80,000+ residential units launched across top six cities

Strongly rooted in high homeownership sentiment, the realty sector during the first quarter of 2022 has predominantly remained end-user driven. The top six cities have witnessed the new launch of close to 80,000+ housing units, noting an exorbitant QoQ rise of 43 per cent, as per the latest report by 

Square Yards titled ‘India Residential Overview: Jan-Mar 2022’. These cities include Hyderabad, Bengaluru, MMR, Pune, Noida and Gurugram. 

MMR once again has bagged the highest share of 35 per cent, followed by Pune which accounts for 25 per cent of the total new launches. With a 

26 per cent share of total online searches in Q1 2022, MMR is also the most searched city, closely followed by Hyderabad at 22 per cent – in which, mid-segment properties, in the budget bracket of `3-6 million and `6-10 million are the most searched. 

3BHK units formed more than 40 per cent of the residential supply in Bengaluru and Gurugram while 2BHK units continued to be the most preferred by homebuyers in the quarter with 42 per cent of the total demand share. 

Further, according to the report, independent homes are once again in vogue with a 27 per cent share of the total property searches across the top six cities. Demand for luxury and ultra-luxury residential spaces (greater than 3,000 sq ft) has been more prominent in Bengaluru and Gurugram with 12 per cent and 

8 per cent shares respectively.

“This phenomenal rise in quarterly launches is indicative of the fact that demand for homes is at an all-time high post COVID and that the property sector has found its zing with respect to both sales and launches,” Anupam Rastogi, Co-founder and CBO (NRI Sales), Square Yards, says. “The bull run for the residential sector will continue in the following quarters against the backdrop of a strengthening economy, a robust job market and healthy wage growth. This will provide much-needed propulsion to the real estate sector to come out of the woods and be a shining sector again.”