No progress in new launches
Despite record home sales in the country in the January-March quarter this year, there has been no proper progress in new launches in many cities. Anarock’s latest report reveals that the launches of new projects have decreased significantly in major cities like Mumbai, Delhi, Pune, and Kolkata. In Mumbai, the country’s largest market for residential real estate, new home launches declined by 9 percent in Q2 2024. 37,260 units were launched, down from 33,800 in Q1 2023. However, the new supply in the Rs 80 lakh budget segment has increased by 59 percent. New launches in Delhi also fell by 42 percent year-on-year. While 12,450 new units were launched in Q1 2023, they declined to 7,270 units in the previous quarter.
At the same time, supply in the ultra-luxury segment (homes priced above Rs 2.5 crore) increased by 55 percent. New unit launches fell by 27 percent in Kolkata and by 3 percent in Pune. New unit launches have increased in Hyderabad. In Q1 2024, new launches increased by 57 percent year-on-year. While 14,620 units were launched in Q1 last year, they increased to 22,960 in the last quarter. The share of houses priced above Rs. 1.5 crore in the new supply is more than 33 percent. Similarly, if we look at the statistics of last year and Q1 of this year in Bengaluru, 16,485 units were launched, an increase of 22 percent. The share of the middle (Rs 40 lakh) and premium (Rs 1.5 crore) segments in the new supply is 66 percent. Also, new launches in Chennai increased by 14 percent. Overall, 1,10,865 new units were launched across seven cities in the country in Q1 2024. In Q1 2023, these were 1,09,570 units. This is only one percent more than the same period last year.
