Searches of housing properties on its portal up 7 per cent in September: Magicbricks

Realty portal Magicbricks on Thursday said the searches of residential properties on its platform during July-September increased by 7.3 per cent year-on-year, while average asking price rose by 9.1 per cent. The listing of properties grew 6 per cent on its platform, Magicbricks said in a statement.

The average asking price increased 2 per cent compared with the June quarter, but searches and listings fell 2.9 per cent and 3.3 per cent, respectively.

Magicbricks did not disclose the actual number of searches as well as listing of rental homes on its platform.

Sudhir Pai, CEO, Magicbricks, said: "After uncertainty in the past few years, 2022 has ushered in relative stability and recovery for the residential sector. Home sales have been strong all year, and the upcoming festive season is likely to further spur the growth as it is considered an auspicious time to make real estate investments."

Magicbricks said that its monthly traffic exceeds 2 crore and an active base of over 15 lakh property listings. It also provides other services, including home loans, rent payment, movers and packers, legal assistance, property valuation, and expert advice.