PremiumNEW DELHI: New residential launches rose 170% year-on-year in Q2 2022 (April -June) with the launch of more than 79,000 new housing units across the top six cities, as per latest research from Square Yards
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NEW DELHI: New residential launches rose 170% year-on-year in Q2 2022 (April -June) with the launch of more than 79,000 new housing units across the top six cities, as per latest research from Square Yards. In fact, new launches in Mumbai Metropolitan Region (MMR), Pune, and Gurugram reported a yearly rise of over 250% year-on-year in Q2. MMR contributed the highest share at 38%, followed by Pune which accounted for 21% of the total new launches.
Square Yards is a tech-led brokerage and mortgage marketplace, an online to offline B2C (business to consumer) transaction and aggregator platform for both real estate and mortgages.
The quarterly new supply trends for Q2 showed some variation. Impacted by the surge in property prices and the hike in lending rates, new launches of housing units witnessed a dip of 2% in Q2. City-wise, only MMR and Gurugram saw a quarter-on-quarter rise of 16% and 12%, respectively.
Reflecting the strong demand momentum, as seen in the previous quarter, MMR residential market saw the launch of more than 30,000 new residential units in April-June. As per Square Yards, rising interest rates and housing prices may hurt homebuyers’ sentiment in the short term. However, with rates still on the lower side and with strong latent demand and buoyant consumer confidence, residential demand may continue with its upward growth trajectory.
Mid segment properties, with units worth ₹30 lakh to ₹60 lakhs and ₹60-100 lakhs) continued to be the most preferred for homebuyers in Q2 2022 with 57% of the total demand share. The demand for premium residential units (worth more than ₹1 crore) went up by more than 10% as compared to Q1 2022.
Also, data shows interests in plotted developments - accounting for 24% share in total property searches across the top six cities. Cities such as Gurugram, Noida and Pune lead the searches for plots, constituting about more than 33% share in total property searches in the respective cities.