Election Blues: New Home Supply Dips 13% in Apr-Jun Quarter
Read more on new home supply, builders, projects, PropEquity, housing units, general election, real estate
New Home SupplyBuildersProjectsPropequityHousing UnitsGeneral ElectionReal EstateReal Estate NewsJun 23, 2024
The decline in new supply is attributed to builders launching fewer projects during the election period. Samir Jasuja, Chief Executive Officer & Managing Director of PropEquity, said the Lok Sabha election has led to a 7% decline in new supply compared to the January-March quarter of this year.
While Pune and Hyderabad are witnessing fewer launches, Delhi-NCR has seen a significant 95% rise in new supply to 11,118 units. Bengaluru and Chennai have also seen an increase in new launches, with 21% and 67% growth, respectively. However, Kolkata, Mumbai, Navi Mumbai, and Thane have witnessed a decline in new supply.
Despite the decline in new supply, PropEquity has estimated a marginal 2% dip in housing sales during April-June 2024 to 1,19,901 units from 1,21,856 units in the corresponding period of the preceding year.
PropEquity is a real estate data and analytics company that tracks over 1,73,000 projects of about 57,500 developers across 44 cities in India on a real-time basis.
Frequently Asked Questions
What is the decline in new home supply in the April-June quarter?
The new home supply has dipped 13% in the April-June quarter.
What is the reason for the decline in new supply?
The ongoing general election has led to builders launching fewer projects during the election period.
Which cities have seen an increase in new supply?
Delhi-NCR, Bengaluru, and Chennai have seen an increase in new supply.
What is the estimated decline in housing sales during April-June 2024?
PropEquity has estimated a marginal 2% dip in housing sales during April-June 2024.
What is PropEquity?
PropEquity is a real estate data and analytics company that tracks over 1,73,000 projects of about 57,500 developers across 44 cities in India on a real-time basis.
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