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Like the last quarter, the housing sector carried on with its unprecedented momentum in Q2 2022 and surprisingly outshined, even though it was under stress from external headwinds. As per Square Yards research, in Q2 2022, new residential launches saw a whopping 170% YoY rise, with the launch of >79,000 new housing units across the top six cities. Whereas the new launches in MMR, Pune, and Gurugram recorded a yearly rise of more than 250% (Q2 2022 Vs Q2 2021), the increase in new launch volumes was a significant 80% more in Bengaluru and Hyderabad as well.

The quarterly trends for new supply in Q2 2022 however varied to some extent as anticipated. Attributed to the surge in property prices and hike in lending rates, the new launches of housing units witnessed a small quarterly dip of 2% in Q2 2022. Further, only MMR and Gurugram saw a quarter-on-quarter rise of 16% and 12% respectively, while new launches in other top cities reverberated the same restrictive developers’ sentiments

Further, reverberating upbeat strong demand momentum, as observed in the previous quarter, in Q2 2022 also, MMR residential market put forth a strong footing with the launch of 30,000+ new residential units. Being only a select few key markets, MMR noted a quarter-on-quarter rise of 8% with respect to the new launches, indicating a positive stance of the developers’ community.

With interest rates in an upcycle and housing prices rising, thismay act as a sentimentdisrupter for homebuyers for a short period of time. However, the rates are still on the lower side and with strong latent demand and buoyant consumer confidence, residential demand may see to continue to maintain its upward growth trajectory.

Given below is the capsule version of how the Q2 2022 fared for the residential sector.

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