Loksabha elections are the reason.
Nationwide, the sale of new homes in major cities has dropped in the second quarter of this year. Compared to the same time last year, a decline of 13% has been recorded. This downturn is attributed to ongoing elections delaying the launch of new projects, as reported by the Real Estate Data Analysis Institute. From April to June last year, 1,11,657 units were launched, whereas only 97,331 units were launched during the same period this year. Even compared to the previous quarter (January-March), there has been a 7% decline noticed.
Mainly, Pune and Hyderabad have seen significantly fewer launches. In contrast, Delhi has witnessed a specific rise in new unit registrations due to relaxed rent controls. Between April-June last year, Delhi saw 5,708 units launched, whereas this year’s Q2 alone saw a growth of 95% with 11,118 units launched. Additionally, Bengaluru saw an increase of 21%, launching 14,297 units, up from 11,848 units last year.
Specifically for Hyderabad, there has been a substantial decrease of 36% in new registrations. In Q2 of the previous year, 18,232 units were launched, while this year saw a decline to 11,603 units. Pune recorded the highest decline of 47%, with launches dropping from 29,261 units to 15,568 units.
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