Q3 2021 saw 68pc rise in new real estate project launches across top cities: Square Yards report
India's real estate sector has recovered remarkably from the downswing caused by the pandemic. The recovery, beginning in the last quarter of 2020 and catalysed by stable repo rates, stamp duty waivers, and low-interest rates, was temporarily halted in Q2 2021 amid the second wave of COVID-19. However, in Q3 2021, top realty markets were derailed from their recovery path, according to the latest report byreport.
The latest report by Square Yards tilted ‘India Residential Overview: Jul-Sep 2021’ captures the residential trends across top six cities in Q3 2021. The cities covered in the report include Mumbai Metropolitan Region (MMR), Pune, Gurugram, Noida, Bengaluru, and Hyderabad.
The report suggests a whopping growth of close to 70 percent was recorded in the number of residential projects launched in the top six cities as compared to the previous quarter.
Here are the key highlights of the report:
New project launches saw a quarterly rise of 68 percent at the pan India level, with MMR recording the highest share with 27 percent, followed by Hyderabad at 23 percent and Pune at 20 percent.
MMR was also the most searched city with a 33 percent share, followed by Hyderabad at 20 percent.
City-wise split for new launches
Properties in the budget bracket of Rs 30-60 lakh and Rs 60-100 lakh were the most searched by online property seekers in Q3 2021.
Interestingly, properties sized less than 1,000 sq ft. formed almost 50 percent of the online searches in Q3.
However, searches for larger homes inched up by varying degrees. While a quarterly rise of 7 percent was noted for the 1,000-2,000 sq ft category, homes larger than 2,000 sq ft recorded a rise of 5 percent in online demand in Q3, compared to the previous quarter.
The maximum searches for ultra-luxury properties sized above 4,000 sq ft were in Bengaluru with 31 percent share, while Hyderabad was second at 26 percent.
Southern cities of Hyderabad and Bengaluru displayed an inclination towards plotted developments with more than 50 percent inventory for the same in each city.