comparing prices, assessing appreciation trends, and accessing comprehensive details of their preferred projects.”
Magicbricks anticipates a significant improvement in user experience, with a projected increase in engagement by 20-30%.
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