New Delhi: New housing supply is estimated to decline by 13 per cent this quarter in nine major cities with builders launching fewer projects due to the general elections, according to real estate data analytics firm PropEquity.
PropEquity data shows that new housing supply in April-June is estimated to fall to 97,331 units in nine major cities, down from 1,11,657 units in the same period a year earlier.
Pune and Hyderabad are witnessing fewer launches this quarter, while new supply in Delhi-NCR has almost doubled.
Samir Jasuja, CEO and CEO of PropEquity, attributed the drop in the supply of new housing to the Lok Sabha elections that took place this quarter.
The new supply is 7 percent lower than that of the January-March quarter of this calendar year, he added.
According to city data, new launches of residential properties in Delhi-NCR are likely to rise 95 per cent to 11,118 units during April-June this year from 5,708 units a year ago.
New housing supply in Bengaluru is likely to rise 21 per cent to 14,297 units from 11,848 units.
In Chennai, launches are likely to rise 67 per cent to 5,754 units from 3,634 units.
However, fresh supply in Hyderabad is estimated to fall by 36 per cent to 11,603 units from 18,232 units.
In Kolkata, new supply is likely to fall 26 per cent to 3,411 units from 4,617 units.
Housing supply in Mumbai is estimated to fall 6 per cent to 9,918 units from 10,502 units.
Navi Mumbai is likely to witness a 5 per cent decline in new housing supply to 6,937 units from 7,272 units.
New launches in Pune are expected to fall 47 per cent to 15,568 units from 29,261 units.
In Thane too, new supply of residential properties is estimated to fall 10 per cent to 18,726 units in April-June from 20,781 units in the year-ago period.
PropEquity has estimated a marginal 2 per cent drop in housing sales during April-June 2024 to 1,19,901 units from 1,21,856 units in the corresponding period of the previous year.
PropEquity is a real estate data and analytics company. It tracks over 173,000 projects from approximately 57,500 developers across 44 cities in India in real-time.
PropEquity data shows that new housing supply in April-June is estimated to fall to 97,331 units in nine major cities, down from 1,11,657 units in the same period a year earlier.
Pune and Hyderabad are witnessing fewer launches this quarter, while new supply in Delhi-NCR has almost doubled.
Samir Jasuja, CEO and CEO of PropEquity, attributed the drop in the supply of new housing to the Lok Sabha elections that took place this quarter.
The new supply is 7 percent lower than that of the January-March quarter of this calendar year, he added.
According to city data, new launches of residential properties in Delhi-NCR are likely to rise 95 per cent to 11,118 units during April-June this year from 5,708 units a year ago.
New housing supply in Bengaluru is likely to rise 21 per cent to 14,297 units from 11,848 units.
In Chennai, launches are likely to rise 67 per cent to 5,754 units from 3,634 units.
However, fresh supply in Hyderabad is estimated to fall by 36 per cent to 11,603 units from 18,232 units.
In Kolkata, new supply is likely to fall 26 per cent to 3,411 units from 4,617 units.
Housing supply in Mumbai is estimated to fall 6 per cent to 9,918 units from 10,502 units.
Navi Mumbai is likely to witness a 5 per cent decline in new housing supply to 6,937 units from 7,272 units.
New launches in Pune are expected to fall 47 per cent to 15,568 units from 29,261 units.
In Thane too, new supply of residential properties is estimated to fall 10 per cent to 18,726 units in April-June from 20,781 units in the year-ago period.
PropEquity has estimated a marginal 2 per cent drop in housing sales during April-June 2024 to 1,19,901 units from 1,21,856 units in the corresponding period of the previous year.
PropEquity is a real estate data and analytics company. It tracks over 173,000 projects from approximately 57,500 developers across 44 cities in India in real-time.
