Despite high demand in eight major cities of the country, the supply of new units of residential properties i.e. new houses fell by 15 percent to 69,143 units in January-March. Real estate consultant Cushman & Wakefield on Friday released data related to the supply of new residential properties in primary (first sale) of eight major cities. According to the data, supply of new units increased in Bengaluru and Mumbai, but declined in Delhi-National Capital Region (NCR), Chennai, Hyderabad, Pune, Kolkata and Ahmedabad.
Share of ‘high-end and luxury’ segment 34 percent
According to the news, the share of ‘high-end and luxury’ segment in the total supply of residential properties in this quarter (January-March) was 34 percent. Listed, large and regionally established developers accounted for more than 38 per cent of the total offerings in the current quarter. According to the data, the new supply of residential properties in January-March 2024 declined to 69,143 units this year from 81,167 units in the same period a year ago.
Shaleen Raina, managing director (residential services), Cushman & Wakefield, said there has been a significant increase in demand for ‘high-end and luxury’ properties in the last one year. This shift reflects the growing desire of homebuyers to invest in high-quality properties and their lifestyle aspirations.
Increase in house prices
A recent report has revealed that due to increased demand for houses in eight major cities of the country, house prices have increased by an average of 20 percent in the last two years. These eight cities include Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune. Bengaluru, Delhi-NCR and Kolkata have seen the highest average increase of 30 per cent in average home prices in 2023 compared to 2021 levels.
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