New Delhi: New supply of affordable apartments (costing less than Rs 50 lakh) declined 21 per cent in the April-June period in seven major cities as builders are launching more premium flats, according to JLL India.
Real estate consultancy JLL India on Friday released real estate market data for seven major cities, showing a 5 per cent rise in the supply of new apartments to 1,59,455 units during April-June 2024 from 151,207 units in the period. from the previous year.
Data includes apartments only. Semi-detached houses, villas and subdivisions have been excluded from the analysis.
Of the total new supply in the June quarter, affordable flat launches amounted to 13,277 units, a drop of 21 per cent from 16,728 units in the same period last year.
Flat launches, each costing between Rs 50 lakh and Rs 1 crore, declined 14 per cent to 47,930 units from 55,701 units.
In the price range of Rs 1-3 crore, new supply grew 3 per cent to 69,312 units from 67,119 units.
Apartment launches, each priced between Rs 3-5 crore, more than doubled to 19,202 units from 7,149 units.
Similarly, in the above 5 crore category, new supply increased by over 9,734 units from 4,510 units.
Commenting on the trend of rising supply of premium housing and falling supply of affordable housing, Siva Krishnan, Senior Managing Director (Chennai and Coimbatore), Head, Residential Services, India, JLL, said, “This speaks to the active response of developers to the increase in demand for high-value homes among the target clientele.
On demand, the consultant said apartment sales in seven major cities rose 22 per cent to 154,921 units during April-June 2024 from 126,587 units in the same period a year earlier.
These seven cities are: Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
The MMR includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai; Delhi-NCR includes Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna.
"It is interesting to note that the sales momentum has successfully complemented new launches: around 30 percent of H1 2024 sales (154,921 units) were contributed by projects that were launched during the last six months," he said. Samantak Das, Chief Economist and Head of Research, India, JLL.
Listed and reputed developers, who have consistently brought in substantial supply over the past few years, have played a key role in this growing trend, Das said.
Real estate consultancy JLL India on Friday released real estate market data for seven major cities, showing a 5 per cent rise in the supply of new apartments to 1,59,455 units during April-June 2024 from 151,207 units in the period. from the previous year.
Data includes apartments only. Semi-detached houses, villas and subdivisions have been excluded from the analysis.
Of the total new supply in the June quarter, affordable flat launches amounted to 13,277 units, a drop of 21 per cent from 16,728 units in the same period last year.
Flat launches, each costing between Rs 50 lakh and Rs 1 crore, declined 14 per cent to 47,930 units from 55,701 units.
In the price range of Rs 1-3 crore, new supply grew 3 per cent to 69,312 units from 67,119 units.
Apartment launches, each priced between Rs 3-5 crore, more than doubled to 19,202 units from 7,149 units.
Similarly, in the above 5 crore category, new supply increased by over 9,734 units from 4,510 units.
Commenting on the trend of rising supply of premium housing and falling supply of affordable housing, Siva Krishnan, Senior Managing Director (Chennai and Coimbatore), Head, Residential Services, India, JLL, said, “This speaks to the active response of developers to the increase in demand for high-value homes among the target clientele.
On demand, the consultant said apartment sales in seven major cities rose 22 per cent to 154,921 units during April-June 2024 from 126,587 units in the same period a year earlier.
These seven cities are: Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.
The MMR includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai; Delhi-NCR includes Delhi, Gurugram, Noida, Greater Noida, Ghaziabad, Faridabad and Sohna.
"It is interesting to note that the sales momentum has successfully complemented new launches: around 30 percent of H1 2024 sales (154,921 units) were contributed by projects that were launched during the last six months," he said. Samantak Das, Chief Economist and Head of Research, India, JLL.
Listed and reputed developers, who have consistently brought in substantial supply over the past few years, have played a key role in this growing trend, Das said.
