2BHK houses witnesses 42% demand share from homebuyers

While 3BHK designs formed over 40% of the residential supply in Bengaluru and Gurugram following the demand for larger housing units after three waves of the Covid-19, continued to be the most preferred by homebuyers in the first quarter (Q1) of 2022 with 42% of the total demand share. According to a report by Square Yards, the demand for 1BHK housing units is also increasing. The recent announcements of property tax waivers on smaller configurations in Mumbai Metropolitan Region (MMR) and adjacent areas expected property price appreciation. The Q1 2022 recorded a 42% share of the total online searches for 2BHK housing units, with a 3% increase, compared to the fourth quarter (Q4) of 2021, where demand for 3BHK homes dropped slightly. The cities included in the housing report are Hyderabad, Bengaluru, Gurugram, MMR, Pune and Noida. In Q1 2022, the residential segment in the top six cities recorded the launch of over 81,000 new housing units, up by 43% compared to the previous quarter of 2021. From the top six cities, MMR dominated the new launches, accounting for 35% of the total share, followed by Hyderabad. It gained traction from significant developers, comprising one-fourth of the overall new residential projects in Q1 FY22. The projects launched in the top six cities recorded a quarterly rise of 43%, with MMR bagging the highest share of 35%, followed by Pune, with 25% of the total new launches. With a 26% share of online searches in Q1 2022, MMR was the most searched city, followed by Hyderabad at 22%. Mid-segment housing units around Rs 30-60 lakhs and Rs 60-100 lakhs were the most searched by online property seekers in Q1 2022. Independent housing demand increases with a 27% share of the total property searches across the top six cities. South cities, including Hyderabad and Bengaluru, lead online searches with about 42% demand each for independent housing during the Jan-Mar quarter. The demand for luxury and ultra-luxury residential spaces was more prominent in Bengaluru and Gurugram, with online searches 12% and 8% share, respectively. Though new launches gains momentum in the other top cities, with over 2,100 new housing units launched in Q1 2022 in Noida, a drop of 14% was witnessed, compared to the last quarter of 2021. Noida Expressway, which witnessed maximum new launches in the previous quarter, constituted only a quarter of the total share of the new projects. Noida Central bagged about 44% of the new project launches, followed by the sectors in Noida Extension. With a robust residential activity in the previous quarter, the first quarter of 2022 witnessed the launching of over 3,800 new residential units in Gurugram. The demand for mid-segment housing units in Q1 of 2022 formed half of the total online searches. The demand for the premium housing segment can be expected to increase in the upcoming quarters, with the need for spacious houses and rising property prices influencing buyer sentiments. Image Source Also read: Infra development boosts demand in Chennai, Bengaluru