Housing unit launches slump 54% in Q1 FY22
Real Estate

Housing unit launches slump 54% in Q1 FY22

According to a survey by PropEquity, a real estate data, research, and analytics organisation, housing unit launches decreased by 54% in the April-June quarter to 34,053 units, down from 74,196 units in the previous quarter.

There was a drop of 65% in Bengaluru, 66% in Chennai, 65% in Hyderabad, 30% in Kolkata, 52% in MMR, 55% in NCR and 38% in Pune.

At the same time, as India bore the brunt of the COVID-19 second wave in April and May, sales or absorption fell by a staggering 58%.

As a result of the nationwide lockdown, home registrations were suspended, as was the slow pace of home loan disbursals. Samir Jasuja, founder and managing director at PropEquity cites that the country may see resizing of units, marketing-driven discounts, amenities, and special payment schemes offered by developers to boost demand, particularly during the holiday season.

Home sales fell by 65% in Bengaluru, 66% in Chennai, 65% in Hyderabad, 30% in Kolkata, 52% in Mumbai Metropolitan Region (MMR), 55% in National Capital Region, and 38% in Pune.

In the second quarter, sales or absorption of housing units in the major cities of the country increased by 51% to 45,208 units up from 29,942 units in Q2 of the previous year.

Home sales went up by 33%, 65%, 138%, 14%, 38%, 98% and 39% in Bengaluru, Chennai, Hyderabad, Kolkata, MMR, NCR, and Pune, respectively.

Home sales were severely impacted in Q2 as India attempted to manage the second wave of Covid-19 across the country by imposing strict lockdowns, according to Ankush Kaul, President (Sales & Marketing) of the Ambience Group.

This caused a brief halt in real estate transactions. However, from June onwards, housing demand has recovered and is steadily increasing at impressive rates.

This trend is expected to continue as long as the third wave of covid-19 does not have a significant impact, she added.

Image Source


Also read: Housing sales fall by 58% in 2021: PropEquity

According to a survey by PropEquity, a real estate data, research, and analytics organisation, housing unit launches decreased by 54% in the April-June quarter to 34,053 units, down from 74,196 units in the previous quarter.There was a drop of 65% in Bengaluru, 66% in Chennai, 65% in Hyderabad, 30% in Kolkata, 52% in MMR, 55% in NCR and 38% in Pune.At the same time, as India bore the brunt of the COVID-19 second wave in April and May, sales or absorption fell by a staggering 58%.As a result of the nationwide lockdown, home registrations were suspended, as was the slow pace of home loan disbursals. Samir Jasuja, founder and managing director at PropEquity cites that the country may see resizing of units, marketing-driven discounts, amenities, and special payment schemes offered by developers to boost demand, particularly during the holiday season.Home sales fell by 65% in Bengaluru, 66% in Chennai, 65% in Hyderabad, 30% in Kolkata, 52% in Mumbai Metropolitan Region (MMR), 55% in National Capital Region, and 38% in Pune.In the second quarter, sales or absorption of housing units in the major cities of the country increased by 51% to 45,208 units up from 29,942 units in Q2 of the previous year.Home sales went up by 33%, 65%, 138%, 14%, 38%, 98% and 39% in Bengaluru, Chennai, Hyderabad, Kolkata, MMR, NCR, and Pune, respectively.Home sales were severely impacted in Q2 as India attempted to manage the second wave of Covid-19 across the country by imposing strict lockdowns, according to Ankush Kaul, President (Sales & Marketing) of the Ambience Group.This caused a brief halt in real estate transactions. However, from June onwards, housing demand has recovered and is steadily increasing at impressive rates.This trend is expected to continue as long as the third wave of covid-19 does not have a significant impact, she added.Image SourceAlso read: Housing sales fall by 58% in 2021: PropEquity

Next Story
Resources

Skyview by Empyrean is Making Benchmarks in the Indian Ropeway Industry

FIL Industries Private Limited, the parent company of Empyrean Skyview Projects that pioneered ropeway mobility solutions in India with Jammu’s Skyview Gondola, is currently developing the Dehradun-Mussoorie ropeway and is on track to complete Phase I by September 2026. The ropeway is set to be India’s longest passenger aerial monocable covering 5.8 km between the foothills of Dehradun in Purkulgam and MDDA taxi stand in the hills of Mussoorie in just under 20 minutes. The firm pioneered green mobility solutions in India with the development of the flagship Skyview Gondola in Jam..

Next Story
Technology

Creativity is for Humans, Productivity is for Robots!

On most construction sites, the rhythm of progress is measured by the clang of steel, the hum of machinery and the sweat of thousands. But increasingly, new sounds are entering the mix: the quiet efficiency of algorithms, the hum of drones overhead, and the precision of robotic arms at work. Behind the concrete and cables, an invisible force is taking hold: data. It is turning blueprints into living simulations, managing fleets of machines, and helping engineers make decisions before a single brick is laid. This is not the construction of tomorrow; it is the architecture of today – built on ..

Next Story
Infrastructure Urban

Bhartiya Urban Unveils ‘Bhartiya Converge’ GCC Enablement Platform

Bhartiya Urban has launched Bhartiya Converge, its latest business venture designed to become India’s premier platform for enabling Global Capability Centres (GCCs). The initiative offers an integrated ecosystem aimed at helping global clients gain a competitive edge in today’s rapidly evolving business environment. Focused on enhancing turnaround time and operational efficiencies, the company seeks to deliver better business outcomes powered by top-tier talent. Bhartiya Converge presents a customised and integrated suite of microservices that addresses the nuanced and evolving operational..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?