property market: Over 80,000 apartments launched across top 6 property markets in Q1, report

Top six property markets of India witnessed the launch of over 80,000 new residential units in the quarter ended March, up 43% from the previous quarter, showed a Square Yards report.

Mumbai Metropolitan Region (MMR) once again contributed the highest share of 35%, followed by Pune that accounted for 25% of the total new launches.

Interestingly, while 2-bedroom apartments continued to be the most preferred by homebuyers during the quarter with 42% of the total demand share, the preference for 1-bedroom units also inched up.

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 three-bedroom apartments and above configurations also remained evident.

With a 26% share of the total online searches during the quarter, MMR was the most searched city, closely followed by Hyderabad at 22%. Mid-segment properties in the budget bracket of Rs 30-60 lakhs and Rs 60-100 lakhs were the most searched by online property seekers.

Indicating the robust developer confidence, 3-bedroom configurations formed more than 40% of the residential supply in Bengaluru and Gurugram.

Independent homes are once again in vogue with a 27% share of the total property searches across the top six cities. Southern cities namely Hyderabad and Bengaluru lead the searches with about 42% demand each for independent homes in the cities during the quarter. Demand for luxury and ultra-luxury residential spaces (>3000 Sq. Ft.) was more prominent in Bengaluru and Gurugram with 12% and 8% share respectively.

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