The findings of CBRE South Asia’s ‘India Market Monitor – Q1 2022’ were released. The report examined the growth, trends, and dynamics in India’s real estate market.
According to the report, housing sales increased by nearly 13% Q-o-Q to over 70,000 units in Q1 2022, and sales increased by nearly 40% year-over-year. In comparison to Q4 2021, the affordable/budget segment’s share of sales remained stable at 27 percent in Q1 2022. While sales in the high-end category increased to 23% in Q1 2022 from 16% in Q4 2022, sales in the mid-end segment decreased to 41% in this quarter. On a quarterly basis, sales in the premium and luxury housing segments increased slightly.
In Q1 2022, new unit launches increased by nearly 30% year over year, surpassing 60,000 units. Mid- and high-end categories dominated new launches in the country, with shares of 43 percent and 30 percent, respectively.
Cities in the western part of the country continued to drive sales and unit launches, according to the report. Pune had the highest share of housing sales in Q1 2022, with 27%, followed by Delhi-NCR (21%), Mumbai (20%), and Bangalore (20%). (14 percent ). Pune led the cities in unit launches with a 29 percent share, followed by Mumbai (22%), and Hyderabad (12%). (20 percent ).
“Pune has huge potential as one of India’s leading cultural and youth capitals,” Ram Naik, director of The Guardians Real Estate Advisory, said. It offers a wide range of housing options for homebuyers, from affordable housing to mid-income, luxury, and uber-luxury properties. Through the Mumbai-Bengaluru Highway, the city is also connected to Mumbai and Bengaluru. Pune, as one of the country’s largest IT, automobile, and education hubs, has seen a surge in demand in recent months from working professionals looking for superior homes with all the amenities of a modern lifestyle. Furthermore, especially in recent quarters, favourable government policies combined with low interest rates have been the icing on the cake. We anticipate significant real estate growth.
“The growing number of MNCs in Pune has boosted the city’s employment rates, resulting in an increased housing demand,” said Rajendra Pate, president of Naredco Pune. The Pune Metro, as well as other infrastructure projects, will make it easier to commute and get around the city. A 50 percent reduction in developer construction premiums, low home loan rates, reduced stamp duty, discounted pricing, and flexible payment plans were among the other factors that contributed to improved market dynamics.”