Housing demand rises 4.6% QoQ in Q1, 2022; supply remains stable: Report

The residential housing business confirmed strong progress in January-March 2022 as demand rose 4.6 per cent quarter-on-quarter (QoQ) throughout 13 Indian cities, in line with the Magicbricks PropIndex Report.

Recovering from the coronavirus-induced slowdown, the primary quarter noticed Mumbai (15.2 per cent), Gurugram (9.6 per cent), Noida (8.2 per cent) and Delhi (5.6 per cent) witnessing the best progress in demand whereas Greater Noida (6.0 per cent), Mumbai (3.8 per cent), Ahmedabad (3.2 per cent), and Chennai (2.9 per cent) exhibited most progress in supply.

The costs of ready-to-move properties elevated 1.7 per cent QoQ and 5.8 per cent year-on-year, with Thane, Greater Noida, Kolkata, Ahmedabad, and Bengaluru seeing most QoQ value will increase.

The report stated Delhi’s residential market was dominated by 3BHK and above configurations that constituted 64 per cent of the demand, whereas, in Noida and Greater Noida, the combination demand for residential markets witnessed a 6.8 per cent QoQ progress.

The information confirmed that the demand in Mumbai elevated with new residential launches growing the supply by 3.8 per cent QoQ.

“Increasing venture completions, enticing affords from builders, supportive insurance policies, and bettering employment alternatives have boosted buyer-confidence in the true property business,” stated Sudhir Pai, CEO, Magicbricks, including that in every of the cities mapped, the peripheral areas proceed to be hotspots of demand pushed by infrastructure improvement.

The report has predicted an onward trajectory for 2022 resulting from exterior stimuli reminiscent of digitisation of land data, elevated allocation of Rs 48,000 crore beneath PM Awas Yojna and PM Gati Shakti, that are anticipated to additional strengthen infrastructure and enhance investments in the true property sector.

Dear Reader,

Business Standard has all the time strived exhausting to offer up-to-date info and commentary on developments which are of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on the right way to enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these troublesome occasions arising out of Covid-19, we proceed to stay dedicated to preserving you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.

We, nevertheless, have a request.

As we battle the financial affect of the pandemic, we’d like your help much more, in order that we will proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from lots of you, who’ve subscribed to our on-line content material. More subscription to our on-line content material can solely assist us obtain the targets of providing you even higher and extra related content material. We consider in free, truthful and credible journalism. Your help by extra subscriptions may also help us practise the journalism to which we’re dedicated.

Support high quality journalism and subscribe to Business Standard.

Digital Editor