The pan-India housing demand increased by 4.6 percent quarter-on-quarter and 6.7 percent year-on-year, a report said.
Mumbai (15.2 percent), Gurugram (9.6 percent), Noida (8.2 percent) and Delhi (5.6 percent) witnessed the highest QoQ growth in demand while Greater Noida (6.0 percent), Mumbai (3.8 percent), Ahmedabad (3.2 percent), and Chennai (2.9 percent) exhibited maximum QoQ growth in supply, according to the report by Magicbricks titled PropIndex Report for Q1 2022.
As for prices, pan-India prices increased 1.3 percent QoQ and 6.4 percent YoY, reflecting the resilience of the housing markets vis-a-vis other real estate assets. The prices of ready-to-move properties increased 1.7 percent QoQ and 5.8 percent YoY. Thane, Greater Noida, Kolkata, Ahmedabad, and Bengaluru witnessed maximum QoQ price increases of 3.6 percent, 2.8 percent, 2.2 percent, 2.1 percent and 2.0 percent respectively.
The prices of under-construction properties were largely stable during the quarter with an increase of 0.6 percent QoQ nationally. Prices in Noida, Delhi, Chennai, Ahmedabad, and Hyderabad saw QoQ increases of 7.4 percent, 3.5 percent, 2.1 percent, 1.6 percent, and 1.6 percent respectively.
It said that delivery, size, location, connectivity and amenities are significant deciding factors for homebuyers and homes located in gated communities with health and security facilities have emerged as most preferred.
In Bengaluru, housing demand increased 3.7 percent QoQ. There was continued preference for bigger homes; 2BHK and 3BHK constituted 79 percent of the total demand and 81 percent of the total supply.
Delhi's housing demand grew 5.6 percent QoQ while the average price increased 0.4 percent QoQ. The residential market was dominated by 3BHK and above configurations that constituted 64 percent of the demand. In Noida and Greater Noida, the aggregate demand for residential markets witnessed a 6.8 percent QoQ growth, whereas supply increased 0.2 percent QoQ and average prices increased 2.1 percent QoQ, the report said.
Demand in Mumbai's residential market increased 15.2 percent QoQ. New residential launches increased the supply by 3.8 percent QoQ; while average prices increased 1.4 percent QoQ. The demand and supply for 2BHK configuration constituted 40 percent and 42 percent respectively in Q1’ 2022, the report said.
“Increasing project completions, attractive offers from developers, supportive policies and improving employment opportunities have boosted buyer-confidence in the real-estate industry. While the present geopolitical situation is impacting the supply chain and input costs, we expect the momentum gained thus far to continue across demand and supply backed by new launches tailored to the evolving needs of consumers and all-time low home loan interest rates,” said Sudhir Pai, CEO, Magicbricks.In each of the cities mapped, the peripheral areas continue to be hotspots of demand driven by infrastructure development. These trends signal optimism and a stable outlook for the industry for the coming quarters, he said.