Election Season Slows Down New Housing Supply in Top Indian Cities
The ongoing general elections have led to a 13% dip in new housing supply across nine major Indian cities, with Pune and Hyderabad being the worst affected.
Indian Real EstateNew Housing SupplyGeneral ElectionsPropequityPuneHyderabadDelhi NcrReal Estate PuneJun 23, 2024
The election period has notably influenced the numbers, with certain cities like Pune and Hyderabad experiencing fewer launches. Pune, in particular, has seen a significant decline in new housing supply, along with Hyderabad, which has witnessed a 36% plummet. On the other hand, Delhi-NCR has seen almost a doubling in supply, with new residential launches expected to jump by 95%. Bengaluru and Chennai have also seen increased activity, with 21% and 67% rises, respectively.
Samir Jasuja, CEO & MD of PropEquity, attributes the decline to the ongoing elections, stating that 'The Lok Sabha elections have significantly impacted new housing supply. The quarter saw a 7% decline from January-March.' This decline is a result of developers waiting for the election results before launching new projects.
Information PropEquity is a leading real estate data analytics firm that provides in-depth insights into the Indian real estate market. The firm's data and analytics help developers, investors, and policymakers make informed decisions.
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Frequently Asked Questions
What is the projected decline in new housing supply across nine major Indian cities?
13%
Which cities have been worst affected by the decline in new housing supply?
Pune and Hyderabad
What is the reason behind the decline in new housing supply?
The ongoing general elections
Which city has seen almost a doubling in new housing supply?
Delhi-NCR
What is the percentage rise in new residential launches in Bengaluru?
21%
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