Housing launches records 28% QoQ growth in April-June 2022

According to a report, new launches of realty projects in the top eight residential markets in April-June 2022 were the highest in seven years and recorded 28% quarter-on-quarter (QoQ) and 368% year-on-year (YoY) growth. As many as 1,02,130 units were rolled out in the second quarter as against 79,530 in the prior quarter across India’s eight premium residential markets. The report also said that housing costs report an uptick in the backdrop of a rise in input prices, geopolitical problems, and a reversal of the accommodative outlook by the central bank. The most prominent booster to housing demand has been the grown importance of owning a property which has been further backed by the consumer trust in the overall economic scenario and upcoming income stability, said Vikas Wadhawan, Group CFO, PropTiger.com. As economic stability delivers homebuyers with more faith in their financial state, residential demand has increased across the top eight cities, with both housing sales and new supply recording a positive development trend in the quarter ending April-June 2022. The markets covered in the report incorporate Kolkata, Ahmedabad, Bangalore, Hyderabad, Mumbai Metropolitan Region (MMR), Delhi-National Capital Region (NCR), Chennai, and Pune. During the quarter ending June 30th, housing sales recorded a sequential 5% uptick when corresponding to the previous quarter (Q1 2022), according to the report. As per the report, 74,330 units were sold across the top eight markets in Q2 2022, as corresponded to 70,620 units sold in Q1 2022. The sharpest sequential growth in sales was seen in the end-user-driven markets of Ahmedabad at 30% and Hyderabad at 21%. Average values of new and available properties in the top cities reported an upward cost movement varying between 5% to 9% during this time. The report emphasises the current unsold stock in the country is at 7,63,650 units during this span, which will take around 34 months to match the current sales momentum of the top eight cities. Image Source Also read: Housing sales sets high record with 70,623 sales in Q1 2022