During the January-March quarter, the new supply of residential properties fell 15 per cent across eight major cities at 69,143 units despite high demand, according to real estate consultant Cushman & Wakefield.
According to the data for launches of residential properties in the primary (first sale) of eight major cities, the consultant highlighted that the new supply has increased in Bengaluru and Mumbai but declined in Delhi-NCR, Chennai, Hyderabad, Pune, Kolkata, and Ahmedabad.
The high-end and luxury segment had a 34 per cent share out of the total launches of residential properties in this quarter, it said.
Advertisement
According to the data shared by the firm, the fresh supply of housing properties declined to 69,143 units during January-March 2024 from 81,167 units in the year-ago period.
Among cities, the new supply increased in Bengaluru to 8,848 units from 7,777 units.
A separate report by property consultancy Knight Frank India highlighted that the average home-purchasing costs in the country increased 5.9 per cent year-on-year during the third quarter of 2023. This growth was at the second-highest pace of growth in Asia.
Amid this development, the experts have said they are witnessing a considerable shift in investor preference towards more affordable under-construction properties, driven by rising real estate prices.
The demand for ready homes is seen to be on a decline and stands at the lowest end of the buyer’s preference chart.
As per ANAROCK’s recent consumer sentiment survey, as of the second half of 2023, the ratio of ready homes to new launches stood at 23:24. This indicates a trend reversal compared from the first half of 2020, when the ratio was 46:18.
Data from online property consultancy MagicBricks highlighted that the demand for under-construction properties rose 7.8 per cent on a quarterly basis between January and March 2024. Between October and December 2023, the demand increased by 6.32 per cent.
Advertisement
