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Declining Residential Searches Amidst Price Surge Near Jewar Airport: Magicbricks
New Delhi, January 29, 2025: Magicbricks, India's leading property portal, has observed a significant decline in residential searches in areas surrounding Jewar Airport, amidst a substantial increase in property prices. While the upcoming airport has fueled a boom in residential supply, with prices nearly doubling in the past five years, demand appears to be waning.
Analyzing data from key sectors around the airport, Magicbricks found a notable decrease in residential searches. For instance, searches in Zeta-Eta-Theta, sectors around Yamuna Expressway, and Omega-Chi-Phi declined by 48% YoY, 39% YoY, and 37% YoY, respectively in Q4 (October-December 2024). This decline coincides with asking prices in these areas increasing by 49%, 53%, and 28%, respectively during the same period.
Furthermore, the current price points in these areas are approaching parity with more established and accessible metros, which offer superior social and medical infrastructure. The average price in Zeta-Eta-Theta stands at INR 7858 per square foot, while Yamuna Expressway is at INR 7218 per square foot and Omega-Chi-Phi at INR 9706 per square foot. Some areas, such as Jaypee Greens (INR 12434 per square foot) and Alpha Beta Gamma Delta (INR 10841 per square foot), exhibit even higher average rates.
Despite the declining search interest, residential supply in these areas continues to surge. Listings in Omnicron-Mu-Xu have increased by 77% year-over-year, while listings around Yamuna Expressway have seen a 53% YoY increase.
| Supply Change | Demand Change | |||||
| Locality | QoQ | YoY | Locality | QoQ | YoY | |
| Alpha-Beta-Gamma-Delta | 19% | 54% | Alpha-Beta-Gamma-Delta | -4% | 5% | |
| Jaypee Greens | 54% | 71% | Jaypee Greens | 22% | 12% | |
| Omega-Chi-Phi | -1% | 17% | Omega-Chi-Phi | -20% | -37% | |
| Omnicron-Mu-Xu | 13% | -10% | Omnicron-Mu-Xu | 1% | -33% | |
| Pi-Rho-Sigma | 28% | -13% | Pi-Rho-Sigma | -16% | -29% | |
| Yamuna Expressway | 1% | 54% | Yamuna Expressway | -38% | -39% | |
| Zeta-Eta-Theta | -17% | 4% | Zeta-Eta-Theta | -44% | -48% | |
| Average Rates (Price/Sqft) | Average Rate (Price/Psf) Change | ||||||
| Locality | OND '23 | JAS '24 | OND '24 | Locality | QoQ | YoY | |
| Alpha-Beta-Gamma-Delta | 6679 | 10068 | 10841 | Alpha-Beta-Gamma-Delta | 8% | 62% | |
| Jaypee Greens | 9539 | 11077 | 12434 | Jaypee Greens | 12% | 30% | |
| Omega-Chi-Phi | 7591 | 9104 | 9706 | Omega-Chi-Phi | 7% | 28% | |
| Omnicron-Mu-Xu | 5494 | 9334 | 9751 | Omnicron-Mu-Xu | 4% | 77% | |
| Pi-Rho-Sigma | 6675 | 8782 | 9547 | Pi-Rho-Sigma | 9% | 43% | |
| Yamuna Expressway | 4710 | 6725 | 7218 | Yamuna Expressway | 7% | 53% | |
| Zeta-Eta-Theta | 5286 | 7068 | 7858 | Zeta-Eta-Theta | 11% | 49% | |
Magicbricks is India’s No.1 property site
As the largest platform for buyers and sellers of property to connect in a transparent manner, Magicbricks has monthly traffic exceeding 2 crores and an active base of over 15 lakh property listings. Magicbricks has metamorphosed into a full stack service provider for all real estate needs, with services including home loans, interiors, and expert advice.
With 17+ years of experience and deep research-based knowledge, Magicbricks also presents a repertoire of insight-driven platforms like MBTV- India’s leading online real estate YouTube channel, and other proprietary tools so that home buyers can access all information related to price trends and forecasts, locality reviews and more.
For more details, contact:
Akshita Agrawal |Sr Communications Manager, Magicbricks | akshita.agrawal@magicbricks.com
Chetna Sadadekar | Sr. Manager – Public Relations, Dentsu Creative | chetna.sadadekar@dentsu.com
