Fresh supply of homes is expected to reduce in the quarter across nine major cities, data from real estate analytic firm PropEquity revealed. The findings showed that the supply of housing units is anticipated to fall by 13 per cent in the quarter as builders launched less projects owing to the general elections.
The new housing supply during the April-June quarter is projected to fall to 97,331 units across nine major cities, against a supply of 1,11,657 units clocked in the same quarter a year earlier, the data showed.
Amongst the cities, Pune and Hyderabad reported fewer launches in the quarter under review, while Delhi-NCR saw an increase of almost double in fresh housing units, reported PTI.
Explaining the fall in the supply of fresh housing units, Samir Jasuja, CEO and MD, PropEquity, said that the Lok Sabha elections remained a major factor behind the decline. He noted that the fresh supply stood 7 per cent lower in comparison to the preceding January-March quarter in the 2024 calendar year.
The data revealed that the launches of residential units in Delhi-NCR is expected to increase 95 per cent to 11,118 units during the quarter ending June, against 5,708 units in the same quarter a year earlier.
In Bengaluru, the fresh supply of housing units is estimated to climb 21 per cent to 14,297 units in the April-June quarter, as compared to 11,848 units logged in the corresponding period last year. Chennai is expected to see a 67 per cent surge to 5,754 units from 3,634 units on a year-on-year (YoY) basis.
On the other hand, the fresh supply in Hyderabad is likely to reduce 36 per cent to 11,603 units in the quarter under review from 18,232 units a year earlier. Meanwhile, Kolkata and Mumbai are set to clock a decline of 26 per cent and 6 per cent respectively in the fresh supply.
Navi Mumbai is also estimated to see a fall of 5 per cent in fresh homes supply to 6,937 units from 7,272 units on a YoY basis. Pune is also likely to clock a slip of 47 per cent to 15,568 units from 29,261 units a year earlier.
The data estimated a slight decline of 2 per cent in housing sales during the quarter under review to 1,19,901 units, against 1,21,856 units in the corresponding period a year earlier.
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