Launch of New Houses Increase by 50 Percent in Q2 2018
Throughout the quarter that ended in June 2018, the top seven Indian cities have experienced new launches of overall 50,100 units, accounting for a 50% increase from the previous quarter. These cities are the National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Chennai, Hyderabad, and Kolkata. Over 2446 independent flats for sale in Hyderabad alone are listed. The new launches in the affordable housing segment range (INR 40 lakh onward), which made 100 per cent huge turnover possible during this phase.
Around 6,900 units were launched in Pune during this Q2, which is 3 times more growth from 2,200 units launched before this quarter. During the Q2 phase, Pune showed a remarkable hit in launches by a surprising 1,900 units, made possible with the two large affordable housing projects, making Pune market the key contributor in the rise.
In the Q2 2018 Phase, the sales in terms of the housing sector together in the seven cities showed an increase of 24 per cent together over the previous quarter. Approximately 60,800 units were sold in Q2 2018 with 81 per cent overall sales in NCR, MMR, Bengaluru, Hyderabad, and Pune altogether.
THE FIGURES
MMR sales increased by 26 per cent, experiencing an increase from 12,050 units in Q1 2018 to 15,200 units in Q2 2018. Hyderabad showed a whopping increase by 25 per cent over Q1 2018, covering 4,750 units. Pune’s sales rose by 24 per cent as compared to the previous quarter, with 8,400 units. NCR’s sales reached 23 per cent, from 9,100 units in Q1 2018 to 11,150 units in Q2 2018. Kolkata showed an increase of 17 per cent, from 3,420 units in Q1 2018 to 4,000 units in Q2 2018. Chennai experienced a sales rise to 16 per cent, as compared to 2,320 units in Q1 2018 to 2,700 units in Q2 2018.
HOW HYDERABAD HAS GROWN IN Q2
Hyderabad added 5,550 units in Q2 2018, a huge increase of 109 per cent. This city has shown a remarkable prominence on the real estate map, along with Chennai followed by Pune with more than 2x per cent growth in the total number of new housing units launched during Q2.
Although the total unsold inventory reduced by two per cent, accounting to 7.11 lakh units in Q1 to 7.0 lakh units in Q2, residential segment property experienced an increase in prices in all the top seven cities by one percent in Q2 2018, compared to the previous quarter, exceptions being Chennai and Kolkata (where prices remained stagnant).
The affordable and mid-range segment became the prominent role changer, dominating the market. The affordable segment showed an astonishing rise of 46 per cent share of the total new launches with a remarkable contribution of Hyderabad, where new flat sale showed a remarkable prominence on the real estate map, along with Duplex apartments, and other exciting projects by various builders with its high liveability.
Considering the remarkable growth in supply and sales in Q2 2018 phase, more new launches coming in all top seven cities will be flooding the buyers with vast options to choose from, leading to price rationalisation. The dream of millions of Indians to have an affordable home may come true through the affordable housing provided by real estates under the reach of common man. If the real estate developers are determined for more affordable launches, adding only the relevant supply, we may witness this dream project.
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