New residential launches rise 170% in Q2

New residential launches saw a whopping 170% rise year-on-year in the April-June quarter with the launch of more than 79,000 new housing units in the top six cities including Bengaluru, as per the latest research by real estate platform Square Yards.

New residential launches in Mumbai metropolitan region, Pune and Gurugram recorded a yearly rise of 250% in the April-June quarter. MMR contributed to the highest share of 38% followed by Pune at 21%. Bengaluru saw 80% more new launches this quarter.

Quarterly trends for new supply in April-June however varied to some extent as anticipated. Attributed to the surge in property prices and hike in lending rates, the new launches of housing units witnessed a small quarterly dip of 2% in Q2 2022.

Further, only MMR and Gurugram saw a quarter-on-quarter rise of 16% and 12% respectively, while new launches in other top cities reverberated the same restrictive developers’ sentiments, the report said.

More than 43% supply of 3 BHK configurations were noted in Bengaluru and Gurugram in the quarter under review.

While mid-segment properties continued to be the most preferred for homebuyers in the April-June quarter with 57% of the total demand share, the demand for premium category residential units of more than Rs 1 crore inched up by 10% as compared to the January-March quarter.