New Housing Supply Will Increase By 51% Across Seven Cities, NCR Sees 20% Fall

New Housing Supply Will Increase By 51% Across Seven Cities, NCR Sees 20% Fall

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The new residential property supply increased 51% last year to 3,57,635 units across seven major cities as many builders launched more projects to meet rising housing demand.

According to the leading housing brokerage’s annual report for the year 2022, new launches increased to 3,57,635 units last year from 2,36,693 units in 2021 across seven major cities.

Housing unit launches increased in five cities: Mumbai Metropolitan Region (MMR), Kolkata, Bengaluru, Hyderabad, and Pune, but fell by 20% in Delhi-NCR and Chennai.

The number of new launches in 2022 remained lower than the previous peak in 2014 when more than 5.45 lakh units were launched in the top seven markets.

According to the data, new launches in MMR more than doubled to 124652 units in 2022 from 56883 the previous year.

Bengaluru saw a 61% increase in new launches to 49196 units in 2022, up from 30646 units in the previous year.

In Pune, new launches increased by 61% from 39869 units in 2021 to 64343 units.

New launches in Hyderabad increased by 32% to 68,007 units from 51470 units last year, while new supply in Kolkata increased by 17% to 16088 units from 13746 units.

However, new launches in Chennai fell by 19% to 9994 units in 2022, down from 12373 units the previous year.

In the Delhi-NCR market, new residential property launches fell 20% to 25,355 units in the last calendar year, down from 31,706 units in 2021.

Among other findings, the report stated that housing sales in these seven cities rose 54 percent in 2022 to 364873 units, an all-time high from 236516 units the previous year.

Source- Times of India

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