A report by Square Yards has found how Q1 2022 saw positive home buying sentiments in the market, with India’s top-6 cities seeing almost 80,000+ new residential unit launches. This indicated 43% of growth on the quarterly basis according to the Square Yards report. The report was named India Residential Overview: Jan-Mar 2022 and encompasses India’s top-6 real estate cities, namely the MMR, Bangalore, Hyderabad, Gurgaon, Noida and Pune.
The Square Yards report highlighted how a lion’s share of online searches pertained to mid-range and budget housing units, i.e. those priced between Rs. 60 lakh to Rs. 1 crore and Rs. 30-60 lakh respectively. MMR was the highest-searched city for real estate online, contributing to 26% of the total search tally. Hyderabad contributed 22% to the overall property search count. Square Yards has also confirmed sales growth of 82% in GTV (gross transaction value) for this quarter, indicating steadily rising demand for residential units country-wide.
2 BHK units were still the most popular options for buyers in the quarter, contributing to 42% of overall demand. Preferences were also marked for 1 BHK housing units in this period. The recent waivers on property taxes on smaller units in the MMR and surrounding areas and speculation about appreciation in property prices are key factors driving these trends. Demand was also strong for units with 3 BHK or larger configurations.
Independent houses saw a recovery in demand, especially in Bangalore and Hyderabad, which contributed 42% of searches as compared to 27% overall for these top-6 cities. Ultra-luxury and luxury units (sized at 3,000 sq ft and more) saw demand of 12% and 8% in Bangalore and Gurugram respectively. The report stated that the trends were hugely influenced by buyers choosing bigger homes with better amenities and developers being more amenable towards redesigning their property offerings based on the preferences of buyers.
For a detailed report on this read the articles we were featured in:
Outlook India – https://bit.ly/3OSox7M
Financial Express – https://bit.ly/3vKzDnI
Economic Times – https://bit.ly/381nrWX
moneycontrol – https://bit.ly/3FijR6M
goodreturns – https://bit.ly/3LSypfV
CNBC – https://bit.ly/3MRuaBl
Business Standard – https://bit.ly/39GdrTl
Published Date: May 2, 2022
