Facing three waves of world contagion and a number of lockdowns, the Indian housing markets have gotten resilient over time. In the second quarter of 2022 (Q22022), the mixture demand (searches) in key Indian cities jumped by about 16.9% quarter-on-quarter (QoQ) & 27.7% year-on-year (YoY), whereas the cumulative provide (listings) witnessed progress of two.9% QoQ & 16.2% YoY, as per Magicbricks’ newest PropIndex Report for Q2, 2022.
The progress displays a promising comeback from the pandemic-induced slowdown and the general financial restoration throughout sectors. Mapping traits in 13 cities throughout the nation, the report highlights that Delhi (47.2%), Ahmedabad (21.4%), Kolkata (21.2%), Noida (20.6%), and Bengaluru (18.8%) witnessed the best QoQ progress in residential demand whereas Delhi (10.8%), Bengaluru (6.7%), Gurugram (6.6%), Chennai (5.1%) and Kolkata (5.1%) exhibited most QoQ progress in provide.
“The rise in residential demand across 13 India cities is reflective of economic recovery and income stabilisation. This is also fuelled by families returning to metros as offices and educational institutions reopen. While growing inflation, disruption of the global supply chain and increase in input cost of materials & mortgage rates are pushing up the prices, overall we are seeing buyer’s confidence and expect India’s residential market to continue growing over the next few quarters as well,” stated Sudhir Pai, CEO, Magicbricks.
Regardless of the headwinds created by the a number of waves of Covid-19, Magicbricks Research anticipates a secure progress curve for India’s residential sector all through 2022.
Market-specific takeaways from Magicbricks’ Propindex Report Q2, 2022:
1) Bengaluru’s residential demand noticed a considerable progress with a rise of 18.8% QoQ whereas the provision noticed a progress of 6.7% QoQ. There was a continued desire for greater properties with 3BHK constituting 49% of the full demand and 43% of the full provide.
2) Chennai’s residential market has been pushed by an rising demand close to the coastal areas as a result of presence of IT corridors and employment hubs. The demand grew 13.0% QoQ whereas the provision grew 5.1% QoQ with a rise of 1.6% QoQ within the common property charges. Homebuyers within the metropolis appear to have a powerful desire for mid-segment and premium properties over reasonably priced housing.
3) Delhi’s residential demand grew practically 1.5 occasions with a rise of 47.2% QoQ with a desire for mid-segment localities whereas the provision elevated to 10.8% QoQ. Property costs additionally witnessed a QoQ enhance of two.5%. The residential market was dominated by 2BHK and 3BHK, which constituted a complete of 82% of the demand share. In Noida and Greater Noida, the mixture demand for residential markets witnessed a 19.3% QoQ progress, whereas provide declined by 1.6% QoQ and common costs elevated by 3.1% QoQ.
4) Ahmedabad’s residential market demand elevated to 21.4% QoQ whereas provide elevated by 4.7% QoQ; common costs elevated 1.6% QoQ. The 3BHK items proceed to carry a majority share available in the market with demand and provide of 45% and 46% respectively; decline within the demand for premium properties to 12% in Q2, 2022.
5) Kolkata’s residential market was pushed by demand for reasonably priced properties. The demand grew 21.2% QoQ whereas the provision grew 5.1% QoQ. The common property charges additionally elevated 1.7% QoQ; 2 and three BHK configurations accounted for 87% of the full demand in addition to provide.
6) Demand in Mumbai’s residential market elevated 16.5% QoQ owing to a rise within the demand within the western suburbs whereas provide elevated by 4.5% QoQ; common costs elevated 1.2% QoQ. The demand and provide for 2BHK configuration constituted 43% and 44% respectively in Q2, 2022.
7) Pune displayed a pointy enhance in demand (from 3.9% in Q1, 2022 to eight.1% in Q2, 2022) and the typical costs (from 0.5% within the earlier quarter to 1.3% in Q2, 2022). Supply confirmed a reverse development (From 2.2% to -2.0% within the present quarter).
8) In Hyderabad, residential provide continued to lower even in Q2 2022 within the face of regulatory adjustments. It is encouraging to see that the State Government has launched measures to observe malpractices within the sector. Overall, the residential demand was largely secure (0.2% QoQ progress), whereas the typical price elevated by practically 3%.
Source: www.financialexpress.com”