The latest report by Square Yards titled ‘India Residential Overview: Jan-Mar 2022’ captures the trends of the housing market amidst the changing buyer preferences under the influence of a few policy reforms, expected price appreciation, and demand-supply dynamics.
The cities covered in the report include Hyderabad, Bengaluru, Mumbai Metropolitan Region (MMR), Pune, Noida, and Gurugram.
Highlights of the report:
- The number of new project launches in the top six cities recorded a quarterly rise of 43 per cent, with MMR once again bagging the highest share of 35 per cent, followed by Pune which accounted for 25 per cent of the total new launches.
- With a 26 per cent share of the total online searches in Q1, 2022, MMR was the most searched city.
- Interestingly, while 2BHK units continued to be the most preferred by homebuyers in Q1 2022 with 42 per cent of the total demand share, the preference for 1BHK units also inched up. The recent announcements of property tax waivers on smaller configurations in MMR and adjacent areas and speculations around expected property price appreciation are the most likely factors behind the cursory trend. The demand for 3BHK and the above configurations also remained evident.
- Independent homes are once again in vogue with a 27 per cent share of the total property searches across the top six cities.
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