80,000-Plus New Residential Units Launched Across Top-Six Cities in Q1 2022: Report

The first quarter of 2022 saw a strong sentiment in home ownership, with the top-six cities witnessing launch of close to 80,000-plus housing units. On a quarterly basis, this was a rise of 43 per cent, according to a recent report by Square Yards.

The report, titled India Residential Overview: Jan-Mar 2022 covered the six-top realty markets in India – Hyderabad, Bengaluru, Mumbai Metropolitan Region (MMR), Pune, Noida, and Gurugram.

According to the report, most of the online searches were in the budget and mid-segment range, i.e., Rs 30-60 lakh, and Rs 60 lakh – 1 crore. City-wise, MMR dominated as the most searched-city with online searches for residential properties hovering at 26 per cent of the total share of online searches. It was closely followed by Hyderabad at 22 per cent. 

Square Yards said their sales figures for the Jan-Mar 2022 period also recorded a rise of 82 per cent in the total GTV (Gross Transaction Value), further highlighting the rise in demand for residential units.

The report said that while 2BHK units continued to be the most preferred option for homebuyers in Q1 2022 (42 per cent of the total demand share), the preference for 1BHK units has also shown an upward trend. 

“The recent announcements of property tax waivers on smaller configurations in MMR and adjacent areas and speculations around expected property price appreciation are the most likely factors behind the cursory trend. The demand for 3BHK and above configurations also remained evident,” the report said.  

Independent homes are also once again in vogue. The demand for such homes has been the highest from the southern cities – Hyderabad and Bengaluru – 42 per cent, as against the 27 per cent average across all the six cities.

As for luxury and ultra-luxury residential spaces (3,000 Sq. Ft. and above), the demand was more prominent in Bengaluru and Gurugram, at 12 per cent and 8 per cent, respectively, for the total online searches recorded in these cities. The trends witnessed in Q1, 2022, the report concluded, was largely dependent on the sentiments where the majority of the homebuyers preferred larger houses and developers are also keen to tweak their offerings according to buyer preferences.