These cities saw a spike in new residential launches in Q2 2022

Continuing the trend of new residential launches, these cities saw 170 per cent year-on-year (YoY) rise, with the launch of more than 79,000 new housing units across the top six cities in Q2 2022 as per research conducted by Square Yards, which is a tech-led brokerage and mortgage marketplace. MMR once again contributed the highest share of 38 per cent, followed by Pune, Hyderabad and Bengaluru, which accounted for 21, 20 and 14 per cent, of the total new launches. Gurugram and Noida were at the lowest with just 5 and 2 per cent of the total share of new launches. 

However, a dip of 2 per cent was seen in quarterly trends due to surge in property prices and hike in lending rates. Given the demand momentum, as observed in the previous quarter, in Q2 2022 also, MMR residential market saw the launch of 30,000+ new residential units. Being only a select few key markets, MMR noted a quarter-on-quarter rise of 8 per cent with respect to the new launches, indicating a positive stance of the developers’ community. With a 38 per cent share of the total online searches in Q2, 2022, MMR was the most searched city, followed closely by Hyderabad at 22 per cent.

With interest rates in an upcycle and housing prices rising, this may act as a sentiment-disrupter for homebuyers for a short period of time. However, the rates are still on the lower side and with strong latent demand and buoyant consumer confidence, residential demand may see to continue to maintain its upward growth trajectory.

Moreover, mid-segment properties in the budget bracket of Rs 30-60 lakhs and Rs 60-100 lakhs were the most searched by online property seekers in Q1, 2022. Interestingly, while mid segment properties continued to be the most preferred for homebuyers in Q2 2022 with 57 per cent of the total demand share, the demand share of premium category residential units (units worth >Rs 1 crore) inched up by more than 10 per cent as compared to Q1 2022.

Also read: 'New-gen is more adventurous with riskier investment'

Also read: Coworking market bounces back in H1 2022 as WFH takes a backseat