The latest report by Square Yards titled ‘India Residential Overview: Jan-Mar 2022’ captures the trends of the housing market amidst the changing buyer preferences under the influence of a few policy reforms, expected price appreciation, and demand-supply dynamics. The cities covered in the report include Hyderabad, Bengaluru, MMR, Pune, Noida, and Gurugram.
Highlights of the report:
- The number of new project launches in the top six cities recorded a quarterly rise of 43%, with MMR once again bagging the highest share of 35%, followed by Pune which accounted for 25% of the total new launches.
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- With a 26% share of the total online searches in Q1, 2022, 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 in Q1, 2022.
- Rooted in strong developer confidence, 3BHK configurations formed more than 40% of the residential supply in Bengaluru and Gurugram for Q1, 2022.
- Interestingly, while 2BHK units continued to be the most preferred by homebuyers in Q1 2022 with 42% of the total demand share, the preference for 1BHK 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 3BHK and above configurations also remained evident.
- 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 Jan-Mar 2022 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, for the total online searches recorded in these cities.
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